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BBB Accredited Business since

Bank of Cardiff

Phone: (888) 234-0166 Fax: (888) 234-0177 8445 Camino Santa Fe #202, San Diego, CA 92121 http://www.bankofcardiff.com


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Description

This company offers funding services.


BBB Accreditation

A BBB Accredited Business since

BBB has determined that Bank of Cardiff meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.


Reason for Rating

BBB rating is based on 13 factors. Get the details about the factors considered.

Factors that raised the rating for Bank of Cardiff include:

  • Length of time business has been operating
  • Complaint volume filed with BBB for business of this size
  • Response to 10 complaint(s) filed against business
  • Resolution of complaint(s) filed against business


Customer Complaints Summary Read complaint details

10 complaints closed with BBB in last 3 years | 3 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 4
Billing/Collection Issues 3
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 3
Total Closed Complaints 10

Customer Reviews Summary Read customer reviews

13 Customer Reviews on Bank of Cardiff
Customer Experience Total Customer Reviews
Positive Experience 11
Neutral Experience 0
Negative Experience 2
Total Customer Reviews 13

Additional Information

BBB file opened: May 12, 2010 Business started: 12/17/2007 in CA Business incorporated 12/17/2007 in CA
Licensing, Bonding or Registration

This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

These agencies may include:

Department of Business Oversight (DBO)
7575 Metropolitan Dr #108, San Diego CA 92108
http://www.dbo.ca.gov/
Phone Number: (866) 275-2677
Fax Number: (619) 682-7217
The number is 603G469.

Type of Entity

Corporation

Business Management
Mr. William Stern, Managing Director
Contact Information
Principal: Mr. William Stern, Managing Director
Number of Employees

3

Business Category

Loans - Small Business Consumer Finance & Loan Companies

Alternate Business Names
CFLBC Commercial Finance & Leasing Bank of Cardiff Inc
Industry Tips
Financial Industry

Additional Locations

  • 8445 Camino Santa Fe #202

    San Diego, CA 92121 (888) 234-0166

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BBB Customer Review Rating plus BBB Rating Overview


BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

BBB letter grades represent the BBB's opinion of the business. The BBB grade is based on BBB file information about the business. In some cases, a business' grade may be lowered if the BBB does not have sufficient information about the business despite BBB requests for that information from the business.
Details

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

BBB Customer Review Rating plus BBB Rating is not a guarantee of a business' reliability or performance, and BBB recommends that consumers consider a business' BBB Rating and Customer Review Rating in addition to all other available information about the business. If the BBB Rating is NR then only Customer Reviews are used for the Star Rating.

Complaint Detail(s)

8/3/2016 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: ******* ***** emailed my business with a boiler plate generic email. I responded requesting to be removed from the solicitation list he has. He responded that I didn't have the authority to make that request and to forward his email to upper management. I responded back "Remove us from whatever file you have. I can make the decision for the company. If you continue to email us it will be spam and treated as such. We do not require your services." At this point I would assume he would leave our business alone. Not the case. I received a response accusing me of becoming combative and encouraging me to save his information in the file I keep other companies in.

Desired Settlement: It is my understanding if a business requests no contact from you, you do not continue to engage them.

Consumer Response:

I didn’t know this at the time of filing my original complaint but he had actually called here the night before and when my boss told him the person he was trying to reach was unavailable the guy called back EIGHT times! On the 6th time my boss answered and didn’t say anything and *******, the salesman, screamed into the phone “I can keep calling all day. I have nothing better to do than to keep calling until you let me talk to who I want to talk to!” Then after the 8th call is when he sent the email to me, to which I responded the next morning requesting to be removed from his list.

 

Business Response:

We have removed your business from our records and will not email, call, or mail again. We apologize for this inconvenience and wish you and your business the best of luck.

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.

Regards,

***** *****

6/21/2016 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: Ive been contact by a sales person on monday 22nd of may, for a business loan options, after asking a few times on the phone if they will pull my personal cresit report , the person on the phone and email say that will not pull my credit report, soft pull only!!!!! Very dishonest. Sales Representative. Name of the representative is ****** *********. I need to take them to delete the inquiry.

Desired Settlement: Deleted unauthorized credit injury

Business Response:

Unfortunately, human error caused the applicant's credit to be pulled, when it should have been a soft inquiry only. With that being said, after pulling the applicant's credit, we ultimately funded a working business capital loan for this business owner.  Our systems and processes have also been updated to minimize erroneous credit inquiries. 

11/2/2015 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: I have a small office. I receive many solicitations to obtain loans or re******* property. I discard them without opening them. I received a letter from "********** ******* Division" of Bank of Cardiff which prominently displayed on the outside of the envelope "UCC LIEN NOTICE: *********** ********** ******* Inc." The first line of the enclosed advertisement after the salutation states in bold: "There is a lien placed on your business by *********** ********** ******* Inc." This concerned me greatly because I have never heard of *********** ********** ******* Inc. and had no knowledge of any lien against my business. I located *********** ********** ******* Inc. on the internet and spoke with ***** ****, the customer service representative for *********** ********** ******* Inc. Mr. **** confirmed that there is no such lien and that I have never had any relationship with *********** ********** ******* Inc. I believe this to be a fraudulent marketing practice by Bank of Cardiff designed to unfairly grab the attention of the recipient. I called the number in the solicitation letter. The phone was answered "This is ***." I asked if she were affiliated with Bank of Cardiff and if she were the receptionist and she said yes to both. I asked to speak to their legal department, or if that was not available to ***** *. ********* who signed the solicitation letter. I told her why I was calling. I heard her yell "Hey, *****" and then she transferred my call to a voicemail. I left a voicemail about the is*** and firmly told Mr. ********* to call me back. It's been more than a week and I have heard nothing from Bank of Cardiff. This company does not deserve an A+ rating from BBB. They are fraudulent marketers and possibly violating the fair credit collection statutes by claiming on the outside of the envelope that a lien exists on my company.

Desired Settlement: Remove Bank of Cardiff as a member of BBB. This company does not deserve your endorsement.

Business Response:

Dear Ms. *****,

 

                I am writing to follow up our conversation earlier this morning regarding my client, ********** ******* and Leasing Bank of Cardiff, Inc. (“Bank of Cardiff”).  Please allow this e-mail to serve as Bank of Cardiff’s response to the complaint lodged by **** *******, Esq., Complaint ID No. ********.

               

                First, I would like to assure you and the BBB that Bank of Cardiff is committed to providing its clientele, whether current or prospective, with first rate lending services which are not only competitive, but also transparent.  Small business owners are the core of my client’s business.  Client and customer satisfaction, whether it be during the information gathering stage, financing application, or repayment period, is paramount to Bank of Cardiff.

 

                Second, as a ********** lender, Bank of Cardiff invests a significant amount of resources into developing its client base and reaching out to those who are potentially in need of financing.  As part of this process, Bank of Cardiff purchases public records on file with each state.  Among these records are UCC (“Uniform ********** Code”) financing statements which, as you know, are filed where a creditor retains collateral or an interest in certain business property, assets, inventory, receivables, accounts, etc.

 

                In this particular case, Bank of Cardiff purchased bulk UCC information from InfoUSA, a direct mail marketing and data provider.  I am sure you are aware that numerous companies, such as InfoUSA, specialize in the collection, organization, curation and sale of public information.  It is from this source that Bank of Cardiff purchased information used to generate its advertisement at is***.  I would imagine that BBB even uses this sort of information to market its services to businesses.

 

                I have included a copy of the information provided to Bank of Cardiff from InfoUSA so you can see the data my client purchased and used to generate the mailer at is*** sent to Ms. *******.  As you can see, InfoUSA’s data shows there are UCC liens/filings relating to **** ******* Law Offices.  My client relied upon this purchased information in sending out its mailer.

 

                In addition to providing you with the InfoUSA data, I personally researched public records regarding this is***.  Based upon the information I was able to confirm that, as of September 24, 2013, *********** held a lien at the same address and suite where **** *******, Esq. operates her law office.  I have been unable to determine what property or assets serve as collateral at this time.  However, it appears that there is some filing by *********** at that location. There does not appear to be a lien or filing termination on file from *********** with respect to this location.  It is possible there could be some property, equipment or fixtures at that location which may be subject to ***********’s lien.

 

                I can assure you and the BBB that Bank of Cardiff appreciates the concerns that have been raised.  The correspondence at is*** was an offer for potential financing based on my client’s careful review and analysis of public records.  It was not – nor has it ever been – Bank of Cardiff’s intent to fabricate any information or mislead any potential customers.  The theme of this mailer is that Bank of Cardiff is willing to loan money to businesses even when they have liens on their property, have been turned down for business loans, and have cash flow is***s.  This is basically an offer for a business loan despite poor credit indicators.  Bank of Cardiff’s flexibility allows them to lend to small business owners when the big banks cannot – many times, regardless of lien status and financials showing little or no gross profit.

 

                I hope the above helps explain the purpose of the mailer and the information that was used to create it.  I ask that the BBB take down this complaint so that it no longer shows in the BBB’s public records.  Bank of Cardiff has done nothing wrong here.   Allowing this complaint to stand would only serve as a blemish on Bank of Cardiff’s otherwise clean record with the BBB.  

 

                Should you need any further information or data relating to this matter, please do not hesitate to contact me.

 

Thanks,

***-****** ********
******** * ******** ******
**** ****** *** *** ****** ***** ***
*** ****** ********** *****
Tel: ***** ********
Fax: ***** ********

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

Despite all the self-congratulatory language for his client in counsel's letter, the problem has not been solved and I remain unsatisfied with the response.  To re-cap the problem:


1. I received a letter from ********** ******* Division which is apparently related to Bank of Cardiff.  On the outside of the envelope in bold capital letters the envelope stated:  "UCC LIEN NOTICE:  *********** ********** *******, Inc."
2. I have never had any dealings with *********** ********** *******, Inc. and have never had a UCC Lien.
3. After checking with *********** ********** *******, Inc. I called ***** *. ********* who sent the letter on behalf of Bank of Cardiff .  He never called me back or communicated with me in any way.

My office is part of a large Premier Business Centers executive suite.  There are 100 businesses who all receive mail at * **** ****** ***** *** in Irvine.  In talking with *********** I learned that a totally unrelated tenant had once had a financial arrangement with ************  Before Bank of Cardiff decides to slap "UCC Lien Notice" information on the outside of an envelope it has a duty to do more to insure that its information is accurate.  My law practice and I have very good credit.  It is galling to have a company that is fishing for clients with "poor credit indicators" and those with "lien status and financials or no gross profit" to muddy my good name by falsely stating on the outside of the envelope that I have a UCC Lien.  It is also noteworthy that there is no hint of an apology in the form of a return phone call from Bank of Cardiff or in counsel's letter.  Before they start claiming that a person or company has a UCC Lien they should take further precautions to insure that the claim is accurate.  Making such claims may violate the federal fair credit reporting act.  Bank of Cardiff cannot be said to be adhering to "Better Business" practices.            

  

Regards,

**** ******* 
Law Offices of **** *******, APLC
******************
* **** ****** ***** ***
Irvine, CA 92614


Business Response:

 If you would like to post a public reply to this matter, please use the following as the reply:

 

                First, Bank of Cardiff has diligently investigated this complaint and attempted to find out exactly what happened in this case.  In doing so, legal counsel for Bank of Cardiff spoke directly with Ms. ******* as well as counsel for *********** ********** ******** ***.  Bank of Cardiff has taken this matter seriously and openly shared information and data regarding this mailer with Ms. *******, the BBB and ***********.  Bank of Cardiff has spent a significant amount of time responding to this matter. 

 

                Second, with regard to this complaint, it appears that Bank of Cardiff was provided with erroneous information regarding the status of a commercial property lien and Ms. *******.  Bank of Cardiff was able to independently confirm that public records do indicate, in fact, that a lien was filed in relation to the very suite where Ms. ******* maintains her office.  However, Bank of Cardiff’s public records provider appears to have associated Ms. *******’s name with that lien based on her office address and exact suite number.  For that reason, Ms. ******* was sent a mailer by Bank of Cardiff. 

 

                Third, the particular mailer that was sent to Ms. ******* was simply an advertisement for Bank of Cardiff’s commercial lending services.  Bank of Cardiff’s mailers are only sent to select businesses based on criteria selected by Bank of Cardiff.  In this case, Bank of Cardiff used public data associated with Uniform Commercial Code filings (i.e., businesses with a prior commercial borrowing history).  These mailers were sent to businesses and not individual consumers.  The mailer was clearly an offer for a business line of credit.

 

                Again, it was not, nor has it ever been, Bank of Cardiff’s intent to cause alarm or provide misinformation to a potential business customer.

 

Thanks,

********** ********
******** * ******** ******
**** ****** *** *** ****** ***** ***
*** ****** ********** *****
Tel: ***** ********
Fax: ***** ********

This message, together with any attachments, is intended only for the use of the individual or entity to which it is addressed and may contain information that is legally privileged, confidential and exempt from disclosure. If you are not the intended recipient, you are hereby notified that any dissemination, distribution, or copying of this message, or any attachment, is strictly prohibited.  If you have received this message in error, please notify the original sender or ******** * ******** ****** at ***** ******** immediately by telephone or by return e-mail and delete this message, along with any attachments, from your computer.  Thank you.

7/4/2015 Advertising/Sales Issues | Read Complaint Details
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Additional Notes

Complaint: CFLBC sent me a letter offering a $250,000.00 line of credit and clearly stating several times that a UCC lien has been placed against some of our equipment. It detailed a date and the state in which the lien was filed. It read that "assets may be legally taken from you if you FAIL TO PAY...***** ***** ********* ******* **** has a lien against your business which indicates you entered into a financing relationship and a DEBT remains UNPAID. The lien could cover specific equipment...you may be shocked if the lien also covers cash, inventory and receivables....could be scaring other banks away". But "CFLBC is an ally to small business" and they've approved us for a $250,000.00 loan. Panicked about the lien, I called and the rep said, "No, this is just their marketing...you don't owe any money to ***** *****". This kind of advertising is simply lying, fraudulent and should be illegal if it isn't already. Fabricating information about owing money and having assets confiscated in order to scare someone into getting a loan with CFLBC is entirely unethical. This needs to be stopped immediately.

Desired Settlement: CFLBC needs quit using intimidation tactics and lying in their advertising in order to get people to do business with them.

Business Response:

Commercial Finance & Leasing Bank of Cardiff, Inc.

**** ****** ***** **

***** ***

*** ****** **  *****

 

26 June, 2015

 

Ms. **** ** *******

********* ******** ****

*****************************

 

Dear Ms. *******:

Commercial Finance & Leasing Bank of Cardiff, Inc. (“CFLBC”) has carefully reviewed your concerns regarding its recent correspondence sent to you regarding your business.

First, I would like to assure you that CFLBC is committed to providing its clientele, whether current or prospective, with first rate lending services which are not only competitive, but also transparent.  Small business owners are the core of CFLBC’s business.  Your satisfaction, whether it is during the information gathering stage, financing application, or repayment period, is paramount to CFLBC.

Second, I would like to respond to your specific concerns.  As a commercial lender, CFLBC invests a significant amount of resources into developing its client base and reaching out to those who are in need of financing.  As part of this process, CFLBC reviews public records on file with each state.  Among these records are UCC (“Uniform Commercial Code”) financing statements.  These statements are often filed where a creditor retains collateral or an interest in certain business property or assets.  The financing statements serve as notice to the public that the particular business property listed in the financing statement secures a debt.  These financing statements provide security to lenders, resulting in lower interest rates and higher lending amounts.

In this specific case, the mailer you received from CFLBC informed you there was a UCC financing statement filed against certain property relating to your business.  This was because the state where you do business presently maintains a financing statement on file relating to you, your business and/or your business property.  The contact information CFLBC used to mail you the circular was obtained through your state’s public records.  In fact, this is exactly what CFLBC’s letter to you explains: (1) that a UCC lien is on file regarding your property; and (2) the lien indicates that a lender has asserted it is owed money and maintains a security interest in your property.

Importantly, CFLBC’s letter further explains that a lender’s lien may cover inventory, receivables and even cash-on-hand.  This is frequently the case with highly leveraged financing agreements, business purchases or sales.  We have found that many times, our clients do not truly understand or appreciate the extent of the collateral they have given up to simply finance their business.  That is why we send this circular - to inform small business owners that a lien is filed which may be affecting their ability to obtain credit and that CFLBC has pre-approved them despite such a lien.

CFLBC’s letter further explains their market advantage versus the big banks: CFLBC can lend to small business owners when the big banks cannot –many times, regardless of lien status and financials showing little or no gross profit.

CFLBC appreciates the concerns you have raised.  The correspondence at issue was an offer for potential financing based on CFLBC’s careful review and analysis of public records. It was not – nor has it ever been – CFLBC’s intent to fabricate any information or mislead any potential customers. If you believe that the information contained in CFLBC’s circular was incorrect, such as the recording of the financing statement, the potential non-payment of the debt, or that a particular lender asserts you owe them money, CFLBC directs you to your local secretary of state and the lender who is asserting a lien against you.

 

Cordially,

 

*** *****

Customer Service

4/18/2015 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: I applied for equipment financing started out like any other loan application filled out all the documents sent and mailed back per their request Overnight at a cost of $20.00 Was then informed that they needed additional documents Sent them at a cost of $20.00 Day after day asked for additional information Then charged $100.00 for I don't know what ACH out of my bank Account then asked for more information and overnighted for another $20.00 now were going on almost a month of this was told repeatedly then it was going to be funded today today came and went told it would done time after time until oh now the approval expired so now it has to go back to the credit department for re approval guess what now we don't get an approval over a month of wasted time and lost business revenue due to a very horrible customer service lying and deception that was the second most recent attempt at funding the first attempt involved $1000.00 in air fare travel and hotel rooms at $318.00 after being told that the vehicle would be funded we flew to Dallas Texas and the next day which was Friday the funding was not done as stated which was Christmas Eve could not find a flight home so we had to rent a car and drive 1500 miles home

Desired Settlement: Refund for multiple overnight mailings Travel and lodging for being told the funding would be done and never was amount requested $1478.00

Business Response:

We are looking into this matter.  Please note we did NOT receive a letter from him.

Our address is **** ****** ***** ** ***** *** *** ***** ** *****.  Please update this.

Thank you. 

Consumer Response:

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.

Regards,

******* ********

6/2/2014 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: We were referred to Bank of Cardiff by an equipment company for financing the purchase of some equipment for our business. After providing all our financial information *****, our contact at Bank of Cardiff provided us with an equipment finance option. I repeatedly asked what the rate was and he said that it is not really a loan or a lease. I said it is essentially a loan and that they are providing the funds to purchase the equipment for a fee which is a loan and the fee is really interest. He told me the rate is equivalent to 7 1/2%. Considering the industry we are in I considered that to be fair. Prior to actually executing the agreement I had intended to work it out myself. When it came time to execute I believed I had double checked it and executed the agreement. Months later I needed to record the interest and principle payments on our books. They would not provide me with a break down and were very elusive. I decided to work it out myself and discovered the rate we are is around 12.9%. Needless to say I was furious. At no time did they disclose in any documentation the interest charge. For a "Bank" to operate this way seems so underhanded and fraudulent. I thought by working with a "Bank" there was some protection and disclosure laws against this kind of behaivor.

Desired Settlement: Rate/fee adjusted to what ***** said it was.

Business Response:

Dear BBB,

Please consider the following response to the complaint lodged by ****** ****** of ******* ********* ***.

On or about 10/02/13, Bank of Cardiff entered into an Equipment Finance Agreement with ******* ********* ***, for the purpose of financing the acquisition of commercial equipment to be used in the borrower’s business.  This is not a consumer transaction, and the agreement specifically prohibits the use of the financed equipment for family, personal or household purposes. 

Mr. ****** selected the equipment and negotiated the purchase price of the equipment with the supplier.  He was in possession of all of the facts and numbers necessary to calculate the expense his company would incur in borrowing the funds, that is the principal amount financed, the term of repayment, and the monthly payment.  Mr. ****** admits that he did not do such calculations prior to signing the agreement and returning it to Bank of Cardiff, and then the financing being funded by Bank of Cardiff.  The agreement expressly provides that the borrower has read and understood all of the terms of the agreement prior to signing.

With respect to the interest charged, it was expressly explained to Mr. ******, prior to his signing the agreement, that this was not an amortized loan product, but a straight installment contract, with no right of prepayment discount.  Using a simple interest calculation, Rock-It Surfaces will pay approximately 7.5% of the principal amount of the financing each year of repayment.  Mr. ******’s calculation of 12.99% is using an amortization calculator. 

There is no requirement under California law that the annual percentage rate be disclosed in the agreement, as this is a commercial transaction subject to the California Finance Lenders Law, under which Bank of Cardiff is licensed.

The agreement was sent to Mr. ****** to review at his leisure.  At no time was any coercion or duress applied by Bank of Cardiff.  Mr. ****** was free to consult with any advisors of his choosing, read the documents in his own time, and run any calculations he deemed wise.  He freely admits that he did not read the agreement prior to signing and returning the agreement to Bank of Cardiff.

Mr. ****** was also free to seek financing from another entity or simply walk away from the proposed transaction.  Instead, he decided to sign the agreement without first reading and understanding it, and now complains about the terms of contract to which he agreed.

In light of Mr. ******’s failure to take the reasonable precautions of an ordinary business person, the cost of the transaction when using simple interest is as represented, and the non-cancellable agreement has been funded, Bank of Cardiff is unable to adjust the cost of the equipment finance agreement as requested by ******* ********* ***.

5/21/2014 Billing/Collection Issues | Read Complaint Details
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Additional Notes

Complaint: Bank of Cardiff was authorize to debit business account for $450.00 which they did so on 3/25/2014, however they debited an unauthorized $450.00 on 4/8/2014. Numerous phone calls and emails have been sent. I received one response via phone and was told that they would take care of the problem. Nothing has been done and now they will not return any of my phone calls or emails.

Desired Settlement: I want a cash settlement or ACH payment into the account that the funds were stolen from.

Business Response:

Sorry!

Please send a copy of both withdrawals to *******@bankofcardiff.com and one will be refunded immediately.

*** *****

Consumer Response:

 

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.

Regards,

****** ***********

4/7/2014 Billing/Collection Issues | Read Complaint Details
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Additional Notes

Complaint: Last week Cardiff removed 350.00 from account by mistake. I notified them immedaitly and officer **** ****** admitted the mistake and said it would be rectified immediately. I told him of the additional 3 x 35.00 in overdraft fees they created by this inapropriate action. He said it would be rectified. Today it is a week later and I have called and emailed daily with no results. They no longer return calls or emails and incorrect withdrawl and bank fees have grown to 512. I have sent them actual snap shots of the account documdnting their mistake and associated fees. Please help

Desired Settlement: need funds and fees they created replaced ASAP

Business Response:

To whom it may concern:

Commercial Finance & Leasing Bank of Cardiff, Inc. approved a loan for ****** *** *** on March 4th 2014.  As part of the loan package we received a signed authorization form to debit their account for $250.  Before we could fund the loan ******’s account balance fell below the minimum required for us to fund. The file was sent in for funding and part of the funding process included the ACH. Upon final funding (prior to the release of our funds to them), we learned that their account had gone negative and that we could no longer honor the approval.

Commercial Finance & Leasing Bank of Cardiff, Inc. apologizes for having inconvenienced ****** *** *** by incurring their bank’s service charges.  We did not know that the debit for our processing fees would cause their account to become NSF (non-sufficient funds).  Our processing fee is a non-refundable fee that was incurred by the processing of this loan.  Unfortunately ******’s financial position was one that prohibited us from funding the loan.

Sincerely,

Commercial Finance & Leasing Bank of Cardiff

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.

 
This response is totally inaccurate. I was told by **** ****** of Cardiff two weeks prior to the removal of my funds that Cardiff was not going to fund the discussed loan. Everything was to be put on hold. Whne I called and told him what had been done by his company he was as surprised as I was.  This is simply another example of a bank covering their butt for inappropriate actions on their part. If tthe loas was not going to processes and we were told  of this 2 weeks prior there was absolutely no reason to process any part of the loan on Cardiffs part.
It is bad enough to make a mistake, but to cover it up and then try to blame the people who you removed the funds from is totally inappropriate. I have the emails from Cardiff stating that the loan would not be processed. NOT processes means not processed.
 
If this is not corrected I'm going to forward this information to the ethics committees on banking

Regards,

****** *********



Business Response:

Sir,

We do not want to post your bank account information on line, but please note that our ACH was for $250, not $350.  You sent us a printout of your bank statement, which we are not attaching for your security.  As a one-time courtesy we will refund the $250 in processing fees.  We will not however, reimburse you for service charges incurred due to the low balance on your account.  The low balance of your account is also the reason we were unable to process your loan. 

 

We are attaching the form you signed authorizing us to take the $250.  This will be refunded today.  We wish you the best.

 

Thank you,

Commercial Finance & Leasing Bank of Cardiff

11/12/2013 Advertising/Sales Issues
9/16/2013 Billing/Collection Issues

Customer Review(s)

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Customer Reviews Summary

13 Customer Reviews on Bank of Cardiff
Neutral Experience (0 reviews)
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