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Consumer Complaints

BBB Accredited Business since 03/01/1981

Glass City Federal Credit Union

Phone: (419) 887-1000Fax: (419) 887-1099

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Customer Complaints Summary

1 complaint closed with BBB in last 3 years | 0 closed in last 12 months
Complaint TypeTotal Closed Complaints
Problems with Product / Service1
Advertising / Sales Issues0
Billing / Collection Issues0
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints1

Complaint Breakdown by ResolutionAbout Complaint Details

Complaint Resolution Log (1)BBB Closure Definitions
07/08/2013Problems with Product / Service | Read Complaint Details
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Complaint
Glass City tactic to indicate one interest rate and then when ready to set a closing date they increased the interest rate.
Called *** **** & inquired if they use the HARP program to refinance as I was interested but knew I was upside down. I was advised they did & we set up an appointment. I met with him, gave all requested documentation (pay stubs, w-2's, etc). He confirmed they participated with HARP & confirmed eligibility. He stated an appraisel needed completed regardless(Credit Union rule). I was given an interest rate of 3%. The appraisel was completed. **** called to schedule closing and informed me the interest rate was increased to 3.5%. I inquired why & was advised it was because the Credit Union was taking a "risk" due to the mortgage being "underwater". This was information supplied at the time of meeting with *** **** and should not have been a surprise in any way. Also note they are the current holder of the mortgage loan so there would not be any additional risk. The loan is already a risk as it is. I am very unhappy and feel that Glass City is doing a bait and switch as they advertise and offer rates and then find a nonlogical reason to increase the rate. This rate should be nothing less or nothing more then the 3% that was discussed and locked into. **** advised she spoke to **** ****** and he agreed with her regarding the increase in rate due to "risk". Again they are at no further "risk" then what they already have currently as the hold the current mortgage.

Desired Settlement
Mortgage interest rate be that was discussed, locked into, and advertised.

Business' Initial Response
We have spoken with the consumer and believe that she has a better understanding of the situation and the reasons for our actions. She now wants to go ahead with the loan as offered. We have a closing scheduled for Tuesday June ***

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Credit Unions

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BBB Reporting Policy

As a matter of policy, BBB does not endorse any product, service or business.

BBB Business Reviews are provided solely to assist you in exercising your own best judgment. Information in this BBB Business Review is believed reliable but not guaranteed as to accuracy.

BBB Business Reviews generally cover a three-year reporting period. BBB Business Reviews are subject to change at any time.