BBB Accredited Business since

Salal Credit Union

Additional Locations

Phone: (800) 562-5515 View Additional Phone Numbers PO Box 19340, Seattle, WA 98109 http://www.Salalcu.org


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Description

This company offers financial services.


BBB Accreditation

A BBB Accredited Business since

BBB has determined that Salal Credit Union 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 Salal Credit Union include:

  • Length of time business has been operating
  • Complaint volume filed with BBB for business of this size
  • Response to 6 complaint(s) filed against business
  • Resolution of complaint(s) filed against business


Customer Complaints Summary Read complaint details

6 complaints closed with BBB in last 3 years | 1 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 0
Billing/Collection Issues 5
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 1
Total Closed Complaints 6

Customer Reviews Summary Read customer reviews

2 Customer Reviews on Salal Credit Union
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 2
Total Customer Reviews 2

Additional Information

BBB file opened: October 18, 1993 Business started: 01/01/1948 in WA Business started locally: 01/01/1948
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:

National Credit Union Administration
1775 Duke St, Alexandria VA 22314
http://www.ncua.gov
Phone Number: (800) 827-9650
oismail@ncua.gov

Washington Secretary of State Corporations Division
801 Capitol Way S, Olympia WA 98504
http://www.secstate.wa.gov/corps
Phone Number: (360) 725-0377
corps@sos.wa.gov

Type of Entity

Cooperative Association

Business Management
Mrs. Sheryl Kirchmeier, SVP, Chief Mktg Officer Mr. Skott Pope, SVP Mr. Russ Rosendal, CEO
Contact Information
Principal: Mrs. Sheryl Kirchmeier, SVP, Chief Mktg Officer
Business Category

Credit Unions Credit Unions (NAICS: 522130)


Customer Review Rating plus BBB Rating Summary

Salal Credit Union has received 0 out of 5 stars based on 0 Customer Reviews and a BBB Rating of A+.

BBB Customer Review Rating plus BBB Rating Overview

Additional Locations

  • 1515 Dexter Ave N

    Seattle, WA 98109

  • PO Box 19340

    Seattle, WA 98109 (206) 298-9394 (800) 562-5515

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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)

4/10/2016 Billing/Collection Issues | Read Complaint Details
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Additional Notes

Complaint: I had a checking account with Salal ending in ****. It got over drafted due to a billing error with *********** *********. I received a call and was told that there was no deadline to pay off the account as long as I eventually paid it. They are now reporting on my credit report that the payment was late even though I have never received statements from them showing me a due date monthly. I completely paid off the account but ******* is showing as open and charged off, ********** is showing as closed and paid while ******** isn't reporting anything. ********** is showing as never been late while ******* is showing as open and late 10 times. I have disputed these accounts with the credit agencies multiple times at this point. I have tried calling and getting this taken care of with no success. I just want this account to completely stop reporting on my credit report as it is paid off entirely and there never were any due dates to begin with.

Desired Settlement: I would like this account removed from all credit reports. It's reporting as a revolving account, which it never was and is reporting as late ten times when there was never a due date. The two different things it's reporting on each account don't even match up. I just want the account completely removed.

Business Response:

After 60 days of a negative balance in this member's checking account, we charged off the account as is standard industry practice. We are required by the Fair Credit Reporting Act to report charged-off accounts to the credit agencies. On March 21, 2016 we received reimbursement of the funds through our collections agency partner, ********* ***********. As we have now received funds to satisfy the negative checking status, we will change our rating to “charged off, paid in full.”

Consumer Response:


Complaint: ********

I am rejecting this response because:

I recently checked on what they said they were going to do and instead of updating my the account on my credit report about the checking account I had with them, they updated the auto loan account I had with them saying it was charged off and placed with collection even though that is not accurate. They now report under ***** ****** on my credit report for whatever reason.My auto loan with them was never charged off or placed with a collection agency. The Fair Credit Report requires Salal to report accurate information. If they cannot update the right account ending in ****** then I would like them to remove it from my credit report. I have done everything possible to get this information accurate and now they go and update my auto loan as charged off when it's not. I included picture proof of them uodating the wrong account as charged off, placed with collections, paid.

Sincerely,

Shane W******

Business Response:

Our previous response addressed the issue of the original complaint which was in regards to the member’s charged-off checking account and how it is being reported by the credit agencies. We believe this issue to be resolved as we recently received reimbursement for the funds owed and will change our rating communicated to the credit agencies to “charged off, paid in full.”

The member is now asking about a prior auto loan through Salal which was made in 2012. During the loan term there were a couple of late payments on the loan which were reported to the credit agencies. In 2013, the member filed for bankruptcy and later paid off the car loan in 2014. On the credit report, this auto loan should only show as having been late, included in the bankruptcy, and paid in full. It should not show the loan as ever being charged off or sent to collections. We will correct this information with the credit agencies, but please note this process can take two to three weeks.

2/28/2015 Billing/Collection Issues | Read Complaint Details
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Additional Notes

Complaint: I pay extra on the loan I have and noticed that there is an excessive amount of interest charges exceeding the original loan amount.

Desired Settlement: Stop this practice and only charge interest on the loan and stop charging admin fees on extra payments!!

Business Response: Dear *** *******:
Thank you for your inquiry. Here is a brief summary of your loan held jointly with ******** *********:

Start Date: 8/21/2013
Amount Financed: $7,605.79
Annual Percentage Rate: 6.99%
Length of loan: 120 months
Estimated Interest: $2,990.21
Payment Amount: $88.30
Payment Due Date: 6th of each month

As of 2/9/2015, you have made payments in total of $5,650 with $5,037.55 going to principal and $612.45 applied to interest. As you can see from the separate transaction summary, no fees have been charged over the life of the loan.

You have been making loan payments in excess of the amount due each month with multiple payments remitted during a month. Whenever payments are received, a calculation is done to determine how much interest has accrued since the last payment and that amount comes out of the payment with the remaining going to principal. The formula for this calculation is:

Principal x Rate/365 days/# of days since last payment

For example, looking at the transaction summary, there was a payment of $100 received on 6/5/2014 and another payment received 5 days later on 6/10/2014 for $150. For the $150 payment, $144.29 went to principal and $5.71 went to interest. Here's the formula spelled out:

$5,959.13 x 6.99%/365 days/5 days = $5.71 of interest.

We hope this information is helpful. Please don't hesitate to call us at ************ if you have further questions.

Salal Credit Union

2/17/2015 Billing/Collection Issues | Read Complaint Details
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Additional Notes

Complaint: After reviewing my Experian Credit Report on 4 January 2015, Salal Credit Union inserted information that the account was $73.00 in arrears and was charged off as of 1 January 2015. The checking account was indeed paid in full on 19 December 2014 by automatic bank draft. I documented one of its employees attesting to the fact Salal Credit Union had indeed received payments that completely paid off the original debt, and this same employee gave authorization to credit the account in full to pay off the debt on 19 December 2014. However, the Executive Manager, **** *********** continues to direct Salal Credit Union employees to maliciously provide inaccurate information that adversely affects my credit rating.

Desired Settlement: Salal Credit Union has thirty (30) calendar days to delete the inaccurate information, and insert the correct information the account was paid in full on 19 December 2014. After such time, I will seek legal redress under the Federal Fair Credit Reporting Act and the Federal Debt Collection Practices act.

Business Response: Initial Business Response /* (1000, 5, 2015/01/12) */ January 7, 2015 Better Business Bureau To Whom It May Concern: RE: Complaint Activity Report #XXXXXXXX As of November 4, 2014 *** ******'s checking account had been overdrawn for sixty days (since September 3, 2014). Her account was closed by the credit union and submitted as a charge off to the credit reporting agencies on November 4, 2014. Following the charge off, *** ****** had three ACH direct deposits made into her account paying down, but not paying off, the balance owed. Salal Credit Union will accept deposits on a closed and charged off account as repayment to the cooperative. This a standard procedure allowing former members to fulfill their obligation to the cooperative and improve their credit. On December 19, 2014 a fourth ACH direct deposit was received by the Credit Union. The amount of this deposit was greater than the amount owed by *** ******. A closed account would not typically receive a deposit which would result in a positive balance. The Credit Union is unable to accept a portion of an ACH payment. For these reasons, the credit union employee responsible for ACH deposits rejected the deposit, returning the funds. That same day, December 19, 2014, *** ****** visited the Bellevue branch of Salal Credit Union. Salal Credit Union staff took actions to rectify this issue when she alerted Salal of the returned ACH by providing *** ****** with courtesy credit in the amount of the ACH which was returned earlier in the day. The Credit Union extended this credit based on *** ******'s commitment to have the ACH payment resent to Salal. Not only did the Credit Union bring her overdrawn account to a zero balance at this time, but *** ****** also received the additional cash equivalent to the amount of the difference between the ACH payment and the amount owed on her charged off account. Unfortunately, that ACH direct deposit was not resent to the Credit Union. Subsequently, another direct deposit has been made to the account covering some of the funds owed. As of January 7, 2015, *** ******'s account still has an outstanding negative balance of $73.01. This has been reported to the credit bureau. Salal Credit Union will continue to show the unpaid, charged off account on her credit report until the debt to the cooperative is repaid in full. To prevent any future returned ACH direct deposits from interfering with the payoff of this delinquent account, *** ******'s charged off checking account has been flagged. Any incoming ACH payments will be accepted until the account balance is zero or becomes positive. In the event of a positive balance, a check will be mailed to *** ******. When this happens, *** ******'s debt to Salal will be paid and that will be reported to the credit bureaus. Initial Consumer Rebuttal /* (3000, 7, 2015/01/14) */ (The consumer indicated he/she DID NOT accept the response from the business.) According to Salal Credit Union representatives, "That same day, December 19, 2014, Ms. ****** visited the Bellevue branch of Salal Credit Union. Salal Credit Union staff took actions to rectify this issue when she alerted Salal of the returned ACH by providing Ms. ****** with courtesy credit in the amount of the ACH which was returned earlier in the day. The Credit Union extended this credit based on Ms. ******'s commitment to have the ACH payment resent to Salal. Not only did the Credit Union bring her overdrawn account to a zero balance at this time, but Ms. ****** also received the additional cash equivalent to the amount of the difference between the ACH payment and the amount owed on her charged off account." However, no one from Salal Credit Union sent any official written documents that attest to this claim. On 22 December 2014, a Salal Credit Union branch manager ****** refused to provide such information when asked in person, and also refused to send any documents by mail, per a written request. Salal Credit Union neither provided any paperwork showing the transactions on the account that created outstanding negative balance of $73.01. To date, Salal Credit Union refuses to send any paperwork showing the ledger balances reflecting the balance of the checking account. According to my records and to information from **** ************ the Executive Manager of Member Services, Salal Credit Union formally closed the checking account on 19 December 2014 disallowing any incoming deposits to the account. Although representatives from Salal Credit Union state "another direct deposit has been made to the account covering some of the funds owed", they fail to mention any specific information about said incoming direct deposit and fail to provide written documentation about the specific incoming direct deposit. Therefore, they can neither prove nor justify why the account still has a negative balance of $73.01. Had another deposit cleared the account, its balance surely would not still be in the negative. Salal Credit Union smugly asserts "Any incoming ACH payments will be accepted until the account balance is zero or becomes positive. In the event of a positive balance, a check will be mailed to Ms. ******. When this happens, Ms. ******'s debt to Salal will be paid and that will be reported to the credit bureaus." however, its representatives only pay lip service to such claim and will not honor it by providing transaction summaries or any information per verbal or written request. Clearly, Salal Credit Union will not provide the ledger balances that prove the checking account was paid in full before the charge-off notice. A complete and printed ledger will also show the origin of the $73.01 debt and explain why Salal Credit Union assessed it. The fact Salal Credit Union refuses to provide such information indicates the credit union maliciously assessed the charge on the checking account in order to report it the ChexSystems in a deliberate attempt to hurt my credit standing and prevent opening future checking accounts. Final Business Response /* (4000, 9, 2015/01/27) */ January 27, 2015 Better Business Bureau To Whom It May Concern: RE: Complaint Activity Report #XXXXXXXX *** ****** has requested documentation from Salal to support the checking account transactions outlined in our response dated January 7, 2015. Please see: timeline of events below, email correspondence exhibits also included below and separate Transaction Summary document. 9.3.14: Checking account becomes negative -$41.89 (See Transaction Summary) 11.4.14: Checking overdrawn for sixty days. Account is closed and submitted as a charge off to credit agencies. 11.28.14, 12.5.14 and 12.12.14: Three ACH deposits from ******* are received for a total of $422.75. After ACH credits, account balance is negative -$105.14 (See Transaction Summary) 12.19.14: ACH deposit for $215.62 is received from ******** Salal rejects this deposit because the amount of the ACH deposit of $215.62 is higher than the amount owed to Salal of -$105.14. 12.19.14: *** ****** comes into the branch and Salal extends courtesy pay (advance payment) to *** ****** based on her promise to contact ******* and have the ACH deposit for $215.62 sent back to Salal. Of the $215.62 we provided to *** ****** in good faith of her repayment pledge, $105.14 was retained by Salal to bring her balance owed to the credit union to $0 and *** ****** received $110.48 in cash. (See Exhibit A: Email from **** ********* Accounting Assistant Manager) 12.23.14: The ACH from ******* was never returned to Salal, so Salal reversed the courtesy pay deposit from *** ******'s account resulting in a negative account balance of -$215.62. (See Transaction Summary) 12.26.14: A subsequent ACH deposit from Macy's of $142.61 is credited to *** ******'s account, bringing the negative balance down to -$73.01. (See Transaction Summary) 1.20.15: Per Salal Employee **** ************ Salal writes off the remaining negative balance owed by *** ****** of -$73.01. (See Transaction Summary) 1.23.15: Salal contacts ******* Payroll department to follow up on the rejected ACH of 12.19.14. ******* confirmed receipt of the rejected ACH deposit from Salal. They mailed a check to *** ****** for $215.62 on 12/22/14, but it was returned by the US Post Office due to an invalid address. The replacement check was mailed again to an updated address on 1/15/15. (See Exhibit B: email from **** ***** at ********* Exhibit A: Email from **** ********* Accounting Assistant Manager, regarding courtesy pay advancement From: ****** ******** Sent: Friday, December 19, 2014 5:29 PM To: ***** **** Cc: ******** **************** Bev ****** ***** ********* ***** ****** Subject: Member XXXXXX Hello *****, Please deposit $215.62 the amount of payroll ACH sent back to her account. After you cover the $105.14 overdraft, please give her $110.48 in cash or check whatever works. Please use gl# XXXXXX.06 for now. Monday we will discuss this with Member solution to find out the next step. Tell the member to make sure this deposit comes to her account. This is approved my ******** too. Thank you again! **** Exhibit B: Email from **** ***** at ******* From: ***** ******** Sent: Friday, January 23, 2015 1:12 PM To: ****** ********** Cc: ******** **************** ****** ******** Subject: FW: ***** ****** direct deposit I spoke with **** at ******* and here is her response to the receipt of our rejected direct deposit for ***** ******. Please let me know if you have any questions. Thank you ***** ******** ACH / Accounting Lead From: ****** ***** mailto:************@*****.com Sent: Friday, January 23, XXXX X:XX PM To: ***** ******** Subject: ***** ****** direct deposit Good afternoon, This is to confirm that ******* received the rejected direct deposit for ***** ****** for $215.62. A replacement check was mailed to our associate on 12/22/14, but was returned by the US Post Office due to an invalid address. The replacement check was mailed again to an updated address on 1/15/15. Thank you, **** ** ***** Payroll Manager ***** Inc. **** **** ***** Mason, OH 45040 : XXX-XXX-XXXX or TIE Line ************** : ************ : ************@*****.com ***SUPPORTING DOCUMENTS REDACTED BY BBB***

8/7/2014 Billing/Collection Issues
5/29/2014 Billing/Collection Issues | Read Complaint Details
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Additional Notes

Complaint: In Oct 2013 I purchased a product from an ********* location and the financing was done through Salal Credit Union. I was attempting to refinance my home and during the process it was determined that a Lien was placed on my property without my knowledge. Salal Credit Union refused to remove the Lien. This issues has cost me $400 in non-refundable fees from the refinancing institution and since I can't refinance my mortgage I am also losing over $300 a month. I was not fully informed about the loan process for the product I purchased or the UCC Filing. I was only told the UCC Filing fee was a standard fee for processing the loan paperwork.

Desired Settlement: I am seeking immediate removal of the lien on my property and a refund of the $400 fees I put forth for my refinance and the $22 UCC Filing fee.

Business Response: Initial Business Response /* (1000, 5, 2014/04/22) */ On November 8, 2013 **** & ****** **** purchased a Water Heater from ********** ****** ********* The loan was approved as a Fixture Secured loan. The Loan Note (copy provided) states that a Uniform Commercial Code (UCC) Filing will be put in place for the water heater purchased with these funds. Please note that the fee was for $144.00. Salal Credit Union files a UCC with the county for these types of loans. Since the removal of this item could put the property in a not for sale condition or hinder the sale of the home, we file the lien with the county in which the lien is specifically on the products purchased, not on the actual property address. Also provided is a copy of the UCC which was recorded on 12/09/2013. On September 27, 2013 **** & ****** **** purchased a ******** ***** *** from **** ***** This loan was also approved as a Fixture Secured loan. The Loan Note (copy provided) states that a UCC Filing will be put in place on the Spa which was purchased with these funds. Please note that the UCC fee was for $22.00. Since this product may be removed from the property without putting the property in a not for sale or hinder the sale of the home, we file these UCC's with the Secretary of State. Again, the lien is not placed on the actual property address. Also provided is a copy of the UCC which was recorded on 10/02/2013. ***SUPPORTING DOCUMENTS REDACTED BY BBB*** Initial Consumer Rebuttal /* (3000, 7, 2014/04/25) */ (The consumer indicated he/she DID NOT accept the response from the business.) While attempting to secure a refinance loan I was denied because the Title states a Lien is on the property. No explaination was provided by Salal Credit Union or either business on what the UCC Filing was at time of purchase. I believe this is poor business practice by Salal Credit Union in that the lack of explaination on the loan process was not done and hampered my refinance costing me $400, $22, and $144. Further, under the Truth In Lending Discolosure statement, Security; it states the property as the Water Heater and Sundance Cameo (respectfully), no where does the document state that a lien of ANY type will be placed on the dwelling (my home). The lack of explaination and the Truth In Lending Statement are my justification for my request. The response from Salal Credit Union is unacceptable and my origional complaint/request stands. Final Business Response /* (4000, 14, 2014/05/22) */ When Mr. **** was in the process of refinancing his mortgage, Salal took several steps to assist with the refinance by exploring the following options: 1) Review of the loan for the possibility of releasing the Uniform Commercial Code (UCC) lien. Unfortunately, Mr. **** did not qualify for this as he did not meet our underwriting criteria necessary for a release. 2) Refinance his current loan to another type of loan using other collateral. Mr. **** opted not to go with this option. 3) Subordination of the lien and an offer to work with the lender to do this. Mr. **** declined this option also. Salal Credit Union has processed hundreds of subordination requests for refinances and worked with many different lenders to take care of the subordination process and were happy to do this for Mr. ****. Because we researched several options with Mr. **** which he declined, we will not reimburse the refinance costs nor remove the liens on the water heater and spa. The liens are necessary to protect the credit union and our members in the event of a default on the loan. Should Mr. **** pursue a refinance of his mortgage in the future, we are available to work with the lender to subordinate the liens. Final Consumer Response /* (4200, 11, 2014/05/15) */ (The consumer indicated he/she DID NOT accept the response from the business.) Due to the refinance being a VA Mortgage I am limited on options (such as subordinate) in this case and the Liens made me ineligable for the refinance. I explained this issue with Salal Credit Union when I origonally had this problem and the Loan Department at Salal did not seem to care. If the Liens are against the water heater and spa, then why is it documented on a Title of the home? As for trying to refinanace; I have now missed my window on the rate I was hoping for and rates have gone up. I can not attempt another refinance until the liens are removed from the title. Again, because Salal failed to properly inform me of how this process worked and the documentation does not state that lien would be put on the property I am asking for teh removal of the liens on the title and $400 reimbersement of my refinance costs that I lost.

9/3/2013 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: My name is ****** **********, and my wife ********* ********** and I have been mistreated in our mortgage refinance with Salal Credit Union. ****** ******* has been our loan officer contact and we initiated a rate lock of 2.75% at the end of April. ****** asked us for check copies or bank statements for the last year to prove we have been paying our mortgage. On May 23rd I sent an email to ****** with scans of check copies, and we had mailed a packet containing bank statements with circled mortgage payments for the phone payments not covered by the check copies, a few days before. This email was sent in two parts containing three scan files. The second one came back with a delivery failed, and ****** brought this to our attention in an email on May 29th. In my sent folder I have three emails sent to ****** on May 29th, separated 1 of 3, 2 of 3, and 3 of 3. These contained the requested check copies. From this point onward until June 17th, I received no emails or phone calls from ****** or anyone at Salal Credit Union, even though I called ****** on June 4th and left a message, and I called ****** on June 10th and left a message. On June 17th, ****** called me and left a message saying our loan had been withdrawn after 30 days because they did not receive the check copies requested. This was the first we had heard of any loan withdrawal, 17 days from the month it apparently occurred. She did not follow up with us during the period leading up to the deadline, as we would expect from a senior loan officer, and she waited over two weeks to finally break the news. No specific time limit for the check copies was made clear to us, yet though we were unaware of the 30 day limit that was fast approaching, we had, in fact, gotten the checks copies to ****** by the 29th of May (within the month). We are very displeased with Salal Credit Union for not notifying us that our loan had been withdrawn until 17 days afterward, and we are upset that our call on the 4th of June was not even returned until weeks later. Interest rates have climbed significantly since our original price lock, and during the time we had not heard back from ****** we could have remedied the situation or guaranteed a low lock from another lender. We attempted to contact ****** and her supervisor ******** about this matter to resolve it before filing this complaint. I sent an email at 9 a.m. on June 21st containing most of the content of this complaint. We have heard absolutely nothing. This has cost us a significant amount money, and as members and potential borrowers we have lost faith in Salal CU.

Desired Settlement: At this point we have lost the mortgage rate that we had locked in, and there is nowhere that is now offering 2.75%. Salal CU could present a package that makes up for some of that lost savings through a rebate. There is not much more we can think of that could resolve the issue; however, perhaps Salal itself would have some ideas.

Business Response: Business' Initial Response /* (1010, 5, 2013/07/25) */ July 24, 2013 Better Business Bureau **** ******* ****** *** *** DuPont, WA 98327 RE: case #XXXXXXXX, ****** ********** 0002/0002 Invested in your financial health ** ************ Seattle, WA 98109-1340 * ************ ********************* **** Thank you for contacting us regarding the complaint noted above. I have reviewed the details personally and would like to detail Salal's understanding of the events. The member, ****** **********, applied for the refinance on AprillS, and we provided our initial conditions on April 26. It was made clear at that time that the file was not approved and could not be until we were provided verification that payments were being made on the mortgage loan, as it was not showing on their credit report. We requested and the borrower agreed to provide 12 months' of cancelled checks or statements showing payments had been made. On May 8, we still had not received verification in the form of cancelled checks or statements. We contacted the borrower and were told we would have the requested documents soon. The documents finally arrived on May 23, but we received verification only for nine months' of payments for the first mortgage and six months' payments for the second mortgage. We had agreed to 12. Internally, we agreed to extend our official denial a little longer, as the employee in contact with the borrower understood more documents would arrive shortly. The documents never arrived, and there was no further communication between Salal and the *********** until we received this complaint notification. In fairness, Salal should have denied the loan on May 15 and made clear to the member the decision was final at that point. The *********** had not provided sufficient verification of timely loan payments, nor could we get the information from the lender, as the loans were under someone else's name. We made several good-faith efforts to solicit the necessary information from the *********** but never received the information nor a satisfactory explanation why we couldn't get a full12 months' worth of verification of payments. While we regret the time that was lost to confusion and miscommunication, we stand by our initial decision to deny the loan, given the information we have. We will certainly reconsider a mortgage application by the Burkemoores if they are able to provide the necessary payment verification, but without those records, Salal cannot approve the loan. If the *********** are able to provide the documents and a mortgage loan can be approved at current rates, we'd be happy to waive up to $500 on closing costs. Y Consumer's Final Response /* (3000, 7, 2013/08/05) */ (The consumer indicated he/she DID NOT accept the response from the business.) Salal's response does not address our concerns, as detailed in our initial complaint, about not being told our loan was denied until weeks after it had been denied. June 17th was the day we were notified that our loan application had been cancelled. Salal says they did not hear from us until this BBB complaint, but I made phone calls to their loan officer and left messages on both the 4th and 10th of June asking how things were going with our loan. As well, I sent an email to two of their staff on June 21st, with the details in my complaint, and never heard back until the response to my BBB complaint. The six months of loan payment proofs they said were missing, we had sent by mail in a different format from our bank statements as they were automatic phone payments. That these were not accepted was also not explained until the 17th of June. Frankly, the response to my complaint from Salal is another strike against them, as they are blaming us, the customers, and not addressing their lack of communication to at least tell us the application was cancelled. If we had been told of the cancellation when it occurred, we could have started a new application with a new rate lock at the beginning of June when rates were lower than the 17th of June. The offer of a $500 closing rebate is appreciated, but the lack of communication and support will most likely cost us thousands of dollars in higher interest payments. Salal can deny loans, but they need to at least notify their customers when they do so.


Customer Review(s)

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Customer Reviews Summary

2 Customer Reviews on Salal Credit Union
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