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BBB Accredited Business since

AnchorBank

Additional Locations

Phone: (608) 252-6246 Fax: (608) 252-8842 View Additional Phone Numbers 25 W. Main St., Madison, WI 53703 http://www.anchorbank.com


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Description

This company offers banking services, including brokerage, personal and business banking, and loans.


BBB Accreditation

A BBB Accredited Business since

BBB has determined that AnchorBank 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 AnchorBank 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 | 0 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 0
Billing/Collection Issues 3
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 3
Total Closed Complaints 6

Customer Reviews Summary Read customer reviews

6 Customer Reviews on AnchorBank
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 1
Negative Experience 5
Total Customer Reviews 6

Additional Information

BBB file opened: April 03, 1997 Business started: 01/06/1919 in WI Business started locally: 01/06/1919 Business incorporated 03/13/1992 in DE
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:

Federal Deposit Insurance Corporation
550 17th St. NW, Washington DC 20429
www.fdic.gov
Phone Number: (877) 275-3342

Wisconsin Dept of Financial Institutions
345 W Washington Ave, Madison WI 53703
http://www.wdfi.org
Phone Number: (608) 261-9555
Fax Number: (608) 261-7200
askthesecretary@dfi.state.wi.us

Nationwide Mortgage Licensing System
Wisconsin Department of Financial Institutions, 345 W. Washington Avenue, 4th Floor, Madison WI 53703
http://www.nmlsconsumeraccess.org
Phone Number: 608-261-7578
DFIMortgageBanking@wisconsin.gov

Type of Entity

Corporation

Business Management
Ms. Emily Campbell, Vice President - Marketing & Communications Mr. Mark Timmerman, President/CEO Mr. Chris Bauer, CEO Mr. Scott Ciano, Senior Vice President Mr. David Omachinski, Board Chairman Ms. Jennifer Ranville, Public Relations
Contact Information
Principal: Ms. Emily Campbell, Vice President - Marketing & Communications
Principal: Mr. Mark Timmerman, President/CEO
Business Category

Banks Consumer Finance & Loan Companies Savings Institutions (NAICS: 522120)

Alternate Business Names
Anchor Bancorp Wisconsin, Inc. Anchor Bank Anchor Investment Services AnchorBank FSB Commodore Financial
Industry Tips
Banking Regulators

Customer Review Rating plus BBB Rating Summary

AnchorBank 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

  • 100 W Racine St

    Janesville, WI 53548 (608) 752-7886

  • 101 N Broadway St

    Stanley, WI 54768 (715) 644-5555

  • 1065 S Lake St

    Neenah, WI 54956 (920) 997-3906

  • 1092 W Fond Du Lac St

    Ripon, WI 54971 (920) 745-2500

  • 110 N Fox River Dr

    Appleton, WI 54913 (920) 997-3901

  • 1220 W Northland Ave

    Appleton, WI 54914 (920) 997-3909

  • 130 Main St Ste 101

    Menasha, WI 54952 (920) 997-3907

  • 150 N Ludington St

    Columbus, WI 53925 (920) 623-3140

  • 1516 W Main St

    Sun Prairie, WI 53590 (608) 837-5181

  • 15600 W Cleveland Ave

    New Berlin, WI 53151 (262) 317-7135

  • 16 Washington Ave

    Oshkosh, WI 54901 (920) 303-4901

  • 1712 12th St

    Monroe, WI 53566 (608) 325-7161

  • 1720 Us Highway 51

    Stoughton, WI 53589 (608) 877-4100

  • 18200 W Capitol Dr Ste 100

    Brookfield, WI 53045 (262) 252-2700

  • 1889 Bus 18-151 East

    Mount Horeb, WI 53572 (608) 437-3011

  • 202 W Oak St

    Boscobel, WI 53805 (608) 375-5062

  • 204 S Century Ave Ste A1

    Waunakee, WI 53597 (608) 849-5041

  • 216 Cottage Grove Rd

    Madison, WI 53716 (608) 221-6550

  • 2215 Holiday Dr

    Janesville, WI 53545 (608) 756-2600

  • 240 Broadway

    Berlin, WI 54923 (920) 361-4361

  • 25 W. Main St.

    Madison, WI 53703 (608) 252-6246 (608) 262-8827

  • 2558 Post Rd

    Plover, WI 54467 (715) 345-2370

  • 2929 N Sherman Ave

    Madison, WI 53704 (608) 246-3505

  • 301 Junction Rd

    Madison, WI 53717

  • 302 Bay St

    Chippewa Falls, WI 54729 (715) 723-4414

  • 302 N Midvale Blvd

    Madison, WI 53705 (608) 231-6552

  • 3052 Cahill Main

    Fitchburg, WI 53711 (608) 270-4080

  • 311 N Main St

    Viroqua, WI 54665 (608) 637-3142

  • 316 W Spring St

    Dodgeville, WI 53533 (608) 935-9356

  • 333 S Westfield Rd

    Madison, WI 53717 (608) 833-4900

  • 3406 Oakwood Hills Pkwy

    Eau Claire, WI 54701 (715) 834-1111

  • 420 S Koeller St

    Oshkosh, WI 54902 (920) 303-4900

  • 420 W Verona Ave

    Verona, WI 53593 (608) 845-6716

  • 4702 E Towne Blvd

    Madison, WI 53704 (608) 246-3500

  • 500 E Walworth Ave

    Delavan, WI 53115 (262) 728-3456

  • 5101 S 27th St

    Milwaukee, WI 53221 (414) 325-7312

  • 5555 N Port Washington Rd

    Milwaukee, WI 53217 (414) 290-7947

  • 5750 Raymond Rd

    Madison, WI 53711 (608) 275-7979

  • 600 E Blackhawk Ave

    Prairie Du Chien, WI 53821 (608) 326-2444

  • 601 S Main St

    De Forest, WI 53532 (608) 846-4701

  • 618 State Hwy. 69

    New Glarus, WI 53574 (608) 527-5248

  • 6240 Century Ave

    Middleton, WI 53562

  • 640 Division St

    Stevens Point, WI 54481 (715) 344-8080

  • 6501 Monona Dr

    Monona, WI 53716 (608) 221-6555

  • 705 N Main St

    Oregon, WI 53575 (608) 835-5702

  • 708 N Madison St

    Lancaster, WI 53813 (608) 723-7601

  • 7401 W Greenfield Ave

    Milwaukee, WI 53214 (414) 290-7206

  • 7745 W Rawson Ave

    Franklin, WI 53132 (414) 525-0600

  • 80 S Court St

    Platteville, WI 53818 (608) 348-9556

  • 927 E Main St

    Winneconne, WI 54986 (920) 582-4345

  • N78W14651 Appleton Ave

    Menomonee Falls, WI 53051 (262) 532-2455

  • PO Box 7933

    Madison, WI 53707

  • W3160 County Road KK

    Appleton, WI 54915 (920) 997-3903

  • W7829 State Road 21 73

    Wautoma, WI 54982 (920) 787-1505

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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)

4/1/2014 Billing/Collection Issues | Read Complaint Details
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Additional Notes

Complaint: Anchor Bank made a few errors with my loan contract and they refuse to fix it, and one wants to be responsible for the mistakes they made, I tried to contact Anchor Bank many times since 3 months ago but is always the same thing no one want to do something about this problem and every month my loan installment increase. I told Anchor Bank about these errors before I signed the contract and told me no to worry that they would fix the problem but they never did!

Business Response:

We have been working with the customer for the past few months to correct errors that were in the original loan documents that negatively impacted the borrower. In the loan approval we inadvertently miscalculated the remaining amortization, and an error was made in the initial escrow calculation. To help address the issues we involved another Spanish speaking AnchorBank employee to help with any communication barriers between the lender and customer, and we now have a new agreement for them that shows the corrected payment amount. In addition, any late fees imposed since December 2013 were waived, and we refunded the interest they were charged by the City of ******* as a penalty for late payment of the property taxes. We think we will now have a satisfactory resolution for everyone involved. 

8/16/2013 Billing/Collection Issues | Complaint Details Unavailable
4/1/2013 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: Hi, I diposited a check from ***** *******, ****** *** enterprises into my checking account at **** ******* ****** *****. A few days later the NFCU rep explained to me that the check was found fraudulant by***** ********* and they can not credit my account until a rep from anchor bank calls them and tells them that the check is good. Im concerned that this wasnt looked into because I have never had an issue cashing checks from ***** *******. The Check was for 1366.76 and was issued March 13, 2013.

Desired Settlement: Please call ****** *** and figure out what is wrong with this check then call NFCU and clear this check as soon as possible please. I really need it to clear. NFCU # is ***********

Business Response:

We have reviewed this, and we believe they may have contacted the wrong AnchorBank. We have no information on this situation or of the business she is mentioning. Our locations are all in Wisconsin, but there are AnchorBanks in other states, such as ********* and **********, that are in no way associated with our AnchorBank. They are completely different companies.

1/18/2013 Billing/Collection Issues | Read Complaint Details
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Additional Notes

Complaint: A month ago I transferred money from my account to my fiance's to make sure money was there when her automatic car payment and insurance came out. The bank took the money out of my account but it never was deposited to her account. The bank claimed it was "misplaced". This mistake caused her account to go negative and receive an overdraft fee. They also made her insurance company put the payment back and continue to charge her with overdrafts. A week later they tried to say they never took the money out but I had a bank statement that showed they did. Between the money they lost and overdrafts this has cost us over $600. After two weeks of getting nowhere I called a ******* at the ******* office. He met me at *** ***** and looked at my account history with me. He saw that the money had been withdrew and said he would fix the problem asap, but it was "the bank's discretion" whether to return the overdrafts even though it was their fault the account went negative. This is the FOURTH time they have failed to transfer money and caused us to have overdrafts in the last 2 years. A week after meeting with ****** my/fiance's account was still not fixed, and when I looked at my account statement online the withdraw suddenly DISAPPEARED. I called ****** and he was extremely confused why it wasn't there since he had seen it over a week before. He said he called IT to have them investigate. Throughout all this he would never call back when he said he would. I had to call him daily and leave him messages which he never answered. I could only get a hold of him if he happened to be in the office when I called. After IT look at the account ****** said he was sorry and would fix everything right away and replace all the overdrafts. A week goes by and again nothing happens and I can't get a hold of him. I finally talked to him yesterday and he claimed everything would be fixed by the end of the day and nothing happened. I called him again today and when he answered he said he would fix it right away, so I stayed on the line until he did. He put me on hold then he hung up. I called back and he put me on hold right away and after 45 minutes he hung up. We are now seeking a lawyer to make sure we get our money back unless the can fix this asap.

Desired Settlement: We need the "misplaced" $450 replaced along with any overdrafts that were caused by their mistake

Business Response:

We have attempted to reach the customer, ****** ***********, several times to resolve the issue, but so far have not been able to speak with him. He did request an initial transfer of $100 from his account to his fiance’s account, and when we tried to call him back on his request to let him know that we couldn’t complete the transaction because he only had $18.76 in his account, the number we had on file for him was disconnected. At that point, the supervisor of our ********** office sent him an email to the address we had on file for him letting him know he didn’t have sufficient funds to complete the transfer. We requested he call us back, but we did not hear from him. We also attempted to call his fiancé.

 

At this point in time, that transfer was never done and no money was taken from his account. We also have no record of any additional request from him to transfer money. We did talk with him in the past about having his fiancé add his name to her account so he could complete this type of transaction on his own, but he has yet to do so. We also have no record of any employee named ****** that would have gone to meet with this customer in ***** *****.

 

We feel this is not a valid complaint, as no money was transferred or removed from his account, as we can show in his account history. Therefore, we do not owe him any money and are not responsible for any overdraft fees that were incurred by his fiance, since there wasn’t money available to complete the transfer he’d requested.

9/10/2012 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: I have tried to get my accounts cancelled because of their unethical billing charges (for example, I was charged $131.19 for $69.33 worth of charges on a NFP student organization account) and they tried to charge me even more in overdraft fees on another account when I opted OUT of their overdraft protection until I complained. I am just so tired of the run around and the shoddy service that I just want the final paperwork drawn up so I can close it...but somehow they never get my correspondences and they never get the messages to call me back when I ask for a phone call and I am so tired of it. I know this is not the way that banking has to be because I have managed to find a bank that is exceptional (only bad thing is they are not in *******, but I drive the 2 hours to go to their office, rather than walk to the AnchorBank across the street from me because it is worth it to me)

Desired Settlement: I know I won't get them to adjust the absurd billing fees, but it is morally reprehensible to me that an institution built for service feels it is right to charge a $33 overdraft fee on a $3.10 charge and then turn around a charge another $33 the very next day. But that is why I no longer wish to be a customer of AnchorBank....a business like that simply is not out to preserve customers, just pad their wallet. I had hoped that upon my recent graduation from college I would be in a position to maintain my account and use AnchorBank to finance a future mortgage purchase, but now, no force on earth could compel me to do so. I hope the few hundred dollars they managed to steal out of my pocket was worth it to them! I just want the papers drawn up so I can close both of my accounts and I will continue to share my distasteful experience with this institution at every opportunity, and with everyone who will listen!

Business Response:

Our branch manager, ***** *****, at our ********* location did meet with this customer on August 2, 2012. At that time they reviewed her two checking accounts, both of which are overdrawn, and the branch manager issued her a refund of $231 to help with the charges. We had also previously refunded this customer $33 in January of 2012 for one of the two overdraft charges she’d received at that time, so she was aware of the fees that would be applied if she overdrew her account.

 

After the refund was issued on August 2, the accounts remained overdrawn because of the checks and debit card transactions withdrawn from the accounts. At that point, they made an appointment for the customer to return to the branch on August 13 with the money she still owed on the accounts to get them to a zero balance, and then to close both accounts. The customer did not show up for the appointment, and she did not contact the branch manager in any way. Then, on August 30, we were contacted by the customer through our online banking system, requesting a new appointment on August 31 to come in and close out the accounts and pay the money owed.  

 

We’ve agreed to give her an additional refund of $87.09 to offset the overdraft charges for transactions that occurred on her account after we met with her on August 2, 2012. We’ve advised her that we will be prepared to close her accounts at the ********* branch on Friday, August 31, 2012, if she brings a deposit of $181.69 for her personal account and $200.52 for her business account to get those accounts back to a zero balance. 

 

8/6/2012 Problems with Product/Service | Read Complaint Details
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Additional Notes

Complaint: I opened a basic business checking account in 2008 for my class reunion money. When I signed up for the account, it was known that there would only be activity once every 5 years since the account is for a class reunion. Anchor bank has been charging fees for dormancy but the problem is, I was never notified of the change. The $3 charge started in 2009 then the the fee was increased to $5 in 2011. I was not notified of either change to fees. The bank has offered to refund 3 months of fees but that isn't good enough for me.

Desired Settlement: I would like a refund of all fees which totals $124.

Business Response:

The customer was issued a refund of three months of the dormancy fee charges by our TeleBranch the morning of July 6, 2012. Later that afternoon she visited our West Towne location in Madison asking for an additional refund. Because a refund had already been issued, they did not process an additional refund.

 

The $5 monthly dormancy fee occurs when an account has been dormant for 181 days and the balance is less than $300, as was the case with her account.

 

At the time of account opening, all customers are given our fee disclosure brochure outlining the variety of fees that are possible, which includes information on the dormant account fee. In addition, customers are notified via statement notices when fees change. The last change occurred effective November 1, 2011, and stuffers were included in the statements that went out during the month of September 2011. 

 

When the customer visited the branch on July 6, 2012, to discuss the charges, she brought with her a shoe box of mail from AnchorBank, some opened and some unopened; dating back to 2009. It appears she was not monitoring the account very closely, therefore missing the fee change notifications and the money being deducted from the account each month for the past several months after the balance fell below $300 and there had been no activity on the account for 181 days.

 

We feel the offer of three months of the dormancy fee as a refund was fair under the circumstances as it is the customer’s responsibility to monitor their accounts for any errors or other issues.

 

Consumer Response: Better Business Bureau:I have reviewed the response made by the business in reference to complaint ID *******, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.The account was opened on May 3, 2008; at that time I received a schedule of fees that indicated no minimum daily balance is required and nothing about dormancy fees (attached is the schedule of fees).  When I visited the bank on July 6, 2012, they indicated that the dormancy fees started in July 2009 and a separate letter of notification was sent but I never received it.  Nor did I receive a notification that the dormancy fees increased effective November 1, 2011.  The reason that this account was opened in the first place was for a class reunion account since the account would only have activity a few times every five years.  Therefore, I had no intention of monitoring the account since I was never under the impression that dormancy fees applied.  If I had received proper notification, then yes I would have made bogus transactions to avoid dormancy fees.  The balance on the account remained at $125 as of July 29, 2008 so there was never a balance of $300 when the minimum balance supposedly changed like Anchor Bank is referring to.  If I had proper notification that there was a change in the minimum balance then I would have made proper arrangements to avoid additional fees.

Regards,

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

 

 

Business Response:

Our West Towne branch spoke with this customer again and did agree to make a special exception and refund all of the dormant account fees. They talked with her about options for the account, and she does plan to keep the account with AnchorBank. The branch staff encouraged her to make a deposit so that the account balance would be above the $300 minimum required to avoid the dormancy fees going forward, and she plans to do that. They also discussed the benefits of enrolling in online banking and e-statements so she can more easily monitor the account.