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BBB Accredited Business sinceAdditional Locations
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This company offers bank products and services including savings, checking, money market accounts, certificates of deposit, business banking, home equity loans, lines of credit and commercial loans.
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A BBB Accredited Business since
BBB has determined that WaterStone Bank SSB 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 WaterStone Bank SSB include:
- Length of time business has been operating
- Complaint volume filed with BBB for business of this size
- Response to 1 complaint(s) filed against business
- Resolution of complaint(s) filed against business
Customer Complaints Summary Read complaint details
|Complaint Type||Total Closed Complaints|
|Problems with Product/Service||1|
|Total Closed Complaints||1|
Customer Reviews Summary Read customer reviews
|Customer Experience||Total Customer Reviews|
|Total Customer Reviews||1|
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
Phone Number: (877) 275-3342
Nationwide Mortgage Licensing System
Wisconsin Department of Financial Institutions, 345 W. Washington Avenue, 4th Floor, Madison WI 53703
Phone Number: 608-261-7578
Type of Entity
Business ManagementMr. Douglas Gordon, President and CEO Mr. William F. Bruss, Senior Vice President Ms. Kelli Glatczak, Assistant Vice President of Deposit Servicing Mr. Allan Hosack, CFO Ms. Becky Krueger, Community President - Waukesha Branch Ms. Shannon Loper, Community President - Oconomowoc/Lake County Branch Ms. Megan McCoy, Director of Marketing Ms. Gina Rafenstein, Branch Manager - West Allis
Banks Savings & Loan Associations Savings Institutions (NAICS: 522120)
Alternate Business NamesWaterstone Bank WaterStone Financial Inc.
Industry TipsBanking Regulators
Customer Review Rating plus BBB Rating Summary
BBB Customer Review Rating plus BBB Rating Overview
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BBB Complaint Process
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Additional Phone Numbers
- (888) 686-7272(Phone)
Complaint Trends - Last 3 Years
Customer Review Trends
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.
BBB Letter Grade Scale
Star Rating scale
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.
Problems with Product/Service
Read Complaint Details
Complaint: This bank gave a loan to a company that went into foreclosure 2 months after I moved in & they recieved my 1st months rent & security deposit. I signed a 1 yr. lease that included appliances but was not provided a stove until 32 days after I moved in & paid rent in full for 2+ years without any repairs being made to the unit. After giving the landlord a 60 day notice that I would be moving out, I paid rent for the remainder of the 60 days, and was then given a 5 day notice to pay (more) money or evacuate the unit. When I contacted the field manager of the landlords office, I was told to "throw it away because it was a mistake." I didnt throw it away, I kept it for my personal files. Upon the completion of my 60 days & after cleaning the unit to a condition (wich was better than went I rented it) I returned all keys to the office & asked the receptionist to sign a form I had drawn up stating that all merchandise was returned, and I left my forwarding address for the return of my security deposit. After numerous attempts to contact the office about the security deposit, I was contacted by a member of the bank stating that I would have to "hunt down" the previous owner of the building to recieve my security deposit. Why would "I" need to find them when the bank is the one who gave the loan & ultimately collected my rent & security deposit when the building was forclosed upon?
Desired Settlement: I paid $645 for a security deposit. I know that owners have 21 days to complete security deposit transmittals, or "send in writing" the reason the security deposit was with held. Neither of these things have been done, and it has now passed the 21 day legal cut off date wich gives me the right to sue in small claims court for double the amount. I just want this matter resolved & to stop being given the run around. I am very shocked & disappointed in the way they are handling business.
Business Response: Waterstone Bank took over management of the subject property in June of 2010 and the complainant had resided in the subject property for some time prior to June of 2010. It is WaterStone Bank's understanding that the complainant paid a security to ****** ***********, the prior owner of the subject property. Wisconsin law is clear that a security deposit, unless assumed by the successor in interest, is a contractual relationship between the tenant who paid the security deposit and the landlord who received the security deposit. WaterStone Bank never received a security deposit from the complainant nor assumed obligation for it from ****** ***********. Accordingly, WaterStone Bank has no obligation, legal or otherwise, for the return of the complainant's security deposit and the complainant's recourse is strictly against ****** ************