ComplaintsforBayCoast Bank

• Initial Complaint

  02/26/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I was reassured by manager ***** that my automatic payments were automatically cancelled when my buy out request was made. Im refinancing my home mortgage, feb would be my last payment incase, with being reassured by my loan/lenders that any payment after the buyout request will either be returned or applied to my new company. Today 11 days after my approved auto-payment a double charge was made by baycoast bank. The last payment i made with manager ***** over the phone as well as my now UNAUTHORIZED cancelled automatic payment of an additional 400. So one authorized payment of ****** as well as the UNAUTHORIZED (reassured cancelled) automatic payment was deducted from my bank. This has been contested thru my bank as unauthorized as well as baycoast bank blocked from future abilities.As a call center employee told me i myst provide a signature to cancel automatic payments even with a buyout request and termination of said loan with company.This is unprofessional and beyond unacceptable as i have emails and phone records to prove i was reassured all automatic payments were cancelled upon buy out request and this was a UNAUTHORIZED payment/charge to my account needing to be reversed all fees covered any unpaid bills to also be covered by baycoast bank for this UNAUTHORIZED charge.

  

  Business response

  03/07/2024

  We have investigated the borrowers complaint.  As noted by the borrower, the existing loan was scheduled to be refinanced.  BayCoast Banks standard operating procedure is to place a lockout flag on such accounts that prevents any payments from being made when a loan is in a pending payoff status.
  
  Our **************** assisted the borrower with making a payment via telephone on 02/22/2024.  In order for the payment to be processed, the previously mentioned lockout flag had to be removed by our Loan Operations Department.  Unfortunately, the lockout flag was not re-applied on the account until the next business day (02/23/2024).  Overnight, the borrowers preauthorized (automatic) payment in the amount of $400.00 was initiated from the borrowers account at another ******************** institution.  However, the $400.00 payment never was applied to the borrowers loan, so there is no refund due.
  
  The borrowers loan was paid off on 02/28/2024, so the preauthorized (automatic) payment agreement is no longer valid.  BayCoast Bank apologizes for the inconvenience.  If the borrower incurred any fees from the financial institution where the attempted $400.00 payment originated from, BayCoast Bank will provide reimbursement for those fees.  The borrower needs to simply contact BayCoast Bank and provide evidence of the fee assessment.
  

  Customer response

  03/07/2024

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  Better Business Bureau:
  
  I have reviewed the response submitted by the business and have determined that the response does satisfy my issues and/or concerns in reference to complaint #********. I understand that by choosing to accept the business response that my complaint will be closed as resolved. 
  
  Regards,
  
  *****************************

• Initial Complaint

  12/18/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Sent billpays via baycoast bank to my mortgage company on 12/8/23 set to be delivered on 12/14 per the banks system. It is 12/20 now and the mortgage company has not received the billpayment. I have been charge $72.80 late fee due to the banks failure to deliver on time or even a few days late. Spoke to customer service they assured me there is nothing they can do because they use a 3rd party company.. ******** owes me $72.80 credit to make the late fee right. **************** told me I should have sent the billpay sooner, even though their system claims the billpay would be delivered by 12/14. . this is a recurring issue with this bank and not the first ime this has happened since I opened the account just a few months ago. I have escalated this to the manager at the bank, ************************* (he is usually a great help). I am awaiting for communication back at this point and will coming into the bank today. ******* in the customer service department was useless and not justified in their explanation or denial of my credit for this late fee.**** pay infor and late charges are listed below:Sent On12/08/2023 Delivered by:12/14/2023 Amount:$1,851.61 Paid from:Direct Checking Confirmation#:MBL1X9GA Status:Sent Type:Check Sent to:P.O. Box ******, **********, ** ***** Category:None Next Payment Due 12/01/2023 City Tax $393.28 County Tax $0.00 Total Schedule Payment $1,851.61 ******************** $1,455.92 Homeowner's Insurance(s)$0.00 Escrow Overage/Shortage Amount $2.41 Late Charges $72.80

  Customer response

  12/28/2023

  The business claims it was not their fault and still will not take ownership for causing me late fees on my mortgage. This is not true, their system showed a delivery date of 12/14, the payment was never delivered.

  

  Business response

  12/29/2023

  Management has decided not to reimburse **************** for the late fees charged by his mortgage lender.  ******************** mortgage loan payments are due on the first of each month, with a fifteen-day grace ****** is to allow for delays with the mail,processing issues, and other problems.  Our records indicate that in October 2023, November 2023, and December 2023, **************** initiated online bill payments using online solution after the first of the month.  Most recently, **************** initiated the payment on Friday, December 8th and a check was generated and mailed on the next business day, Monday, December 11th.  BayCoast Bank  BayCoast cannot control the time it takes for the check to be received by the mortgage lender or how quickly the mortgage lender processes and posts payments.

  Customer response

  01/02/2024

  Better Business Bureau:I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ********. Please add your rejection comments below; if you do not provide any details, your complaint will be closed as Answered. 

  It is up to you to honor your delivery by date that is quoted within your system. It is not up to you to determine when and how long my grace ****** is with my bank for mortgage company your delivered by date stated 12/14. The only reason my payment was initiated late the first month I open my account is because you put a hold on my phones for almost 10 days when it was only supposed to be five business days. I was also sent on time as well and you deliver that one late too
  
  Businesses and Customers should be civil, courteous and polite in their responses to complaints. It is important to remain professional and productive when participating in the BBB complaint process.
  
  FAQ
  
  Regards,

  *****

   

   

  

  Business response

  01/03/2024

  BayCoast Bank has no further response.  Customer is encouraged to close out his account(s) and find another financial institution.

  Customer response

  01/03/2024

  Better Business Bureau:I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ********. Please add your rejection comments below; if you do not provide any details, your complaint will be closed as Answered. 
  

  I absolutely will be closing my accounts with BayCoast bank. My savings account has been closed already. My checking account will be closed after the next direct deposit.
  

  I have submitted complaints to several other financial institutions, such as the ***** FDIC, FRB, ****, and CSBS

  This institution is completely unethical

  Regards,

  *****

   

   

• Initial Complaint

  02/03/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  - I went to the *** at BayCoast Bank in ********, ** located at ************************************ on January 22nd at approximately 1-2am in the morning (after my night shift of work).- I had deposited roughly $200-$300 cash into my savings account.- the *** machine kept rejecting my bills and then accepting them off and on, it got confusing for me to keep track of my bills that were accepted. Hence me stating that it was between $200-$300 because I don't have an accurate number.- I'm aware I should of counted my money before depositing it, and I have defiantly learned my ******** On January 22nd right when the branch opened, I called and spoke with ******************************* and he sent me a dispute form, which I filled out and sent back. He was not very helpful but did tell me that I would hear from someone in **** business days about my dispute. Which I did not hear from anybody.- On the 10th day without hearing from BayCoast, I decided to call them, they said my dispute would be moved to the top of the priority list. Which it was not, seeing how it's been 4 days and I've YET to hear back from ANYBODY at BayCoast.- I decided to call them again today, February 3, 2022. I left **** the manager a message.- I am extremely upset with how I've been handled as a loyal customer of ******************** for over 10 years.- I am also upset because this is my hard earned money that I need to pay my bills and support my family with, even if it's not a huge amount, it still would of helped me out during this inflation period and ongoing pandemic.

  

  Business response

  02/09/2022

  BayCoast Bank is handling the customers dispute in accordance with the error resolution procedures outlined in ******* of federal Regulation * *************** Transfers.  The regulation allows financial institutions up to 45 calendar days to complete its investigation into an alleged error of this nature.  Because BayCoast Bank was notified of the error on Saturday, January 22, 2022, the investigation must be completed by Monday, March 7, 2022.  The regulation does require, in most instances, financial institutions to provide the customer with provisional credit if it cannot complete its investigation within 10 business days of notification from the customer.  Since the investigation is ongoing, BayCoast Bank provided the customer with a provisional credit of $200.00 on Wednesday, February 3, 2022, which was 8 business days from the date of notification.  BayCoast Bank will make every effort to complete its investigation as soon as possible and inform the customer of the results.

• Initial Complaint

  08/05/2021

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  0

  

  Business response

  08/10/2021

  BayCoast Bank does not directlyoriginate loans secured by manufactured homes.  BayCoast Bank has a subsidiary,Priority Funding, that does originate such loans.  The complainantobtained her current loan through Priority Funding.  Priority Funding thensold to the loan to BayCoast Bank, and BayCoast Bank continues to service thecomplainants loan.
  
  Recently, the complainant didsubmit an application to Priority Funding to refinance her manufactured homeloan.  The application was reviewed and ultimately the application wasdenied due to the complainants debt-to-income ratio being 53%.  None of PriorityFundings loan investors have a loan program that will approve an applicantwith a debt-to-income ratio that high.  In addition to the formal adverseaction notice that was mailed to the complainant, a Priority Funding loanofficer also had a conversation with the complainant and did his best toexplain the situation to her.
  
  The complainant has an escrowaccount associated with her current loan from which property taxes and hazardinsurance premiums are paid.  The complainants hazard insurance policyprovides coverage for both homeowners and flood perils.  BayCoast Bankreceived a renewal statement from the insurance company in the amount of $841and paid it using funds from the complainants escrow account.  There wasan increase in the premium amount compared to the prior years premium of$697.  There has not been any charge of $900 on a recent statement asalleged by the complainant.  Instead, on her June 2021 loan billingstatement, it merely reflects the $841 escrow disbursement which went to paythe hazard insurance renewal premium.
  
  On August 10, 2021, BayCoast Bankconfirmed with the insurance company that the policy is indeed paid in full andin effect, providing coverage for homeowners and flood.  However, it wasdiscovered that on July 11, 2021, a letter was sent to the complainantindicating that evidence of flood insurance was required (in essence implyingthat flood insurance coverage was not in place).  This letter was sent byBayCoast Banks third party insurance tracking vendor because the most recentpolicy declarations page had not been uploaded to the complainants loan filerecords.  It was also discovered that this vendor mailed a second, finalnotice letter to the complainant on August 10, 2021.  Both letters can bedisregarded, and BayCoast Bank sincerely apologies for the confusion and inconveniencethis miscommunication has caused.

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