Skip to main content

Cookies on BBB.org

We use cookies to give users the best content and online experience. By clicking “Accept All Cookies”, you agree to allow us to use all cookies. Visit our Privacy Policy to learn more.

Cookie Preferences

Many websites use cookies or similar tools to store information on your browser or device. We use cookies on BBB websites to remember your preferences, improve website performance and enhance user experience, and to recommend content we believe will be most relevant to you. Most cookies collect anonymous information such as how users arrive at and use the website. Some cookies are necessary to allow the website to function properly, but you may choose to not allow other types of cookies below.

Necessary Cookies

What are necessary cookies?
These cookies are necessary for the site to function and cannot be switched off in our systems. They are usually only set in response to actions made by you that amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not work. These cookies do not store any personally identifiable information.

Necessary cookies must always be enabled.

Functional Cookies

What are functional cookies?
These cookies enable the site to provide enhanced functionality and personalization. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies, some or all of these services may not function properly.

Performance Cookies

What are performance cookies?
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we will not know when you have visited our site, and will not be able to monitor its performance.

Marketing Cookies

What are marketing cookies?
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant content on other sites. They do not store personal information directly, but are based on uniquely identifying your browser or device. If you do not allow these cookies, you will experience less targeted advertising.

Find a Location

First Federal Lakewood has 20 locations, listed below.

*This company may be headquartered in or have additional locations in another country. Please click on the country abbreviation in the search box below to change to a different country location.

    Country
    Please enter a valid location.
    • First Federal Lakewood

      14806 Detroit Ave Lakewood, OH 44107-3910

      BBB Accredited Business
    • First Federal Lakewood

      2035 Crocker Rd Westlake, OH 44145-2193

      BBB Accredited Business
    • First Federal Lakewood

      22380 Lorain Rd Fairview Park, OH 44126-2208

      BBB Accredited Business
    • First Federal Lakewood

      32812 Walker Rd Avon Lake, OH 44012-1473

      BBB Accredited Business
    • First Federal Lakewood

      12648 Rockside Rd Garfield Heights, OH 44125-4525

      BBB Accredited Business

    Business ProfileforFirst Federal Lakewood

    Bank
    HeadquartersMulti Location Business
    BBB accredited business
    The Complaints and Reviews shown on this HQ profile may have been submitted against either the HQ itself or one of the corporate-owned locations found under "Find Locations".

    At-a-glance

    Customer Reviews

    1.33/5stars

    Average of 3 Customer Reviews

    Customer Complaints

    7 complaints closed in last 3 years

    2 complaints closed in last 12 months

    BBB Rating & Accreditation

    Accredited Since: 3/29/2021

    Years in Business: 89

    Customer Reviews are not used in the calculation of BBB Rating

    Overview of BBB Rating

    Overview

    First Federal Lakewood provides Commercial and Business Lending, Mortgage Loans, Personal and Business Checking, Investment Services, and Foreclosure Prevention

    Business Details

    This is a multi-location business.

    Find a Location

    First Federal Lakewood has 20 locations, listed below.

    *This company may be headquartered in or have additional locations in another country. Please click on the country abbreviation in the search box below to change to a different country location.

      Country
      Please enter a valid location.
      • First Federal Lakewood

        14806 Detroit Ave Lakewood, OH 44107-3910

        BBB Accredited Business
      • First Federal Lakewood

        2035 Crocker Rd Westlake, OH 44145-2193

        BBB Accredited Business
      • First Federal Lakewood

        22380 Lorain Rd Fairview Park, OH 44126-2208

        BBB Accredited Business
      • First Federal Lakewood

        32812 Walker Rd Avon Lake, OH 44012-1473

        BBB Accredited Business
      • First Federal Lakewood

        12648 Rockside Rd Garfield Heights, OH 44125-4525

        BBB Accredited Business
      Headquarters
      14806 Detroit Ave, Lakewood, OH 44107-3910
      BBB File Opened:
      1/1/1988
      Years in Business:
      89
      Business Started:
      2/16/1935
      Accredited Since:
      3/29/2021
      Licensing Information:
      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.
      BBB records show a license number of 697346 for this business, issued by Nationwide Mortgage Licensing Service (NMLS). The expiration date of this license is 12/31/2024.

      These agencies may include:

      Nationwide Mortgage Licensing Service (NMLS)

      (240) 386-4444

      http://www.nmlsconsumeraccess.org

      BBB records show a license number of 703536 for this business, issued by U.S. Comptroller of the Currency. The expiration date of this license is 12/31/2024.

      These agencies may include:

      U.S. Comptroller of the Currency

      250 E Street SW

      Washington DC 20219

      (202) 874-5000

      http://www.occ.treas.gov

      Type of Entity:
      Corporation
      Alternate Business Name
      • FFL
      Business Management
      • Mr. David Shaw
      • Mr. Timothy E. Phillips, President & CEO
      Contact Information

      Principal

      • Mr. Timothy E. Phillips, President & CEO

      Customer Contact

      • Ms. Judy Platek, Compliance Manager
      Additional Contact Information

      Phone Numbers

      Email Addresses

      Industry Tip

      BBB Tip: How to choose a new bank or credit union

      Customer Complaints

      7 Customer Complaints

      Need to file a complaint? BBB is here to help. We'll guide you through the process. How BBB Processes Complaints and Reviews

      File a Complaint

      Most Recent Customer Complaint

      07/11/2023

      Complaint Type:
      Sales and Advertising Issues
      Status:
      Answered
      We have an offer accepted on our new house Sunday 7/9 I work back with ***** ******* on Monday 7/10. Explain that my rate lock with Third Federal expires at 4pm Monday 7/10 and I need to make a decision. 3. ***** states that he will work with his management to try to obtain a better rate for me the morning of Monday 7/10. 4. ***** texts me at 2:53pm Monday 7/10 saying that he can get the rate to 7.0% with no points and no appraisal (reference attached image). 5. On Monday 7/10, I asked ***** about if an escrow will be needed and called *****. Over the phone call, I explained that I would like to lock the 7.0% rate and will forgo my rate with Third Federal which expires at 4pm Monday 7/10. 6. I called my realtor and had my realtor send the purchase agreement to ***** Monday 7/10 at 3:30pm. 7. At 5:30pm on Monday 7/10 I asked ***** what my APR is and if he has heard back on if I need to do the escrow (the 7.0% rate was considered locked but we were figuring out if I need to do an escrow). 8. I text ***** Tuesday 7/11 at 10:42 AM asking for an update on the escrow. ***** ******* states that he has bad news and will call me. 9. ***** calls me and states that he entered my information in the wrong system yesterday and that he cannot honor 7.0% anymore. I ask to speak to his manager, and he says that he will text me his manager's email. I never received his manager's email. 10. I called the main office of First Federal and asked for *****'s boss name. I am informed that it is ******* ****** and they transfer me to *******. I leave a voicemail stating my concerns. 11. ******* ****** calls me back at 12:43pm on Tuesday 7/11 asking me to summarize what happened. I summarize the events and ******* ****** states that ***** ******* never brought up coming down to 7.0% the day before and that offer was never on the table. ******* ****** asks me to send proof of communication between ***** ******* and myself and he will get back with me on the best rate that can be offered.
      Read More

      Customer Reviews

      3 Customer Reviews

      What do you think? Share your review.

      How BBB Processes Complaints and Reviews

      Start a Review

      Most Recent Customer Review

      Carmen B

      1 star

      04/04/2024

      Having been a business banking customer for 8 years you think that they would worry about business accounts. So this year they changed their website. Its worst then their last website. They completed messed up the day the site was to come online and with Intuit software ie quicken and quickbooks. You can only download the information they want you to have. There is no option to download by custom date range or by statement. The day the new website came online it was supposed to be available at the beginning of business hours and was not up until after 10:30 Am. I reached out to the branch to ask a few question about the new site and meant a not so friendly corporate VP who seems to have promoted to his level of incompetence with this bank. Instead of just saying I need to look into your issue he points me back to their website to read what I told him I already read. They have been no help with their new website. When I reattached my quicken to the new site. It cross downloaded transaction from other accounts with this bank. All of the historic data that was on the last site is completely gone also. There is one employee left at the branches from when I first opened my business account. So I'm finally taking the hint and just like their employees its time for my business to leave as well. I have already closed 2 of my business accounts and have opened accounts with other banks to start the move.

      First Federal Lakewood Response

      04/12/2024

      We appreciate your feedback and we’re sorry to hear that your online banking experience wasn’t as positive as it should have been. Our business banking team takes the issues addressed in your review very seriously and we sincerely apologize for any inconvenience this caused. If you would like to discuss further, you can reach us at ***** ********

      Local BBB

      BBB Serving Greater Cleveland

      BBB Reports On

      BBB reports on known marketplace practices.

      BBB Business Profiles may not be reproduced for sales or promotional purposes.

      BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.

      When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.

      BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.

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