ComplaintsforMedallion Bank

• Initial Complaint

  08/09/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  DO NOT DO BUSINESS WITH THIS COMPANY!! Our account was refinanced, and a check was sent to Medallion and received (signed for) on 7/25/2024. They did not post the payment until 7/30/2024. I called on 8/06/2024 and was told that it was approved to be back dated on 8/03/2024 and to give them a few more days to get that processed. On 8/09/2024 it was still not completed leaving my balance $105.44. I called (still on hold at this time) and was just told that it was just approved on 8/06/2024?? No that is when I called last. Asked to speak to someone that could get this fixed right now. Currently still on hold 8/09/2024 @ 1:39EST 20 MINUTES. It seems to me, reading the other reviews, that they just do not like having accounts paid off!

  Business response

  08/20/2024

  We apologize for the delay in backdating the payoff that was received July 25th. The payoff amount received was good through 7/22/2024, that is why a balance of $39.42 was still owing, we received your web payment of $39.80 on 8/13/2024, however we are refunding this to you and have completed a small balance write off for the $39.42 out of courtesy. Please let us know if you have not received this refund check within ************************************ full was mailed on August 15, 2024.

• Initial Complaint

  07/09/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I sold my RV on June 26, 2024. USAA sent the payoff overnight by *****. The check was received and signed for by ************ June 27, 2024 at 10:50am. Today is July 9,2024 and it is still not posted on my account. I have called 12 times and spoke with different people and emailed 6 times with no resolution. I emailed the tracking information. Meanwhile they are adding $22 a day in interest on the balance. I am not paying a dime of interest past June 27. Nobody I have spoken to has a clue where the payoff check is. Do not use this company. I should have looked at their 1 star reviews all over the internet before financing with them. I want to be completely done with them!

  Business response

  07/15/2024

  We appreciate your feedback and have been in contact with you to resolve this issue. After reviewing the account, we were able to determine that one of our agents gave you an incorrect mailing address. We have requested the check be cancelled and a new one be sent to the correct address below. Due to this mistake and delay, the Bank will reimburse any stop payment fee charged for a new check and we will be honoring the original payoff date of June 27th.  If there are additional issues or concerns that arise, please contact us at **********************. 
  
  Medallion Bank
  Lockbox #*****
  *********************************************************-5526

• Initial Complaint

  05/03/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Erie Construction Mid-West sold us a roof for $34,289.00 with $2500 down payment. Balance remaining $31,789.00 on 12/29/21. After two years of payment to Medallion Bank we owe $30,203.97. How can that be legal? All of our money is going to Medallion Bank and we will never get this loan paid off.Erie Construction picked this bank and we did not know it. I have requested original loan paperwork from Medallion and Erie. They will not send it to me. Why? This is a scam from Erie and Medallion Bank.

  Business response

  05/13/2024

  Hello ***** *****,
  We appreciate you bringing this matter to our attention so we can review and confirm your account.
  On or about December 29, 2021, you and ****** ***** applied to Medallion Bank (Bank) for a loan to finance the installation of a roof at your residence by Erie Construction Mid-West, of Atlanta, Georgia. The contractor was selected by you and is not affiliated or controlled by the Bank. The Bank approved the Credit Application for a loan in the amount of $31,789.00, term of 180 Months with a payment of $298.12 paid per month, first due approximately 3 months after the date of completion. By signing the Simple Interest Consumer Note and Security Agreement (Contract), the loan terms we accepted by ****** ***** and ***** *****, not Erie Construction Mid-West.
  The completion of the job was 1/31/2022 per the signed completion certificate, we disbursed funds to Erie Construction on 2/4/2022, the first payment was due 05/04/2022. Interest accrues on simple interest loans daily. When a payment is made it applies to first interest accrual then principal. By not receiving any kind of payment in the months listed below, interest accrual was greater than the monthly payment when it was made. Included with our response is an Amortization schedule, this provides more information on the negative impact of not making payments in a timely manner.  
  We have reviewed the transaction history and have noted that in the months listed below we did not receive any kind of payment.  Please review your bank history, if you locate something different, please notify us and provide proof of payment.
  February 2023
  March 2023
  August 2023
  February 2024
  March 2024
  April 2024 

• Initial Complaint

  04/11/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  We were given a lone from Medallion Bank back in 2022 for a roof from Erie Roofing. We were told that we were getting a unsecured loan. This information was given to us by the Erie *********** we found out all the information given by the Erie rep was false. We from the get go was not happy with our loan as Medallion does not allow you to apply any extra to principle. Any extra payments just makes your due date further down the road. I just attempted to get a loan to pay off my debt just to find out the Medallion is a second mortgage and a lien is on my home. This may not be Medallion Bank fault, but more of the false information given to us by Erie Roofing. I need the lien on my home released. And be allowed to pay on principle.

  Business response

  04/19/2024

  We appreciate the opportunity to review your account and discuss your concerns. As we went over in a phone call earlier today, all our Home Improvement loans are secured. However, we do have a subordination application you can fill out. Once we receive the completed subordination request, we will review it and let you know if we are able to release our lien prior to the account being paid off. Unfortunately, Medallion Bank does not allow principal only payments due to our loans being simple interest. The best way to make a payment that is likely to be applied to your principal balance is to make a second payment on the same day you make your regular monthly payment. If your monthly payment addresses all the interest accrual on the account, a second payment made the same day would be applied to the principal balance. Please let me know if us know if you have any other questions. We can be reached at ***********************. 

• Initial Complaint

  03/13/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  This financial institution should be shut down! 7.99% apr on the total amount of a loan...is mind-blowing. How is this bank allowed to do this!? My ill mother was suckered into a loan for a roof (Mind you the roofing company was a giant rip off...****'s Roofing) She thought it was a monthly APR, not a total amount. $200/month payments, only $69 going towards the principle. WHAT?! Looks like the scamming scheme by ******************* is back!

  Business response

  03/13/2024

  Medallion Bank is a finance company, we work with contractors to secure financing for homeowners who wish to have home improvements completed and want to finance the improvement. The contractor is selected by the borrower, we are offered as one of the options for financing if the homeowner requests it. 
  
  Our loans are simple interest loans, the Annual Percentage Rate (APR) is disclosed on the contract and reviewed with the homeowner prior to them signing the document. If you choose to pay the loan off early there is no pre-payment penalty.  We would recommend contacting **** Roofing if you are having issues with the work that was completed. 
  
  

• Initial Complaint

  12/22/2023

  Complaint Type:

  Delivery Issues

  Status:

  Answered

  More info

  I had my roof replaced and this was the company the roofers used to finance the replacement. When they set up the payment plan it was not disclosed that it was an interest only payment. Once I figured that out I contacted the company to increase the payment to apply some to the principle balance. When I get my statements they are not crediting any amount to principle. I emailed them multiple times and have not heard any response. My work schedule and their long hold times prevent me from calling during operating hours. I need someone to respond to my email ASAP.

  Business response

  12/26/2023

  We appreciate the opportunity to review your account and speak with you regarding this issue. As we discussed, we are unable to discuss account information via email. We apologize if you did not receive the automated reply requesting you call us to go over specific account information. We have reviewed your transaction history and verified that your payments have been applied correctly. Due to your account having a deferred first payment it has taken longer for you to see a principal reduction. Please call us if you have any other questions regarding your account transaction history and amortization that we went over last week. We can be reached at ************

• Initial Complaint

  12/04/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I am not liable or responsible for this debt with Sst Medallion. I do not have a contract with this company. They did not provide me with original copy. Also they are reporting in correct information on credit reports

  Business response

  12/08/2023

  We appreciate the opportunity to review your account. We have attached a copy of your contract and account transaction history. You would have been provided with a copy of your loan docs upon the completion of signing due to them being signed electronically. In addition, on September 29, 2020, you spoke with an agent and completed a welcome call. On this call you acknowledged the purchase of the 2021 Kaufman and proceeded to make multiple payments on the account throughout the following years. We have also confirmed the credit reporting to be accurate. Please contact us if you have any other questions. ###-###-####

• Initial Complaint

  11/23/2023

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  September 2021 we purchased a travel trailer that was financed by Medallion Bank October 2023 we notified them we could no longer afford the payment and would like to proceed with voluntary surrender. A week after that phone call I received an offer to sell the camper for what was owed, I communicated with Medallion and they agreed to push back retrieving the camper. A week later I received an offer for $22,000 which was less than what we owed, I submitted an offer to Medallion bank which they then accepted on October 16, 2023 I was notified by a phone call with the agent Dana. We received no settlement paperwork, just notification via phone call That buyer did fall through, during that time I communicated with Medallion bank and SST who they had turned my account over to, they agreed to give us additional time to find another buyer during every phone call the amount stated to be paid was $22,000 the settlement offer, there was no expiration date on the settlement stated nor were we told that the money needed to be paid by a certain date. November 8th I notified them we had a buyer who had $19,500 and asked if they would accept $19,500 at that time I was told no the amount due was $22,000. At that time I had still not received any settlement paperwork which I had asked for multiple times in multiple phone calls. On November 13, 2023 I confirmed receipt of all payments made totaling $22,000 and again asked for settlement paperwork. No additional monies were discussed as due . I finally received the settlement letter on 11/14 with a date of 10/28 when the settlement was due by however Ruth M***** stated the camper was paid off and we would receive the title after paperwork was processed. 11/23 I received notice from Medallion Bank that an additional $4175 is due which I was never informed of at any point. This is classic bait and switch and illegal. Conveniently this notice was sent on a holiday where I cannot speak to anyone. All calls were recorded

  Business response

  11/24/2023

  We apologize for the miscommunication. As you were told earlier today, please disregard the statement you received as it was system generated. We are applying your payments to the principal balance and will close out the account according to your settlement agreement. At that time, the title work will also be sent out. Please contact us if you have any other questions. Thank you. 

  Customer response

  11/27/2023

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ****** **********

• Initial Complaint

  10/18/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  In 2022 I requested a change in my payment plan system with Medallion bank. I explained to Medallion that if they could not accommodate my new payment plan, that I could continue with our prior plan. Medallion bank agreed to postpone two months of payments initially and then failed to send me the correct contract with the correct dates. They admitted that fact on a recorded line and stated that that would be in contact with me to resolve the matter at a later date. They also told me on a recorded that due to their mistake my credit was not marked. I later learned that was not true and that they did marked my credit negatively. This problem persisted into the year 2023 as they continued to fail to resolve the matter as stated and were now claiming that I owed late fees. They contacted me much later after they continued to mark my credit. I ultimately paid them to avoid further issues as they did not fulfill their agreement and failed to send me the aforementioned contract with the correct dates. I am not responsible for these late marks due, in part, to medallion failing to send me the properly dated contract as agreed. Additionally medallion failed to mediate this matter during my multiple calls made to them in attempt to pay the months marked late by them. It should be noted that prior to the payment I made to medallion in June of 2023 I requested medallion (once again on a recorded line) provide me with an email stating that they would be removing the marks from my credit. They also failed to provide me with the request email. Throughout this process Medallion has made several claims and promises to me which they did not keep and I was later penalized with late fees and negative marks on my credit due to their unethical business practices. I respectfully demand that all late charges from medallion bank be removed from all credit reporting agencies due to the above.

  Business response

  10/26/2023

  We appreciate the opportunity to review your account. There have been at least three extension requests for your account in the past year, however, we never received a signed extension agreement from you. To process an approved extension request we require a signed agreement. If we do not receive a signed agreement the extension approval will expire after 30 days, and an extension will not be processed. It is the customer’s responsibility to return the extension paperwork and confirm it was received and processed. When an extension is requested, we continue to try and contact the borrower for status updates on the return of the document, or review account delinquency if the document has not been returned. We removed the negative credit mark from July 2022 out of courtesy but will not remove any other negative marks because they are valid reporting.  We recommend that if you make an extension request that you continue to answer phone calls from us until you have confirmed we have received the signed extension documents back. 

• Initial Complaint

  10/06/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Ive got a loan with an automatic payment set up and somehow this bank in the only one in the entire ****** That continuously screws it up. I want them to fix the system and correct the foul up. On a payment that shows going out on 9-22-23

  Business response

  10/16/2023

  We appreciate the opportunity to review your account. As of today, we have not been able to locate the payment sent from your bank in September. We did receive your online payment and your account has been set up on EFT. We apologize for the frustration this may have caused. On a call that took place with one of our agents last week you stated your bank shows the check as not being cashed, we recommend you have your bank place a stop payment on it since we have been unable to locate it. Please give us a call if you need further assistance.************. 

  Customer response

  10/24/2023

   
  Complaint: 20704417
  
  I am rejecting this response because:
  My bank has every record and dates sent. Ive had nothing but trouble and someone really needs to get off their **** and find / fix the blasted problem 
  Sincerely,
  
  ***************************

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