We have previously bought 10 homes and have refinanced 4 times. On this move to florida we had purchased a home in sept using a bridge or balloon loan to not lose this particular property with the intention of refinancing and securing cash out. The bb and t representative assured us "no problem",because we had all our documents current ,should be quickly done. She explained that she was the best and had a "team" to work with us to get this done. In the following approximately 90 days ,we heard her voice 3 times ,twice assuring "the team" had under control. We constantly had to call on status and constantly were told will be done soon.
We held out having a home appraisal until we redid the landscaping and painting of the home as the last "box to check" knowing this affects the cash out based on the current appraisal. We were billed for the appraisal. Almost 60 plus days from when we first initiated the application ,the underwriter advised that we could not cash out until 6 months from the previous closing!! I was then advised that "we are working on that "! This was the last communication on the subject! We meanwhile checked 2-3 other mortgage companies and were advised that you can not cash out for 6 months.
The issue here... No one of the 6 people on the team ,the original mortgage rep or the assistant to the underwriter bought this up or seemed to know about this!!! Not only did we endure extremely poor service,no responses; no sense of urgency or care! Had we known from day one by the representative ,ms cheri campbell , we would have held off the appraisal and process until 6 months! We are now out approximately $ 500 for the appraisal and will need to pay for another one in the future. The bank has not acknowledged this cost and has never communicated to us since on the status of our application!
They just do not care!! This is both a personal as well as a systemic problem at bb and t
we recommend to all.. No mortgages with bb and t!
I opened my first business account in 1994. Now with several businesses and multiple personal accounts, there is a mid 6 figure average daily balance and only a small portion is interest bearing earning 1/10th of 1 percent! I first got hit with an overdraft fee when a large check hit the same day i made a significant deposit to a wash account that is not meant to keep a balance. That is when i learned that bbt posts debits before credits. Now, they did refund my overdraft fee, but as a former commercial banker, this practice is punitive for folks who don't have the resources i have. Further, this policy is so unusual that no other bank in 20 i called out of curiosity, do it. At the very least it should not be in the fine print, but acknowledged with great explanation separately when a customer opens an account! However, i did not move my accounts until now. I am self employed, so i don't have direct deposit. I have no debt and don't need a $6000 loan. I don't have and don't need a mortgage. And my overall relationship of deposits won't count for anything with my "wash" accounts i have for a few accounts that don't have $1500 average balance. So, i'm moving my accounts to a small community bank where relationship means something! My advice to others with a tight cash flow, don't wait to move your account. If you do, the overdrafts will tarnish your ability to open an account at another bank. Then you will be stuck at bbt! Customer service used to be a 5, not in recent years however.
Our accountant advised use that BB&T has great customer service and recommended we consider changing from BOA. He has always steered us right, up until now. We opened a new business account in June and have had many customer service issues since that time. Each time I call I'm told I need to go to the branch where we opened the account, why have a call center? Unfortunately, they are no longer open on Saturday's and it's difficult to go to the branch without taking time off work. The latest issue started when I put in the wrong password and got myself locked out, my problem I know.
However, when I called I was told they didn't have a Resolution & Agreement on file even though they did have our signature cards. It was explained without that, they couldn't unlock my account and again, I needed to go to the branch. I explained today is Veterans Day, teh branch is closed. I have a copy of this form, could I fax it in order to get access to this account, was again told I needed to go to the branch.
I've had this account since June and they just now discovered they were missing something the branch was supposed to send when the account was opened. The responses from the call taker and her supervisor were unresponsive, clearly they have a paper they read off of, "go to the branch." I've told my husband the TD Bank commercials were referring to BB&T, complete lack of customer service.
I will be changing back to BOA, they may be large, however they have always responded immediately to my concerns without having to take time off to go to the branch.