Dear Sir: I\'ve been a Citizens Bank customer since the 1990\'s. Recently, I refinanced my Citizens – Saun Bruce W Van email address

Robert Briselli sent a message to Saun Bruce W Van - Chief Executive Officer, Citizens Bank RBS Citizens - Email Address that said:

Dear Sir:

Ive been a Citizens Bank customer since the 1990s. Recently, I refinanced my Citizens HELOC to a 10/1 ARM with Citizens (primary residence). The closing was conducted on Monday, Apr 24 which allowed the bank to get the new mortgage on their books in the April month. I agreed to this with my Citizens mortgage specialist, even though it created a hardship for my wife and I; we would have preferred waiting another few days or a week to close. I brought a cashiers check made out to the title company for $57,400, which more than covered our required settlement monies.
Last week, we found out that the new mortgage, though effective April 28, wasnt applied until May 2. This meant that our $260k HELOC was still active for another 4 days (2 business days), and thus our family was paying over $100 in interest on it. Essentially, we were paying double interest (both loans) to Citizens.
Upon working with Alex at my local branch in Concordville, PA, it appears that this is considered okay and is a part of Citizens policy. I find it outrageous that our family must pay double interest to your bank rather than your bank paying off (or retroactively assuming the payoff of) the Citizens HELOC on the effective date!
As a reference, that same closing including a payoff of another mortgage loan (vacation home) to Bath Savings in Maine. Their bank had absolutely no problem paying off that mortgage on April 28, and crediting my checking account with $50 in overpayment, same day. Why was it not such a straightforward settlement for Citizens Bank? I should not have a pay $100+ for additional clerical time of your processors. Please keep in mind that, in addition we had to pay $103 in fees just for the payoff of the HELOC, which seems quite high itself (it was only $22 for the Bath Savings payoff).
I feel strongly that this policy is inappropriate and essentially rips off your refinancing customers, perhaps without many of them even aware that its occurring to them. I look forward to hearing back from you on your thoughts and actions.

Sincerely,
Robert Briselli
Glen Mills, PA

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