Payday loan, title loan, personal loan, or advance loan -- Charged fees or interest you didn't expect -- Complaint #11758062

Complaint Overview

Complaint ID: 11758062

Company: Cadence Bank

Product: Payday loan, title loan, personal loan, or advance loan

Sub-Product: Personal line of credit

Issue: Charged fees or interest you didn't expect

State: Texas

ZIP Code: 750XX

Date Received: 2025-01-25T12:00:00-05:00

Date Sent to Company: 2025-01-25T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

THIS IS NOT A DUPLICATE COMPLAINT : PLEASE READ CAREFULLY The First Complaint, XXXX, was submitted XX/XX/2025 and is related to opening of a bank account without my ( customer ) knowledge or approval. THIS COMPLAINT is related : to interest being charged on closing costs, closing costs being drawn from LOC without my consent or knowledge, deliberate and intentional deceit from Cadence staff claiming they are not aware of what is happening. I am filing a formal complaint against Cadence Bank for improper handling of a secured line of credit ( LOC ), unauthorized interest charges, and systemic failures to comply with federal consumer protection laws. Below is a detailed chronology and legal basis for my complaint : Chronological Summary Application Submission ( Date Unspecified ) : I applied for a secured line of credit ( LOC ) with Cadence Bank, using my rental property as collateral. I submitted all requested documentation promptly. Failure to Notify of Approval or Provide Access ( Post-Submission ) : Cadence Bank never informed me that the LOC was approved, that the account was active, or that I could access funds. No approval letter, credit agreement, or disclosure of terms was ever provided. Discovery of Unauthorized Charges ( Late XX/XX/2025 ) : In late XX/XX/2025 I received my first billing statement, which was retroactively dated XX/XX/2025 ( labeled as the " Date of Notice '' ). The statement : Listed a Principal Balance equal to the full amount of the origination fee. Charged interest on that origination fee balance, despite my never accessing or using the credit line. Provided no prior notice of the accounts approval, activation, or fee structure. Attempt to Cancel and Resolve ( XX/XX/2025 ) : On XX/XX/2025, I spoke with the Vice President of the branch, XXXX XXXX and emailed XXXX XXXX on all correspondence, handling my application. I explicitly requested cancellation of the LOC and reversal of all charges. The VP acknowledged my request but refused to resolve the issue. Ongoing Harassment and Lack of Documentation : Cadence Bank continues to bill me for interest on the origination fee. They refuse to : Stop interest and billing Explain why the billing statement was backdated to XX/XX/2025 despite being received weeks later. Justify charging interest on an origination fee for a credit line I never used or agreed to. Key Legal Violations Cadence Banks actions violate federal law, including : 1. Deceptive Billing and Backdating ( TILA/Regulation Z ) TILA ( XXXX U.S.C. XXXX ) and Regulation Z ( XXXX CFR XXXX ) require clear, timely disclosures of all credit terms, including fees and interest, before an account is opened. Charging interest on an origination fee without prior disclosureand backdating the billing statementconstitutes deceptive practices under TILA. 2. Failure to Provide Notice of Approval ( ECOA ) The Equal Credit Opportunity Act ( ECOA ; XXXX U.S.C. XXXX ) mandates that lenders notify applicants of credit decisions. Cadence Banks silence denied me the opportunity to accept or reject the terms. 3. Fraudulent and Unfair Practices ( UDAAP ) Under the Dodd-Frank Acts UDAAP provisions, retroactively imposing fees and obscuring the approval timeline qualifies as abusive and unfair. 4. Breach of Good Faith and Fair Dealing Charging fees for a product the customer was unaware had been approved breaches the implied covenant of good faith and fair dealing in contractual relationships. Unauthorized Draw on the LOC : Without my knowledge or consent, Cadence Bank withdrew funds from the LOC to cover closing fees associated with the credit line. This occurred despite : No prior disclosure that closing fees would be funded via the LOC. No authorization from me to access the LOC for this purpose. Unauthorized Draw on the LOC Truth in Lending Act ( TILA ; XXXX U.S.C. XXXX ) : Failing to disclose that closing fees would be funded via the LOC violates Regulation Z ( XXXX CFR XXXX ), which requires clear terms for credit use. Electronic Fund Transfer Act ( EFTA ; XXXX U.S.C. XXXX ) : If the draw was electronic, withdrawing funds without authorization violates EFTAs prohibition on unauthorized transfers. Fraud and Conversion : Using the LOC without consent constitutes unlawful conversion of funds and wire potential fraud. Fraudulent Concealment The banks inability to explain the charges suggests intentional obfuscation or willful ignorance, violating state fraud statutes ( e.g., common law fraud, consumer protection laws ). Breach of Fiduciary Duty Cadence Banks failure to train employees or monitor transactions breaches its duty to act in good faith, exposing customers to financial harm. I am expecting IMMEDIATE relief and a response from Cadence bank before I escalate this complaint to the DOJ, OCC, FTC, FDIC, State AG

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