Mortgage -- Trouble during payment process -- Complaint #4731266

Complaint Overview

Complaint ID: 4731266

Company: Zions Bancorporation

Product: Mortgage

Sub-Product: Home equity loan or line of credit (HELOC)

Issue: Trouble during payment process

State: Nevada

ZIP Code: 89139

Date Received: 2021-09-17T12:00:00-05:00

Date Sent to Company: 2021-09-17T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Tags: Servicemember

Consumer Narrative

This is a copy of a letter I sent to Nevada State Bank on XX/XX/2021 regarding a complaint on my Home Equity Line of Credit account # Last month I had to call several times because the an error in fee. There was a small draw fee of {$30.00} that was added in my account that was not part of the contract. This was later removed after contacting my loan officer, XXXX XXXX. I also questioned the balance that was transferred into my new promotion of 0.90 % for 12 months which was around {$90.00} more than I expected but was reassured this was correct. Here is an excerpt of my communication with the loan officer : Yes that is correct but if you look at the XXXX statement, the 3.25 % was used to calculate the interest rather than the 1.99 % interest rate. The XXXX statement is correct because it used the correct interest rate but in XXXX statement a wrong interest rate was used. I think the extra {$90.00} or so came from the incorrect 3.25 % rate which my heloc never had as my account went from the 1.99 % promotion to the 0.90 % promotion. Please have some review this as I still believe that my calculation is correct. I called today XX/XX/2021 seeking clarification on the interest charge for the XX/XX/2021 statement which is incorrect. I am not sure where the {$100.00} interest for the average daily balance of {$88000.00} at a 0.90 % APR on a 30 days cycle came from since my calculation the interest should only be {$65.00}. Even the statement which listed a XXXX daily rate comes to only $ XXXX for my balance. The representative I spoke to does not know the reason and informed me that a ticket will be created for the back office to review. Lastly, I gave up with using billpay to send my monthly payment to this line of credit. I am not sure why the Nevada State Bank system of processing payment is very unreliable. All other billpay payments I have with my bank XXXX XXXX posts in timely manner. My account with XXXX XXXX notifies me of payment sent to Nevada State Bank to ensure receipt by XXXX of each month. However, my payment does not post into my line of credit until 7-12 days after the XXXX day of each month which is very concerning as I could be hit with late payment for payment sent on time but not processed on your end on timely basis as what happened 3-4 months ago which was later corrected after only contacting the bank of this error. This poor process also creates a huge disadvantage to the consumer with line of credit account as interest rate is calculated on daily basis and any additional day of payment not posting is an additional day of interest charged to the account by the bank. This may be illegal and is the reason I am writing this letter to preserve my rights. I hope these concerns and errors are addressed in a timely manner.

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