Mortgage -- Trouble during payment process -- Complaint #4778956
Complaint Overview
Complaint ID: 4778956
Company: Zions Bancorporation
Product: Mortgage
Sub-Product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process
State: Colorado
ZIP Code: 80214
Date Received: 2021-10-04T12:00:00-05:00
Date Sent to Company: 2021-10-05T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
XX/XX/XXXX. I had a balance of approximately $ XXXX. XXXX was at a promotional 0.9 % and XXXX was at 3.5 %. Payments are applied to the 0.9 % balance first before being applied to the 3.5 %. I planned to pay the loan off in full, and re draw my balance, after reaching {$0.00} so that all my new balances were at the 0.9 % balance XX/XX/XXXX I wired XXXX from my personal bank account. The title company I refinanced with was supposed to wire XXXX this day too, but instead overnighter a trust account check. XX/XX/XXXX Vectra received and deposited the XXXX title company check. I tried to get the check stopped and a wire sent. Vectra returned the XXXX wire that was sent XX/XX/XXXX by the title company and deposited the check, despite me asking to do the opposite. XX/XX/XXXX Vectra cleared the XXXX check as they knew it was " good funds. '' XX/XX/XXXX Vectra loan specialists says my account balance is {$0.00} and any money I draw will be 0.9 % and amortized over 10 years. I redraw XXXX and this is amortized properly and payment and interest rate is correct. XX/XX/XXXX I receive a wire from Vectra for {$120000.00}. Confused, I call the loan specialists I was talking to. I said I was going to draw that money again, so as long as it was at the 0.9 % I was ok with the payment/redraw to me. She confirmed the XXXX would be at the 0.9 % interest. My XX/XX/XXXX payment comes and my payment is XXXX what it should be! When asked why, Vectra said I didn't pay down my XXXX of the XXXX loan completely, so it was amortized on the XXXX owed at one point. This is even though the statement they sent me showed me having a negative balance for 3 days. Vectra then changed dates on when money was received. My statement that was mailed to me says one thing, the statement online on XX/XX/XXXX say something different, and the ledger online says something different. None of the current statements reflect my payment made on XX/XX/XXXX. On XX/XX/XXXX I get an email from Vectra rep that states false dates wires were received ( I have confirmations and dates ), and that Vectra was the one that MISTAKINGLY returned the XXXX wire that was not requested by anyone except internal errors/assumptions thinking the loan was overpaid. Vectra also stated that was the last time they would talk to me about the loan. Despite the paper trail saying something 100 % completely different from what they are telling me. They refuse to correct my payment. In the mean time, I had to pay over {$400.00} in late fees waiting their response, and paid about XXXX more in principle than I needed to due to their error. Vectra is just hoping I go away and they don't have to honor their 0.9 % offer on the correct amount I have drawn.
Frequently Asked Questions
What is Complaint #4778956 about?
Complaint #4778956 was filed against Zions Bancorporation regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2021-10-04T12:00:00-05:00.
How did Zions Bancorporation respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Zions Bancorporation?
Yes, visit the Zions Bancorporation company profile at readthecomplaint.com/company/zions-bancorporation to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.