Mortgage -- Trouble during payment process -- Complaint #7356395
Complaint Overview
Complaint ID: 7356395
Company: Citizens Financial Group, INC.
Product: Mortgage
Sub-Product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process
State: Delaware
ZIP Code: 19701
Date Received: 2023-08-05T12:00:00-05:00
Date Sent to Company: 2023-08-05T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I have a HELOC account with Citizens ' bank. I do make interest payments monthly. I also make payments to the principal. Interest payment is an automated payment that is debited from my checking account with Citizens. Outstanding balance on the loan varies throughout the month. Interest due is calculated based on the daily average. But I am making principal payments multiple times a month. Due to these payments, the interest calculated by the bank is not the actual interest owed by me for the month. Other banks recalculate the actual interest applicable when payment is received and apply the remaining amount to principal payment. This was the procedure followed by XXXX XXXX and XXXX This is not being done and the bank is doing illegal practices by applying the entire amount to interest.
Frequently Asked Questions
What is Complaint #7356395 about?
Complaint #7356395 was filed against Citizens Financial Group, INC. regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2023-08-05T12:00:00-05:00.
How did Citizens Financial Group, INC. 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 Citizens Financial Group, INC.?
Yes, visit the Citizens Financial Group, INC. company profile at readthecomplaint.com/company/citizens-financial-group-inc 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.