- Report: #786711
Report - Rebuttal - Arbitrate
Complaint Review: First Citizens Bank
First Citizens Bank539 N. Main Street Hendersonville, North Carolina United States of America
First Citizens Bank Rip Off and Misrepresentation Hendersonville, North Carolina
The inspections that were performed by the bank if they were even done, paid for work which was not complete and several draws from the loan were issued without our authorization. When we found significant problems with the work we tried to take over control of the money and the bank continued to pay the unlicensed builder. When we found out the builder was unlicensed and alerted the the bank and denied the authorization of the most recent unauthorized draw, they froze the account but had already paid out 74% of the proceeds when about 50% of the house was complete.
The bank threatened that they would issue no additional funds unless we authorize the last draw even though the work had not been done. The bank states they were under no obligation to investigate anything, builder or their license.and do not have to provide us with any information as to how they spent the money. There are tiny fine print clauses in the contract that state that all such information is for the banks use and they have no obligation to provide it to the borrower. Their slogan of "Helping their customers achieve a lifetime of success" is just words on paper. We have lost all our savings, had to close retirement accounts and have had to try to get the house liveable on our own. First Citizens continues to bill us with inflated payment demands at the capped interest rate which is well above what rates are today for the entire amount including money we never took from the loan. Unbelievable but true. Be aware that if you enter into such an agreement First Citizens is not there to help you despite what they may say, they are only there to collect the money. We have had to hire an attorney to try to recoup what we worked 40 years to save. If you are looking for a loan, our advise is to go elsewhere.
This report was posted on Ripoff Report on 10/09/2011 01:39 PM and is a permanent record located here: http://www.ripoffreport.com/r/First-Citizens-Bank/Hendersonville-North-Carolina-28793/First-Citizens-Bank-Rip-Off-and-Misrepresentation-Hendersonville-North-Carolina-786711. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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