Note: This is not a ripoff report in the sense that money was taken from me . This is simply a case of a company that will not stand by the word of its own employees and will treat you poorly when they make a mistake.
My wife and I own two cars and we submitted hail damage claims on both cars. We accepted, from the insurance company two checks made out each of our individual lien holders.
At Anheuser-Bush Credit Union, my lien holder, we were accurately informed of all policies on taking insurance checks. The check was accepted and all was well, as it usually is with the people at ABCU!
At First Community Credit Union, the lien holder for our other car, we were told by the teller at the branch the insurance check would be applied our May payment and the remaining balance would be put towards principal. Two days later we received word in a voicemail that what we were told was not the case. Instead, the entire balance could only be applied to principal, we would still need to pay our May payment. Now, as people who live paycheck to paycheck we had already budgeted for what we were told by the teller. Being told the wrong information, although it did not cost us any money, DID cause my family inconvenience. I contacted the main branch finance manager in an effort to get a clear explanation of the policy. I also wanted to know why they were unwilling to stand by their word.
I was given a logical explanation about the policy that made sense. However, the manner in which
this the explanation was delivered was the worst I have ever been treated by any business. Instead of being treated like a valued customer I was treated like some kind of professional scam artist who was working the insurance system for illegal profit. Keep in mind that it was never my idea to apply the insurance check to my monthly payment in the first place! The only reason I even a notion of applying the check to my next payment was because First Community told me that the check would be applied to my next payment. I openly admit I know much less about the finical system than a managing loan officer. That doesnt give the manager to treat me like an infantile dult. The most insulting moment came when she said, I fail to see how this puts you out in anyway. Well, we are a family of four that survives on the income of one full time teacher. We budget on a day to day and week to week basis. When we are told a bill is paid we change our budget accordingly.
I was not ripped-off in the traditional since. I do not claim that First Community Credit Unions policy towards insurance checks is in a ripoff. I openly admit that I am not an expert on handling issues of insurance. This makes it all the more important that accurate information is given to the customer. If you expect to deal with a company that provides you with accurate information and stands by what they tell you, First Community Credit Union simply will not do so. When you call a manager for an explanation of the misinformation given to you the manager will treat you like a complete imbecile.
PLEASE NOTE: Lower level customer service people were very kind and helpful.