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Report: #1481770

Complaint Review: Town & Country Credit Union - Fargo North Dakota

  • Submitted:
  • Updated:
  • Reported By: Chris — Fargo ND United States
  • Town & Country Credit Union 5181 38th St S Fargo, North Dakota United States

Town & Country Credit Union TCCU Town & Country Credit Union Quoted $800 for flood insurance after closing on home raised to $8,600 Fargo North Dakota

*Consumer Comment: Don't use the lender's forced place flood insurance coverage

*Consumer Comment: Problem #2 Not A Problem

*Consumer Comment: Stupid!

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I’ve had several issues with this credit union. But I must first say Kevin Fitz is an A+++ guy to work with in their Business Banking department. I have no complaints with the Business department only praise. For a few other departments I can’t say the same. Mortgage department Renee Freeman is who helped me with purchasing my home. I needed flood insurance because my home is in the flood zone. She referred me to their in house insurance department. I was given a price of around $800 and wrote a check to them for the year, this had to be done before signing papers on the house I needed a policy in place. I thought it wasn’t too bad of a price because the previous home owners were paying around $600. 2 weeks after closing I get a call from them and an email saying there was a mistake your flood insurance it’s actually going to be $8,600!!! A bit off from $800 they wrote the policy for. Now since I was closed on the home I come to find out after the fact Renee should have had me have the previous owners transfer their policy to me . Well that could no longer be done now because I closed on the home so I’m stuck paying $8,600 for flood insurance or make the lender force coverage which that is what I did and they bill me for it. Do you think I received one apology or anybody stood up to take responsibility, NO! So I get screwed over and everyone else bears no accountability.

Problem number 2. So every bank I’ve ever banked at if you have items posting and debiting your account as long as you make a deposit by a certain cutoff time you don’t incur any overdraft fees. Not TCCU, I emailed them on 3 occasions asking them what their policy is so it doesn’t happen again because I don’t understand and it’s nowhere in their TOS online. My question wasnt answered, they replied with something that was completely off base, and it was ignored. I like email because there is no mistaking hearing something wrong, but I had to call and complain to finally get the answer. So if an ACH comes in at 6AM before the bank opens before you can get a deposit it you are screwed!!! But get this, I have 2 business accounts for 2 companies. If my one company has drawn negative they do a sweep from the other account at the end of the day to cover the drafts but they don’t charge a NSF for all those overdrafts before the sweep is done. I don’t see that any different than making deposit before closing. Bad policy, bad customer service, and AWEFUL insurance and mortgage department!  Made a report on google reviews.   They reply to their positive feedback but do you think they contacted me on my negative review.   No.  They would rather ignore me than face me and own up to something 

This report was posted on Ripoff Report on 07/11/2019 10:45 PM and is a permanent record located here: https://www.ripoffreport.com/report/town-country-credit-union/fargo-north-dakota-tccu-flood-1481770. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
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#3 Consumer Comment

Don't use the lender's forced place flood insurance coverage

AUTHOR: Florida Native - (United States)

POSTED: Monday, August 05, 2019

Please don't use forced placed insurance coverage! It is by far the highest premium you can pay. It is meant to be a "punishment payment" so that you get your own coverage. Forced placed insurance coverage by the lender is the absolute worst coverage for the highest price. It is a huge profit center for the lender. 

You can get your own flood insurance. Check with Floodsmart.gov or FEMA.gov for the best way to purchase flood insurance. Remember the premium is based on the flood zone and the elevation of your home. You can get an elevation certificate from your surveyor if you don't already have one in your possession. The elevation certificate is important to getting an accurate flood insurance quote. Please don't wait until the anniversary of your closing to take care of this. It can be done now and it will potentially save you thousands of dollars. 

As to the rest of your post, I agree with the other two posters so I won't comment further on spending funds you haven't deposited into your account. 

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#2 Consumer Comment

Problem #2 Not A Problem

AUTHOR: Jim - (United States)

POSTED: Monday, July 15, 2019

This is pretty much standard operating procedure at any CU or Bank today; this idea that you believe you can race a deposit to the bank to beat a wire is something that hasn't been true in any bank in more than 10-15 years and perhaps longer - at least since the invention of debit cards.  The ACH wire, in this case, was requested 48 hours prior to the actual amount removed from the account - that pretty standard per the ACH.  The deposit amount would have needed to be in your account 24-48 hours prior to the removal from the account.  And yes, debits will post before credits all of the time.  Again, this is all part of the same movement to make CU's look like and operate much like a bank that's been going on for some time now.

 

Your practice from a banking perspective is to now make absolutely sure you have sufficient funds in your CU account for just this situation.  It also means keeping a written register of your transactions and anticipating your ACH transactions IF you are going to decide to run with a very minimal balance in your account.  If you decide to run with maybe a $1,000 balance, then you don't need to anticipate ACH transactions....as much.

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#1 Consumer Comment

Stupid!

AUTHOR: The Dog - (United States)

POSTED: Monday, July 15, 2019

 You claim to be a business owner yet you don't even have the brains to keep a check register or bank ledger with an on-going running balance and abide by the funds availability policy???

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