ComplaintsforAmur Equipment Finance, Inc.

• Initial Complaint

  08/15/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  In the contract with Amur Financing, it did not state we were financed for $80,000 instead of the $56,000 as stated on the contract. Nor did the contract disclose we cannot payoff the balance without all the fees already added to the original balance. No matter how early we make payments we have to pay over $80,000 which is a 40% interest rate. This seems like predatory lending. They refuse to send me any reports showing what the finance charges are and how much is going to the equipment loan.

  

  Business response

  09/13/2024

  Respond to Complaint
  RE:      Complaint Case #: ******** Complainant: ***** *******
              Finance Agreement Holder: Hitched Logistics LLC
  Finance Agreement(s) #: *******    
  
  By way of background, the Claimant entered into an Equipment Finance Agreement with Amur: Agreement ******** on 06/23 (collateral 2020 Hyun, 2019 Carrier). At the signing of each Agreement, the Claimant agreed to finance the collateral under the terms outlined on page one of their contract. We have attached the agreement to ensure clearly defined terms agreed upon with the customer and Amur during the finance stage.
  
  Agreement ******** is a standard industry agreement used industry-wide. Amur follows all industry requirements.
  
  Defined: EFAs differ from loans because the finance charges are calculated into fixed contractual payments over the chosen term. You are responsible for the gross contract amount, the sum of the contractual payments. With an EFA, your entire equipment purchase amount can typically be borrowed with no down payment. Also, you own the equipment outright, and the debt appears on your balance sheet.
  For example, in a 60-month term, the customer is responsible for all 60 payments. However, the customer can pay those 60 payments off at any time without a penalty. Unlike a principal and interest loan, early payments on an EFA do not reduce the amount of finance charges owed. The contract term can be shortened if you are more conscious of the total amount of finance charges.  I am sharing this information because Mr. Carlton mentioned he felt he was lied to about how Equipment Finance works.  The fees and payment amounts are clearly defined before the signature of the contract.     
  
  The front of the contract clearly shows that these contracts are full-term and are non-cancellable.  List the # of payments (54), payment amount (1,608.54), and the equipment cost (56,422.20) on the front of the contract.  So, it does surprise me that the customer is surprised at the obligation upon signature.   I reviewed the customer profile, and no records indicate any issues or concerns regarding the finance charges at the time of signing the contract. In general, rates can be subject to the applicant's credit score and risk; the higher the risk for the company to provide the financing will result in a higher rate of financing.  
  The customer has communicated with the Customer Care department several times to explain the terms of the contract:  August 2023, March 2024, and June 2024.
  In addition, Amur prides itself on clearly outlining the customer's obligations with explicit language in our contracts and verbally with the customer before funding.  If the customer had any questions, they certainly could have asked before funding the vendor when we asked if they had read and understood their contract.  Sections 2,3 and 6 outline the customer's payment obligation upon signing, and 6 (a) indicates that all payments must be made listed herein.
  The customer can contact me directly if any further information needs to be provided. If I can be of any additional service, please let me know. My contact information is ****** **** ** *************
  
  

  
  

• Initial Complaint

  05/29/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  not able to return fees for proof of insurance( they charge insurance fee, even I showed I was insured) they denied to do refund and or credit my account

  

  Business response

  06/10/2024

  RE:      Complaint Case #* ******** Complainant: **** *******
              Finance Agreement Holder: ******** **** *********, Inc.
  Finance Agreement(s) #* *******      
  
  By way of background, Claimant entered into an Equipment Finance Agreements with Amur: Agreement #******* on 11/22 (collateral 2013 Freightliner Cascadia 125) At the signing of each Agreement, Claimant agreed finance the 2013 Freightliner Cascadia 125 at the terms outlined on page one of their contract. We have attached the agreement to ensure clearly defined terms as agreed upon with the customer and Amur during the finance stage.
  
  Regarding Agreements #*******, this is a standard industry agreement and is used industry wide.  Amur follows all industry requirements set up.
  
  The customer agreed to provide proof of insurance at the time of request in Section 9 of the attached contract.  Failure to do so timely would result in the customer receiving Lender Placed Insurance and they would be responsible for any premiums charged on their contract.  The initial notification was received on 3.21.24 that the policy currently on the contract has or will expire.  The policy expired on 03.10.24.  A Final notification was sent on 4.4.24.  On 4.5.24 the customer received a call from Amur advising of the default for insurance coverage on the contract and no one connected from the call. Then on 04.10.24 the customer was provided notification that the premium were going to be added to their contract on the next invoicing cycle which would be due on 05.15.24.  The customer reached out to our office on 05.10.24 to discuss the insurance premium and we transferred the customer to our Insurance Services area who advised the customer what they needed to provide to have the fee removed.  Still did not have any response from the customer providing the updated insurance certificate so the funds was debited from the customers contract. The customer then provided proof of insurance on 05.21.24.  But since we provide coverage from the time of lapse in insurance until the certificate was provided the customer was not credited back the 1 premium payment made.  Any premiums paid due to a policy being implemented at the default of expiration of their current policy, the customer will remain responsible for paying.  We will waive any further premiums going forward.  We need to ensure the collateral that is financed has adequate coverage.  The customer was advised that this premium would not be waived but any future premiums would be removed.   

  Premium will not be waived since we provide the customer amble time to provide updated certificates of insurance but the notifications went ignored.  We have attached the letters that were sent to the customer at their email address on file americawestlog@aol.com.  This is a confirmed email address as deliverable.

  This customer also has an Return Payment fee of $25.00 they wanted to dispute and have us waive, however, again because we had to pay the bank due to their payment returning insufficient funds, we would not be able to waive that fee.

  If I can be of any additional service, please let me know. My contact information is ****** **** at ###-###-####.
  

  

  Business response

  06/18/2024

  Correct email should be ***************aol.com, there was a typo in the last message.

  
  ******

   

  Customer response

  06/24/2024

   
  Complaint: ********
  
  I am rejecting this response because: FOLLOWING BUSSINESS RESPONSE. THEY WILL ASSUME MESSAGE WAS DELIVERED JUST TO INPUT E MAIL. BUSSINESS IS NOT CONDUCTING ITSELF IIN A PROFESIONAL MANER, LEGALLY THEY SHOULD MAIL A HARD COPY  OF LETTER AND HAVE CUSTOMER  SIGN AWARE OF SUCH DOCUMENT. JUST AS OTHER LEGAL ENTITIES CONDUCTING BUSSINESS. AM SURE  IF BBB CAN CHECK REVIEWS ON THIS COMPANY WILL UNDERSTAND THE VORACITY AND PREDATOR WAY OF DOING BUSSINESS.
  Sincerely,
  
  **** *******

• Initial Complaint

  04/08/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Absolutely terrible finance company. I will never obtain any contract through Amur again. This is the only contract I've ever had where it's mandatory that you show them an updated certificate of insurance every single year. If you do not get them a certificate of insurance in the allotted time they give you they will automatically debit your bank account for THEIR OWN insurance premium. Seems like some scam for them to make more money off of you. I submitted my insurance card to them which they did not accept, so then I sourced a certificate of insurance showing them that my policy never lapsed or changed. They apparently did not have the capabilities to call or text me about this "updated" certificate of insurance, so they emailed it to the wrong email even though I had updated it with them in the past. So now I get stuck paying for my own insurance policy (Which has never changed in the past 12 years) as well as THEIR insurance premium. I spoke with them about this and they refused to reimburse me the insurance premium they took from my bank account without my permission, even though I showed them my own policy had no changes over the entire loan term of this contract. They don't care and they're not here to help you by any means. They're here to squeeze as much money out of you as possible. I did not apply for a loan through Amur, I went through a different finance company who farmed the loan out to Amur which is regretfully how I ended up with them. So there were a lot of moving documents and different people in the process, but I do not recommend this company to any hard working applicant. If I could go back and deny funding from them I absolutely would. This is a joke of a finance company.

  

  Business response

  04/22/2024

  RE:  Complaint Case #: ********    ************ ****** ********

  Finance Agreement Holder:  ******** **** ******** ***

  Finance Agreement (s) #: **************

  Hello,

  Attached to this notification is the customer's contract.  As agreed, when the customer signed their contract, section 9, insurance would be provided throughout the duration of the contract upon request.  Also stated within the contract that if this isn't provided then a policy would be secured on the customers behalf and the insurance premium would be their responsibility.  Therefore, the customer did agree to make these payments.

  Once a customer provides proof of insurance the premiums are removed from the customers contract, but any invoiced premiums will not be refunded since these are considered paid and due to the insurance company to ensure that the equipment is covered.  Attached is the insurance certificate that expired on 11.2023 and multiple communications sent to the customer to advise them of the insurance deficiency and that the premiums will be placed if adequate insurance wasn't provided.  The requirements on the letters are the same requirements of the policy that was provided at the time of funding. The customer was provided adequate time to provide this proof of insurance and since the deficiency was not cured the policy was placed on 02.01.24. Insurance premiums were removed from the customer's account on 03.12.2024 since this is when the outside policy was provided.  Therefore, the only payment the customer was being charged for was the 02.01.24 premium.  This was pulled from the customers bank account; however, the customer notified his bank that this premium payment was not authorized and is currently showing as outstanding on his contract in the amount of $77.05.  And because the payment was returned, the customer also incurred a $25.00 return payment fee which is disclosed on our website listing all of the fees a customer can incur on their contracts. This brings a total amount of $128.05 past due.

  Amur will never apply a fee that hasn't been fully communicated to the customer.  We are not here to nickel and dime the customer as indicated.  We will assess a fee to cover an outstanding deficiency but will ensure that the fee charged are adequate and fair to the customer.  

  Customer can reach out to me directly at ************ to discuss anything further.

   

  ****** ****

• Initial Complaint

  01/29/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I have a loan agreement with Amur and on December 12 2023 I requested a deferment . I was granted my request and later docu sign documents were emailed to me and before signing the contract I wanted to get clarification on some details of my current loan as it stands so I reached out to Amur to find out my current balance. The loan balance I was given is more than what my calculations are to date so again I reached out to Amur to find out why I had such a HIGH remaining balance after paying into my loan for 18 months. I have emailed the broker that brokered this predatory deal (of course he has already received his cut and doesn't care), customer service, CFPB, the CEO, Client Relations for escalations and also the NE AG, and still no response nor resolution. At this point, I am feeling as though I have been taken advantage of with deceptive practices of insane "unknown fees" and I am stuck with a predatory loan where NO ONE has been able to explain to me ALL charges in full details, including the interest rate, hidden finance charges that can't be explained down to the dollar and cent, a full breakdown of all payments made, late fees, non-sufficient fees, etc. WHAT DO I DO??? DO I HIRE AN ATTORNEY TO RESOLVE THIS ISSUE??? I am simply asking for all financials, including hidden charges to be ACCURATELY DISCLOSED to me prior to me signing anything else.

  

  Business response

  02/22/2024

  From:
  ****** ****
  To:
  BBB Serving Nebraska, South Dakota, The Kansas Plains & SW Iowa
  Subject:
  Respond to Complaint
  RE:      Complaint Case #: ********; Complainant: ***** ********
              Finance Agreement Holder: **** ********* ***
  Finance Agreement(s) #: *******       
  
  Please allow this letter to serve as confirmation of receipt by Amur Equipment Finance, Inc. of your dated correspondence of January 28, 2024, related to the above complaint case filed by ***** ******** on behalf of **** ********* *** (“Claimant”) concerning the Claimants Equipment Finance Agreement *******.
  
  By way of background, Claimant entered into an Equipment Finance Agreements with Amur: Agreement #******* on 5/22 (collateral 2016 Freightliner Cascadia 125) At the signing of each Agreement, Claimant agreed finance the 2016 Freightliner at the terms outlined on page one of their contract. The claimant also agreed at this time the amount of the financing as outlined on page one of the agreement.  We have attached the agreement to ensure clearly defined terms as agreed upon with the customer and Amur during the finance stage.
  
  
  Regarding Agreements #*******, Claimant has inquired about the breakout of what makes their contract as if this would have been a Simple Interest-bearing contract.  The agreement the customer has entered is an Equipment Finance Agreement which is based on a long-term contract and does not break out by principal and finance. This is a standard industry agreement and is used industry wide.  Amur follows all industry requirements set up.
  Defined: EFAs differ from loans in that the finance charges are calculated into a stream of fixed contractual payments over the course of the chosen term. You are responsible for the gross contract amount, which is the sum of the contractual payments. With an EFA, your entire equipment purchase amount can typically be borrowed with no down payment. Also, you own the equipment outright and the debt appears on your balance sheet.
  For example, in a 60-month term, the customer is responsible for all 60 payments. However, the customer can pay those 60 payments off at any time without a penalty. Unlike a principal and interest loan, early payments on an EFA do not reduce the amount of finance charges owed. If you are more conscious of the total amount of finance charges the contract term can be shortened
  I am sharing this information because the information Mr. ******** has requested is not spread out in the amortization schedule he has requested.  An amortization schedule will not calculate correctly since this is a fixed payment amount. It is based on a flexible simple interest calculation that shows the payment amounts applied to the payment structure adjusting the interest. The more payments you make, reduces the amount of interest paid and more of the payment applied to the principal.  I have provided a payment history form that will show that with each payment applied reduces the full balance owed.   
  The loan breaks out as follows:  Total amount financed is $89,900.00, this is the equipment cost on the invoice that was purchased.  The payment stream provides a total of $133,311.28.  This is the amount that will be paid in full once the contract has been completed.  The finance charges are calculated on the total costs-equipment cost/by term which breaks out to be $1,498.33 Collateral costs and the finance charges are $398.59.  What makes up the finance charges includes the rate of interest to the customer and any commissions and/or fees charged on the contract.  Commercial lending is not required in the states to disclose the breakdown of any fees that are associated with the cost of lending.  The only state that requires us to provide a rate disclosure document to the customer is California. What is required is the amount that is financed and the payment stream.  This allows the customer to clearly see what makes up the financing of the contract. It is the responsibility of the customer to understand the terms of the contract that is offered and to read this contract thoroughly as it is a legal and binding agreement before signing. 
  The customer has also incurred two lates fees on his October and November 2023 payments in the amount of $189.69 each and a Return payment fee in the amount of $25.00 for their October payment.  These fees have been gone over with the customer in detail with his payment specialist.  In addition, the breakdown of his financing has been gone over with on multiple occasions with his payment specialist and TFG.  I have also attempted to contact the customer to discuss and have not received a return call.  Our Collections department have made several attempts recently to contact the customer regarding the restructure agreement. 
  I have spoken with **** from TFG who initiated this contract, and we will break down this contract a bit further for the customer, so they are able to understand the other costs that make up the finance charges.  They purchased the collateral from ******* ******** who had fees assessed at $3,695.00.  He used TFG to assist with obtaining financing who had fees assessed at $5,173.00.  Amur’s administration fees are $3,522.85.  Totaling $12,390.85 in fees.  With 60 payments and the finance charges from each of those payments = 398.59 totaling $23,915.40 – fees $12,390.85 = $11,524.55 in interest paid over the 60 months of their contract.
  It is the responsibility of each customer to maintain their account system.  The customer can feel free to use the payment history report to assist them with their accounting going further by subtracting each payment out of the remaining balance.  Since the customer has been provided a restructuring of their account for 4 months, their payment has gone up to $1,980.16.  It is important that when the customers’ payments resume, they are aware of this increase and the documents they signed at the time of the restructuring.
  
  If I can be of any additional service, please let me know. My contact information is ****************.
  ****** ****

• Initial Complaint

  02/06/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I purchased my trailer for a semi in 2017, I am at the end of my 60 month contract with them, when I realized that they were not reporting my payments to the bureaus. I was under the impression that a financial entity was supposed to do that. I called Amur and they said they only report if there is something negative. My concern is that after an impeccable payment history it would be a positive on my credit report, in the event I wanted to purchase a new one there is nothing showing. They explained that I can obtain a letter from them however, I dont think will work

  

  Business response

  02/07/2023

  Good Afternoon, We are a Commercial Lending facility and do report our Commercial Customers whether their payment history is good/bad to ****** which is a Commercial Credit Reporting Agency. Since your contract is in a "sole proprietary" name your credit history doesn't qualify to be report to a commercial lending facility. In order for us to do so, you would need to have your contract in the name of your business in which you are operating under.
  
  When we do have customers using their personal name to run their business through, we only report any negative impacts their payment history to a credit bureau. We could certainly look at placing your contract under your business name if you are looking to have your payment history reported to a bureau.
  
  Please feel free to reach out to me anytime. ****************.

• Initial Complaint

  12/22/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  My loan was caught in cross fire transitioning from Amur which was sent for forgiveness 12/6/21 then I had got a email to go through forgiveness through ************** again 12/16/21 after 72 emails the forgives portal opened and I was able to again finally submit forgiveness 8/11/22 of this year (almost an entire year waiting) and emails to prove. I had one amazing representative that helped me from June up until forgiveness until August as per my account. Loan- ********** this process with this transition has been a living nightmare. Amur never responded back after reaching out via email.

  

  Business response

  01/20/2023

  Business Response /* (1000, 5, 2023/01/06) */ Good morning, We have reviewed the customers complaint regarding forgiveness of her PPP loan. Amur did fund her PPP loan but then was sold to ************** as it was outlined in her details above. Once a contract has been sold to another finance facility, Amur is no longer able to assist with the forgiveness portion. Notification of the sale was provided to the customer along with the information on how to contact ************** regarding their PPP Loan. ************** would be the only ones to assist, as all of the details of the loan were transferred and not visible to Amur. During the sale process all transactional matters were on hold, portals were closed and it did take a couple of weeks after the sale of this transaction to go through the SBA process which is why the customer wasn't able to apply for forgiveness until the portal was reopened. The forgiveness portal should have been available to the customer shortly after the new year. Without visibility into the history of the this transaction, unfortunately I am not able to provide any insight as to what went wrong or why the forgiveness took so long. All we are able to do is empathize and say how sorry we are for the customers experience. The forgiveness should not have taken that long, nor should 72 emails be gone unaddressed or answered.

• Initial Complaint

  09/21/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  On June 18th I used Amur to purchase a Box Truck for work and was told that they would cover and include the cost of the tax, Tittle and licensing fees and should also receive my license plates within 30 days. 60 days past and no plates received and I contacted Amur and was told there was and issue with the Tittle in which the vendor had to correct so nothing would be drafted out of my account but that was false. I contacted them letting them know that I had no plates, I have to pay weekly permit fees in order to drive the truck for work which means that I don't own it and they shouldn't be taking payments out for something I do not yet own. No response. The here at 90 days, still no plates, still paying weekly for permits and money still being drafted out of my account for truck payments and I receive a call from the GOV Tax office letting me know that the tags are ready but I have to pay $**** for the change. WOW! So I sent an email to Amur asking for clarification on this issue and again no response. I've been losing money daily since I cannot perform my work to it's full potential since I have no plates, I have been out of unnecessary funds since having to pay for a permit and now I'm being forced to spend thousands or risk losing my business.

  

  Business response

  10/19/2022

  Business Response /* (1000, 5, 2022/09/23) */ Good Morning, We certainly understand the customers concerns regarding their delays in the titling of the equipment they financed with Amur. The statement in the customers complaint saying that they used Amur to purchase the box truck is inaccurate, he used *********************** to purchase the truck. Amur is only the finance company that paid *********************** for the purchase the customer made. In the complaint, the customer describes delays in getting their plates, these were created by the vendor at which they purchased their equipment from. The vendor is in ** and the customer is in **, it is required for in state transactions that the vendor is the responsible party to complete title work. With the vendor being responsible to complete the title work on behalf of the customer, they are responsible for ensuring timely and accurate delivery of the title packet to the DMV of the customers jurisdiction. Any fees the customers has had to pay for permits due to these delays, he will need to discuss with the vendor as these again are not the result of Amur. Since the funds were provided to the vendor at the time of purchase, the customer is responsible to make the monthly periodic payments as outlined in their contract. We have on two occasions allowed deferment of payments as a courtesy to the customer moving their payments out even though the title issues are not the result of Amur. Our title department is not responsible for the follow up of the registration process, we are concerned that our lien hasn't been placed, but it is the responsibility of the customer to contact who was responsible for getting the title work out. This is their vendor. In addition, now the title work was delivered to the DMV, the customer doesn't have funds to pay sales tax, this is the $******** fee the customer mentions. This is a delay that the customer has created as they should be well aware that sales tax needs to be paid at the time of purchase for any vehicle. Since the vendor was handling the title work, and if the customer wanted to include sales tax in his financing this should have been added to the vendors invoice as they would be the ones responsible for sending along with the title packet. We again have made an exception to assist the customer to add the sales tax to their financing which would incur a documentation fee and customer would be responsible for making this payment with their next periodic payment. We have waived the fee as a courtesy to assist the customer. The customer needs to know that his monthly payment will increase since the amount of financing was increased with the addition of the $*****. We have been cooperative with the customer with constant communication to help the customer resolve their matter with the title work. This complaint should not be against Amur but with the vendor they purchased the equipment.

• Initial Complaint

  07/29/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Date of transaction: March 9th, 2022 Amount paid to company: ********* Violation: Company failed to issue title for legally inoperable equipment, but still requires payment and obligation of completing contract.

  

  Business response

  09/09/2022

  Business Response /* (1000, 12, 2022/08/26) */ Good Afternoon, In review of the above complaint, Amur has found the following: The title delay the customer has experienced have been due to the DMV stating that the title received in the title packet submitted to them was a copy. The title submitted by the vendor to Amur, and Amur to the DMV was the original title provided by the seller of the equipment. This is know due to the fact that neither Amur nor the vendor would ever provide a copy of a title for registration as we know that this is not possible, an original is required. In addition, all staff working on this title packet have over 20 years experience in working with title and registration and also know that a copy of a title is insufficient and would have resolved the matter prior to sending the title work to the DMV. Since the DMV refused to provide the title packet back to validate that a title copy was issued in the process, Amur had no choice but to request a duplicate title. Once a duplicate title has been received, the previous title number becomes invalid and no longer able to use. The vendor did ask the seller of the equipment to request a duplicate title in which they did, however, the duplicate title never made its way to the seller and was considered lost. In order to request a second duplicate title a 30 day time period must lapse from the date of issue to ensure that there wasn't just a delay in delivery. It has been discovered that the reason for the title not getting to the seller was that the DMV left off the suite # on the envelope even though the suite # was on the title. We have confirmed with the DMV that the duplicate title requested will be issued in the next three business days to the seller and have confirmed that the suite # will be included in the mailing address. The seller is aware of this and are on the look out for the receipt of the title. They will then need to assign the title over to the buyer and submit to Amur for processing. The seller is aware of the urgency required in this transaction due to the delays this has caused for the buyer and intends to get this completed as soon as received. Overnight label has been provided to expedite the process. While we have been working through the process of getting this issue resolved, Amur has agreed with the customer that we will defer payments until the matter has been corrected. We understand the strain this has placed on the customer, however, the delays in the title process were not directly responsible to any fault by Amur. Our obligation was to get the funding for the equipment financed on behalf of the customer and submit the title work to the DMV so the customer was able to get the equipment registered. This was completed in a timely manner. We also understand that these delays in titling are also not in anyway the fault of the customer which we intend to work with the customer to resolve. As we are not able to refund the customer for payments received as these are to pay for the funds financed on their behalf, we certainly will work with the customer to correct any negative credit impact this has created for any late payment reporting from Amur. If the customer also needs an additional deferral for their next periodic payment, they will just need to contact our titling department to request a courtesy deferral on their behalf due to the delay in titling. This will be approved by Amur as we do know this is not in anyway a fault of the customer. We certainly want to make matters right for the customer and if they have any further questions, concerns or issues, they are free to contact me directly at ************.

• Initial Complaint

  11/23/2021

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I funded a loan in June of this year with AMUR and they funded the loan to an incorrect account. My funds where sent to someone else and AMUR has refused to help. I have contacted them for several months as well as the person who assisted me and they will not call back. AMUR keeps saying they are escalating the issue however nothing seems to get done. This error in funding has been a nightmare and AMUR leaves me with little option at this point but to seek legal action. I would be concerned in dealing with this company.

  

  Business response

  01/27/2022

  Business Response /* (1000, 11, 2022/01/10) */ We have reviewed Ronald ******** complaint regarding his PPP loan distribution. This was an unusual case. Ronald had an accountant complete this PPP Loan application. Upon doing so the accountant had provided a bank account number for another client instead of Ronald's. The loan documents were presented to Ronald with the incorrect bank account provided, Ronald signed the loan note with this bank account listed. After realizing this was the incorrect bank information, Ronald contacted us letting us know that we had the incorrect bank listed on the loan note and he did not get the funds. It was company policy to not allow a customer to change their bank account once the contract had been funded due to fraudulent activity in the program. We would also require that the funds allocated would be returned before we would resubmit the funds. Our error on this transaction was not digging into this situation deeper to realize this was indeed an error and letting this set with time slipping by us repeating our policy. If we would have, we may have been able to recover the funds from the incorrect bank account in a timely manner. By the time it was confirmed that this was indeed an error, the funds had already been utilized by the customer who should not have received the funds. The complaint brought this to my attention and within 7 days we were able to resolve the error and fund Mr. *******.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩