ComplaintsforPoppy Bank

• Initial Complaint

  03/08/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  It has been several weeks since my brother *************************, submitted his resignation as trustee of the ******** Family Trust that was set up by our parents in 2017. Since the beginning of February, I have provided Poppy Bank with my brother's notarized resignation letter, a second copy of the trust stating that I am the successor trustee if my brother resigns (which Poppy Bank already had a copy of), and proof that the *** on the Poppy Bank accounts were assigned to the Trust. I have had numerous phone calls to both the Roseville and the Oakmont branches of Poppy Bank, as well as an in-person visit to the Roseville branch; however, my authority over the trust accounts has continued to be denied with no legal or logical explanation. Calls that were supposed to be returned by both branches were never returned. I was also informed that the delay was caused, in part, because Poppy Bank could not locate the original account information due to some sort of software update that occurred a few months ago. Currently, the reason being provided to me is that the documentation is still being reviewed by Poppy Bank's legal department.I have never experienced a more egregious lapse of customer service and fiduciary responsibilities as I have experienced from my dealings with Poppy Bank. My brother, who resides in Cloverdale, resigned as trustee due to being declared legally blind and losing his driver's license at the end of January. Under these circumstances, he cannot simply pop into the Oakmont branch and withdraw money to pay bills. It would require a four-hour round-trip bus ride for him to do so. Additionally, he is understandably not comfortable writing checks from a trust account that he resigned his legal authority over on January 29, 2024. Therefore, these funds continue to sit in limbo, and practically speaking, the trust has no access to its own funds.

  Business response

  03/19/2024

  We are extremely sorry for the delays and inconvenience experienced by the Trust and newly appointed successor trustee. However, the delays were not due to Poppy Banks lack of response by either the branches or its branch operations department, nor was it a delay tactic to prevent the trustee from withdrawing the funds.  The delay was due to documents initially provided by the successor trustee not being notarized as required by the banks internal procedure to ensure the bank protects the clients assets by performing adequate due diligence as well as to comply with CA probate laws. Both parties agree that initial conversations took place in early February. However, while the trustees resignation was signed on January 29, 2024, it was not notarized until February 28, 2024. This was also true of the Affidavit of Change in Trustee, which was signed on February 29,2024 and filed with the county of Sonoma on March 5, 2024.  It was after the documents were notarized and resubmitted on March 8, 2024 (afterhours), that the bank could move forward with accepting the changes requested by the complainant.  On March 13, 2024, the bank closed the account and issued the funds via check as requested. 

• Initial Complaint

  01/01/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I am going to need help getting funds out of this account as I will need the bank to lift the transfer limit for my savings account so I can get the same exact dollar amount out of this account as I got into this savings account so your assistance will be much appreciated...

  Business response

  02/07/2024

  Please see attached business response. 
  

  
  

  Customer response

  02/07/2024

   
  Complaint: 21082507
  
  I am rejecting this response because: I just want to express how much I appreciate Poppy Bank by far this is the best bank I have ever been with as

  I have run into no problems or issues to date so I am most impressed with this bank compared to Banks I have been with in previous years. 
  
  Sincerely, *******************

• Initial Complaint

  09/09/2022

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  Poppy Bank charged us a pre-payment penalty on a loan we attempted to pay off before the prepayment penalty free period lapsed, they charged us for early payment and did not perform to the terms of our agreement in good faith claiming staffing shortages due to covid they could not get all of their paperwork cleared which extended our refinance past the 5 year promissory note date which incurred the pre-payment penalty in addition to our pay-off amount. They did not give us any reprieve of the delay in loan processing for the refinance also due to covid delays but most importantly they sent an erroneous first payoff amount including a 1% penalty even though there was none during the time period as the promissory note states causing more delays in fixing the payoff demand statement. They used the obscured language in the promissory note to deflect responsibility even though the language allowed them the option to waive the fees and did not agree to waive the fee or adjust it down from 5% even after I was told other customers were given a reprieve. They denied us knowing we would not want to keep an adjustable rate loan and even with our 100% on time payment and loan in good standing and good credit score, they would not refinance our loan to a fixed rate. They pigeon holed us with VERY bad loan terms. If we did not pay off the loan we faced a balloon payment in 5 years and an adjustable rate loan for another 5 years. This is a very unsavory predatory lending practice that is well known in the industry and they should be audited. Their business practices are very shady and consumers should know that they perform in bad faith. We are requesting a refund of our erroneous prepayment penalty. We want consumers to note that on the end of year tax documentation they showed our prepayment penalty as "interest paid" to avoid showing on legal documentation that they charged the fee, presumably to avoid audit detection. This is also very shady. Loan Number: 001 ****** 05

  Business response

  09/22/2022

  Please find attached Poppy Banks response to the above-referenced complaint from **********************

  Customer response

  09/22/2022

   
  Complaint: 18005546
  
  I am rejecting this response because:
  
  Sincerely,
  
  *********************

• Initial Complaint

  07/02/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I inquired with my loan officer to refinance my adjustable rate loan with Poppy Bank, I was told they did not have a loan option for me to fix my mortgage rate. I opted to refinance with another lender during the only 6 month penalty free window I had to refinance in the height of the first year of corvid in 2020. The lender drug their feet claiming "staffing shortages due to Covid-19" when processing a final check signature so that I could close out the loan, pushing me just days over the prepayment penalty period. The fee I incurred was over ****** dollars for their negligence. When the new lender requested the payoff they provided an incorrect amount on the first payoff showing a 1% penalty when there was no penalty at that time based on my promissory note documented and filed upon initiation of my loan. When Poppy Bank failed to perform their legal responsibilities both for payoff and for the final transaction which was to sign off on a check for an insurance claim so that I could end the relationship and refinance the loan, they were slow to reply dragging the loan processing over the 6 month penalty free window and then sent a revised payoff with the 5% penalty. The prepayment fee window was a sliding scale, 5, 4, 3, 2, 1 then the last 6 months there was no penalty to refinance and this was a 2 cycle process for the first two 5 year terms. I followed all the protocols, waited the 4.5 years then began the process and it took over 6 months due to delays in processing because of the pandemic, which I cited and requested from the board of directors at Poppy Bank to waive the fee and they refused to waive ANY Of the 30+K fee even though one if their associates told me they had waived the fee for another customer and encouraged me to ask. They then lied and said that the incident of waiving never happened. This bank acts in very bad faith, has erroneous financial practices and I would like my penalty fee refunded as it was not their money to take from me.

  Business response

  07/14/2022

  Please see the attached response to the above-referenced complaint received Tuesday, July 12

  Customer response

  07/14/2022

   
  Complaint: 17514953
  
  I am rejecting this response because: the accuracy of the accounting on the part of Poppy Bank is erroneously in their favor and a full audit should be performed.
  
  Sincerely,
  
  *******************************

  Business response

  07/27/2022

  Please see attached final response.

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