ComplaintsforCornerstone Bank

• Initial Complaint

  08/13/2024

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  We received approval of a home equity loan (*****) that was cleared to close on 2/23/2024. Heather H, ******** **** ******* *************) *********************************** and Yara M, Loan *************** Office Manager *************) ********************************* led the loan process. We discussed several trips to ************ in search of a home with ******************** and she discussed the matter with our financial advisor. On 4/12/2024, ********************. She told us her manager (unnamed) would not permit us to use the ***** for a home in ************. When the closing of our existing home in ********, ** approached, our real estate attorney instructed us to provide proof that the Cornerstone Bank had been paid or canceled. On 7/2/2024, Maria B, manager of the Cornerstone branch in *******, ** *************), said we would incur a $500 early cancellation fee. We protested. On 7/11/2024, Brian G, Cornerstone Loan Servicing Manager, *************) said cancellation would not conform to bank policy. This decision was made by Scott A, Executive Vice President of Retail Lending. Later that day, Cornerstone withdrew $500 from our account and canceled the *****. We believe we are entitled to restitution of $500.

  Customer response

  08/15/2024

  Cornerstone Bank phoned to say it will reimbursed the contested $500 fee.

  The case is closed and we appreciate your attention to the matter.

  ***************************************

  

  Business response

  08/20/2024

  Subject: Better Business Bureau (BBB) Consumer Complaint ID ********

  Cornerstone Bank is in receipt of the BBB consumer complaint from ******* & ********************************* regarding their recent experience with a Home Equity Line of Credit (*****) at Cornerstone Bank. We take all customers concerns seriously and appreciate the opportunity to address this matter.

  We have fully reviewed the ***** from application through closing as well as ongoing recent communication. We offer the following details:
   - On January 24, 2024, the consumer applied for a ***** with the Bank.
   - On March 21, 2024, the consumer signed the closing papers to secure the loan.
   - The closing paperwork clearly disclosed the Early Termination fee as follows: Early Termination Fee.  A fee of $500.00 will be assessed if the account is terminated within 36 months of the Agreement date.
   - There was no documented communication between the Bank employees and the borrower stating a waiver of the Early Termination Fee during the loan process.

  Since ***** loans customarily have no closing cost it is an industry standard to include an early termination fee. Cornerstone, like its peer banks, will occasionally waive this fee in certain cases.
  

  After thoroughly reviewing the details of the issue we have determined that the borrowers felt misled on the charging of the early termination fee on their Home Equity Line of Credit based on conversations with their loan officer indicating the bank may waive the fee. As a result, the Bank has refunded the Early Termination Fee to the customer.

  We apologize for any inconvenience this situation may have caused the borrowers. At Cornerstone Bank, we are committed to providing exceptional service to all our customers, and we regret that we did not meet their expectations in this instance.
  We have communicated our resolution to ******* & *************************************** and believe that this matter has been satisfactorily resolved. Should there be any further questions or concerns, please do not hesitate to contact us at **************.

  Customer response

  08/20/2024

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ***************************************

• Initial Complaint

  04/05/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I called to discuss payment options on my mortgage with Denise R******* and was transferred to Al C********** who then screamed at me to "get a job". I have had my mortgage with them for 9 years and this is the first time I have ever been treated this way. I was told "it's always the same people who come across my desk" with no willingness to help me. I used all of my deferrals apparently for a 30 year note. This type of customer service is unacceptable not how a local bank whos motto is "Built on Trust". These two people are a disgrace to Cornerstone

  

  Business response

  04/28/2022

  Business Response /* (1000, 6, 2022/04/06) */ We apologize for the unpleasant experience our customer received when they contacted our Financial Wellness Dept. We take all our customer relationships very seriously and want them all to be treated with professionalism and respect. We'll share the customer feedback with the appropriate staff to discuss how we could've better responded to the customer's request. In reviewing the customer's history, we have made several accommodations to assist this customer during times of financial hardship. Such as restructuring their loan in 2016 which significantly reduced their monthly payment. Additionally, we've provided seven payment deferrals for further assistance since the restructure. We do everything we can to provide solutions to our customers situations. Someone from our Executive Management Team will be reaching out to this customer to further understand the customer's needs and if possible, produce a viable solution.

*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. ↩