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ComplaintsforSaco Valley Credit Union
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Complaint Details
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Initial Complaint
10/13/2021
- Complaint Type:
- Billing Issues
- Status:
- Answered
The ************** awarded myself probate authentication after the death of my father tragically from COVID- Pneumonia. Once the state issued the paperwork that allowed me to make decisions on behalf of my decreased father as if he were there, I attempted to pay off his truck loan so that I could handle the only asset he had, obtain the title, and move on with my life. The bank stopped me from paying off the loan and receiving the title. The bank wants me to pay off his credit card, which is a completely separate area of banking and a debt I was unaware of, a debt that is not tied to an object like the loan. It is my understanding that family members of a deceased individual do not assume the debt of said individual unless they are co-applicants on the credit card debt, which I was not. A supervisor attempted to read a contract that did not state in the case of death family members shall pay all debts, and made it know that if he were alive he could pay the truck loan without issue.Business response
10/18/2021
The loan agreement signed by the member states that the title to the truck may be held to satisfy any other debts with the credit union. While the truck can be paid off, because other debt was owed by the deceased member, assets (such as the title to the truck) held at the credit union may be used to cover those debts. This does not mean that the beneficiary is personally responsible himself for the debts, but upon the passing of a member, assets secured by the Credit Union by the deceased member (the truck) can be used against additional debt the deceased member had accumulated, including any credit card debt. This was explained to the beneficiary several times and documents showing the agreement were provided. At no time were scare tactics or exploitation methods used to settle the deceased debt. SVCU employees explained the loan documents that the member had signed and how all assets and debts had to be treated upon the passing of the member.
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Contact Information
Customer Complaints Summary
1 total complaints in the last 3 years.
0 complaints closed in the last 12 months.