ComplaintsforFirst South Financial Credit Union

• Initial Complaint

  08/11/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I am not liable for any debt or charge off with First South Financial Credit Union. I do not have a contract FRSTSTHFINCU nor any unpaid balances.

  Business response

  08/14/2024

  We have reviewed your concerns and the circumstances surrounding your complaint. We do show that you opened an account with ******************************************* on 01/25/2020 and utilized the account through February, 2021. Closing out the month of February, your account was in negative standing, and the balance owed remained until you paid it off on 07/08/2024. We report to the credit bureaus at the first of the month, so on 08/01/2024, we reported this as a charge off that was paid. This recent update should reflect on your credit report within the next 90 days, if not sooner. We hope this helps clear up any misunderstanding, but if you have any other questions regarding the payment and reporting of this debt, please reach out to us at ************.

• Initial Complaint

  06/17/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I contacted this predatory financial institution in November 2023, voluntarily seeking to set up repayment arrangements on an account that was closes due to a serious illness in which I was incapacitated and the count was closed after being negative for 30 days. The balance was over ***** and the crooked employee sought to extort a statutory expired "alleged" debt of 229 by refusing to accept my payment on the debt exceeding *****.....not very smart. Little did I know the employee had a sinister plan to cleverly recoup the alleged debt by applying my initial payments to that debt before crediting my actual account resulting in more fees. I now see I wasn't the only one. I am considering a federal case and based on what I see here, I believe a CLASS ACTION would be most appropriate. Others who have experienced this unjust should also contact FTC. I am seeking to speak with the CEO to get this resolved before it's I am forced to take action

  Business response

  07/02/2024

  Our team is happy to continue discussions with you regarding this situation, as we've worked closely over the several months. While we have waived a previous balance due of $229.72, the current balance owed of $2,047.00 is required to be paid in full before this charged off balance can be reported as paid to the credit bureaus. Please contact us at ************ to discuss payment arrangements on the charged off balance.

  Customer response

  07/02/2024

   
  Complaint: 21861620
  
  I am rejecting this response because:  The statements made are a complete lie. I will continue to bring the tactics of First South Financial to the public's attention through social media and upcoming podcast; including, posting reviews daily. In addition, I also plan to give the pathetic lying employees an incentive to think twice through the Federal Agency that regulates parasites such as First South. Keep reporting the lie. I'm simply establishing that they had every opportunity to correct the action of a couple of I'll employees.
  
  Sincerely,
  
  ***************************

  Business response

  07/18/2024

  Over the last several months, we have continued to work with you directly regarding the balances owed to the credit union. As of 7/16/24, we have reached a resolution, which has been confirmed with a signed agreement between you and the credit union.

  Customer response

  07/18/2024

   
  Complaint: 21861620
  
  I am rejecting this response because:

  Over the last several months, I have attempted to work with you directly regarding the valid  balance of $1,920 owed to the credit union and to address the statutory expired amount of $229.72, which FSFCU refused to validate at the time the alleged debt from 2002 (reported as being charged off in 2022 to a federal agency) became known to me. As of 7/16/24, the resolution, which I thought we had reached, appears to ambiguously written and the actions which FSFCU agreed to take appears to be different than what I understood them to be based on the written statement of, "remove all negative information".  As a result, I will notify BBB when FSFCU has completed the agreed action, as the agreement may be considered breached and nullified. 
  
  Sincerely,
  
  ***************************

  Business response

  08/19/2024

  We have fulfilled the terms of the agreement and have been in direct communication regarding the waiting period on updating a credit report vs. seeing the update.

  Customer response

  08/19/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and I accept their proposed resolution. The dispute was settled amicably.

  
  Sincerely,
  
  ***************************

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

  Memphis, TN 38115

  
  

• Initial Complaint

  06/04/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  closed my account for nothing

  Business response

  06/05/2024

  We have reviewed your concerns and see that you have not had an active account with ****************** since 2016. Your complaint names a different financial institution, so we believe this concern was not meant for us and would direct you to the correct credit union.

• Initial Complaint

  04/02/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I have two loans with FSCU. I was behind but not refusing to pay. I keep communication and let someone know I would be in before the week out to make a partial payment on one loan and a payment on the other. I work at a bank myself so hours are conflicted on when I can make it in to the office so I had the money I just could dont make it in time. I called Monday and let someone know I was coming in that day to pay, not knowing they reversed one of my previous payments done March 15 and applied it to my other loan on April 1st without my consent or me knowing. And by me not being aware of this I paid again an extra $81 plus $421 on my other loan. Once I checked my account the next day I saw my loan I paid on past due and I was confused as to why. They reversed my payments and moved old payments to satisfy the ones they wanted to satisfy and even applied some to a negative balance that was the banks fault not mine. Consequently this has now made the loan I was satisfying past due. This is unlawful. And I have called about 15 times today asking to speak with a manager explaining myself over and over again. No one has helped me or allowed me to speak to a manager. I dont want any money back I just want my payments made how I requested. And not for them to go back and reverse payments that have been processed. I have all intentions on paying my loans. I have to make my payments based off my income and pay periods. Them changing payments I am making is discriminating between my two loans and causing confusion making it hard for me to keep up with my bills. This is not right. This is against my rights as an account holder.

  Business response

  04/05/2024

  We have reviewed your concerns and the circumstances surrounding the allocation of your loan payments. As a former employee of First South Financial, you understand that we work hard to ensure our processes and procedures are in the best interest of our members. In this case, you have one loan that is more than 60 days delinquent and thats why one payment was re-allocated another; to bring that loan more current. The loan that the payment was re-allocated to had a due date of 1/30.  This loan is now current.  The loan that the payment was backed off of had a due date of 4/15.  This loan is now due for 3/15.   This is our policy, as it benefits the member and the credit union both the member doesnt have such negative information reported to the credit bureaus, and the credit union doesnt have loans delinquent and/or charging off.
  
  Our staff is always happy to discuss and explain these situations to our members, but can only do so when the conversation remains calm and respectful. Our Senior Director of the ************************** was happy to discuss and resolve this with you yesterday.  We hope this helps clear up any misunderstanding, but if you would like to discuss any further, dont hesitate to give us a call at ************.

  Customer response

  04/05/2024

   
  Complaint: 21521048
  
  I am rejecting this response because: I contacted First South via telephone, email, and voicemail from Tuesday 4/2/24 to Friday 4/5/24 and it took four days to get a response. I have been ignored intentionally and discriminated upon. My issue was not resolved. I have a car loan that I now owe a little over $16,000 on. The other loan is a ODP privilege loan that I now owe a little over $1,600 on. There were arrangements set for my payment on how I would be taking care of this delinquent account. I always communicate regarding my accounts, and I willingly come in to make my payments. Noone had the right to take back a payment 15 days later and apply it to another loan. I was never notified this was done so when I came into the office 4/1/24 and paid on both accounts to keep anything from charging off I paid money that could have gone on my current bill due that is now 15 days late because of this when my overdraft loan was only 1 day late after they reversed one car payment and applied it to my other loan. Why not apply my payment to the account that is most delinquent. No, this was not done because the employees at FSCU are applying payments as they please and not as the customer is requesting. They are refusing to place my payment for $81 on my loan for 16k that is *************************************** to keep it applied to the $1,600 ODP loan that was only one day past due at the time this occurred. Now I am being bullied into coming up with another $81 to add to what I have and satisfy my past due payment. Forcibly using money for other bills that are necessities just because my funds are not being applied in my best interest. It's not about the money because it can get done, it is about my rights! This situation could easily be solved but they rather be rude and spiteful because I have filed a complaint. If they would have allowed me to speak with a manager, it would not have had to come to this. To make matters worse because of this confusion I took time review my loan contract and found a few flaws there as well. I would like to be able to make amends before it gets any further.
  
  Sincerely,
  
  *********************

  Business response

  04/08/2024

  We are happy to see that our Senior Director of *************** was able to work with you directly to resolve this matter to your satisfaction.

• Initial Complaint

  02/02/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I contacted **************** seeking to make payment on an agreed loan; but, was unable to so based on what I was told by *******. I'm disabled and tired. I tried to do the right thing by sacrificing a portion of my fixed income, despite the hardship it is creating for me. They would rather see me default. Insanity! Seeking contact from the highest level of management.

  Business response

  02/08/2024

  Thank you for reaching out again. Our *************** team has been in contact with you regarding this matter, and the Senior Director of the department has been unable to reach you today after several attempts. The voicemail associated with your phone number on file is full and wont let her leave a message. Please return her call at your earliest convenience at ************. 

• Initial Complaint

  12/24/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  I am not liable for this debt with First South Financial CU. I do not have a contract with First South Financial CU. They did not provide me with the original contract as I requested.

  Business response

  12/28/2023

  Thank you for bringing this matter to our attention. We have reviewed your concerns and the circumstances surrounding the information provided to the credit bureau. While we do show a balance owed on this account,it has not been reported to any credit bureaus at this time. We would be happy to work with you to settle this debt.Please call us at ************ to discuss payment arrangements. 

• Initial Complaint

  10/13/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  When I opened my account with ***************************************** to purchase a vehicle, they required me to pay a $25 deposit. Once the vehicle was paid off, I was owed a balance by the bank. I called to request a check be cut for the balance remaining on my account. The representative informed me that they would keep the $25 deposit and refund me the balance after that. This $25 deposit is my money and not a fee paid to the bank. The $25 is part of my balance in my account. it shows it on my statement. This proves that it is not a fee owed to the bank, because if it was, it would not be part of my balance. The representative was very rude and condescending towards me. She had the attitude of it is what it is and good luck to you. She got even more upset when I told her its taking me three days of multiple phone calls each day to finally get a representative on the phone. she said well thats just because were busy. After looking into this it seems to be a common issue with this bank. They need to be investigated for keeping their customers money just for closing their account. It is not discussed upfront that this money will be taken from the customers once the account is closed. This bank is very deceptive in their practices and should be Made to be upfront and honest with all fees and how things will be handled. I have statements printed that show this money belongs to me as it is part of my balance in my account. I am owed my deposit returned.

  Business response

  10/16/2023

  We have reviewed your concerns and the circumstances surrounding the closed account fee assessed on 10/13/23 when you closed your account with us. As a *********************************************, we are member owned. Upon account opening,each member purchases a share in the credit union, which is $25. This $25 stays on deposit, on hold, in their Savings share. Upon closure of any account, there is a $25 closed account fee; so essentially, the $25 that was deposited at account opening covers the cost of the closed account fee. This is specified in our member disclosures and on our fee schedule. Our records indicate that you entered into a loan agreement with First South, via an Indirect Dealer Partner,on 12/31/2016. When a member comes to us through a dealer partner, First South Financial makes the required $25 deposit for that person. This means that you did not come out of pocket for this $25, so when the fee was charged at account closing, the ********************************************* simply kept the funds that we had paid for you in 2017 at your account opening. We hope this helps clear up any misunderstanding, but if you would like to discuss any further, dont hesitate to give us a call at ************.

  Customer response

  10/17/2023

   
  Complaint: 20732883
  
  I am rejecting this response because their explanation is not factual or have merit. They simply just kept my money by charging me a fee for paying off a loan. Charging a bogus fee to a customer for meeting their obligation and paying back a car loan is ridiculous and not to mention bad business. If you look at their  reviews online you will see a pattern of extremely bad practices that have left a wake of former customers. Is the $25 worth losing a customer? I can guarantee that for every one of these customers you take advantage of they will tell 10  (maybe more) people about how they were treated as a customer.  I can promise that I will never be a customer of ******************************************* again and I will let everyone I can know of the banks poor business practices. 
  
  Sincerely,
  
  ****************** 

  Business response

  10/19/2023

  We're sorry to hear that you don't agree with the response provided. The $25 was First South's $25 that we deposited on your behalf to open the account. These funds were on hold the duration of the account being opened, therefore could never be accessed, withdrawn, or spent in any way. Again, this is the minimum balance requirement for membership with First South Financial. However, it's important to us to work with every member on their particular circumstance, so our Senior Director of Operations will be reaching out to you directly to discuss further.

• Initial Complaint

  10/10/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  This company charged me an insurance saying my lapse which it did not , they say they didn't get my emailed new form even though I had sent, I resent to same email and they got it immediately .....They keep telling me they are reviewing my insurance declarations page , this has been over a month. Sounds like they still haven't finish reviewing a one page document??? They have reported a charge to credit agency that I do not owe, it shows I owe due to this business s**** ** but have been in contact over and over and kept getting told reviewing declaration form . Never removing the charge making it past due. They dont do their job in a timely manner and s**** customers over like this.

  Business response

  10/25/2023

  Thank you for bringing this matter to our attention. We have reviewed your concerns and the circumstances surrounding the forced placed insurance on your loan. Our records indicate that you entered into a loan agreement with First South, via an Indirect Dealer Partner, on 10/16/22. This contract specifies that an insurance policy must be maintained on the vehicle for the term of the contract. If coverage is not maintained, we have the right to purchase insurance in order to protect our interest in the vehicle.
  
  On 5/24/23 we received notification from your insurance company, Progressive,informing us that your policy was cancelled effective on 5/21/23.  On 6/19/23 we received a renewal notice from Progressive which indicated that your policy was renewed and effective on 6/18/23.  You also provided us with the revised declarations page on 6/17/23 which also indicated the renewal was effective on 6/18/23. This confirms that you had a true lapse in coverage from 5/21/23 through 6/18/23, which required us to secure insurance on your behalf.We sent several communications to you regarding the requirement to maintain proper insurance as well as a notice of a payment increase.
  
  The declarations page that you are referring to in your complaint was received and reviewed on 9/15/23 and again on 9/20/23.  However, it was issued by Progressive on 3/22/23 with a policy period is 5/21/23-11/21/23 which is unacceptable since it was replaced with the revised declaration page with the new policy period of 6/18/23-12/18/23. 
  
  At this time, proof of coverage for the indicated lapse timeframe has not been provided to us.  If youd like to discuss this further, please give us a call at ************.

  Customer response

  10/25/2023

   
  Complaint: 20719987
  
  I am rejecting this response because:
  
  I never had a lapse in coverage.  I sent wrong declaration page the first time.  Then once realized that I sent the correct copy.  Then I get call from this company saying have lapse . I explained I had emailed into the address to send declaration pages. Never received send again only to hear reviewing it over and over again everytime they call me .  I literally changed to my own personal plan the same day I dropped my coverage from being on a plan with my previous room mate. Not one hour went by without coverage . If they dont have the right page that they are looking for , they should say that rather than saying reviewing But not sure how would have the wrong one it started the date the other ended .  I never dropped my coverage , this is a joke. Not sure what else they need but I have sent page showing the correct date and loan holder as well.  This needs to come off of my credit history as I can not help them reviewing rather than communicating.  I dont know what else they are looking for, I sent the declaration page with the correct info . 
  Sincerely,
  
  *******************************

  Business response

  10/26/2023

  Thank you for your response. At this time, we have not received the required declaration of coverage for the period mentioned previously. A member of our team will reach out to today to discuss in further detail. 

  Customer response

  10/30/2023

   
  Complaint: 20719987
  
  I am rejecting this response because:

  They say they have the right paper now for my insurance even if not going all the way back however that is when o didnt lapse coverage but they are still sending me notices for even more due than I was called and ask for and was sent to my credit report. I paid that original amount now just to shut them up and they still continue to charge me for and insurance that they charged without a lapse in coverage .  I paid the past due amount . So getting another past use for even more will stop 
  
  Sincerely,
  
  *******************************

  Business response

  11/07/2023

  Were sorry to hear that you dont agree with this response. Members of our team have been attempting to reach you since our reply but have been unsuccessful and have not received any return calls from you. Please reach out to us at your earliest convenience so we may work directly with you, as resolving this matter is of great importance to us. The direct number for you to call is ************.

• Initial Complaint

  10/04/2023

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  10/2/23 thru 10/3/23. I am seeking assistance in addressing the posting an resulting additional fees due to order posting. I am currently going through medical treatment and I am on a fixed income, where my income basically cover my bills.

  Business response

  10/05/2023

  Thank you for reaching out regarding this matter. In the review of your account, we see that on 10/2/23, you had two direct deposits post; both of them at 6:16 am.There were no other transactions on your account on 10/2 prior to these deposits. Following the two deposits, throughout the days of 10/2 and 10/3,there were a combination of ATM withdrawals, debit card transactions, and a cash withdrawal made at one of our banking centers. Some of these transactions were subject to, and charged, our standard $36 overdraft privilege fee. There was no error on First Souths part, and your deposits were posted before any charges were deducted. We see that you have not contacted us about this, and encourage you to always reach out to us directly with any questions, concerns,or requests for help in the future. Our goal is to help our members on the front end with any needs they have, and look forward to discussing a resolution with you. A member of our team will be reaching out to you today.

  Customer response

  10/05/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and I accept their proposed resolution.  The business statements are mostly correct; however, there were a couple of charges that should not have incurred the fee. I'm confident that we will be able to resolve the issue. 

  
  Sincerely,
  
  ***************************

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

  Memphis, ** 38115

  
  

• Initial Complaint

  09/26/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I do not have a contract with INDEPENDENT BANK. They did not provide me with the original contract as requested.

  Customer response

  10/02/2023

  Company did not have authorization to access my consumer report.

  Business response

  10/17/2023

  We have reviewed your concerns and the circumstances surrounding your contract request. In our review, we see that you did open an account with us on 11/15/2011. In 2012, the account went negative, our standard collection efforts were followed, but unfortunately, the debt was not paid and the account charged off. In this BBB complaint, you specify that **************** did not send a copy of your contract, so were unsure if this complaint was meant to be filed for us, but have answered with the facts that we have regarding your account with us. We hope this helps clear up any misunderstanding, and are happy to provide a copy of your membership application. Please contact us at ************ to confirm the correct mailing address, or you may visit any of our banking centers to request this documentation.

*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. ↩