ComplaintsforSelect Seven Federal Credit Union

• Initial Complaint

  11/15/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I am deeply concerned about the sharing of my nonpublic information with credit bureaus and the resulting inaccuracies on my credit report. This situation has caused significant financial and emotional distress. Under 15 USC 1681 Section 602, I have the right to financial privacy, and I expect my information to remain confidential. Furthermore, 15 USC 1681 Section 604(a)(2) states that a consumer reporting agency cannot furnish account information without my written instructions, which I have not provided. I have identified inaccuracies on my credit report from SELECT SEVEN FCU, impacting my financial well-being. I request these inaccuracies be corrected promptly. Lastly, please remember 15 USC 1666(b), which prohibits treating payments on a credit card account as late under certain circumstances. For reference, my account details are as follows: Account Number: 460529440021**** I request a thorough review of my account, prompt correction of credit report inaccuracies, and strict adherence to federal laws regarding my information. Failure to address these issues may compel further legal action. I anticipate your prompt response and resolution to these concerns. Thank you for your immediate attention to this matter. Sincerely, Renee Edmondson

  Business response

  11/29/2023

  The consumer's credit report has been updated to correct any errors. 

• Initial Complaint

  09/02/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Unresolved

  More info

  We closed on a new construction loan July 25th 2022. We found out 09/1/2022 about all of the lies we were told. The loan officer Johnny Watson stated that we could be our own contractor, that because we put up land that was worth over half of what we were borrowing we would not have to put the 20% up. Then we were told the money would come in 3 installments.the loan officer stated that after our first pull and we were 1/3 of the way done we would have an inspection. When we went to do our first pull we were told we could not be our own contractors and that we would have to pay the amount of the first pull out of pocket which is over $80k. We didnt have the 20% that is why we used the land that is free and clear as collateral. So we didnt have the $50k but we are expected to pay $80k. This was not explained to us at all. Matter of fact it sounds as if we have been scammed. The attorney that conducted the closing we were told was our attorney for our protection but have since learned that it is their attorney and isnt going to help us in anyway. The attorney felt that I was calling him a liar which I did not I called the loan officer a liar. Now we are expected to pay the closing cost which I do not see how this is fair because we have been lied to repeatedly. We would have never got a loan if we were told we could not be our own contractor and that we had to come up with 80k out of pocket. Select seven credit union employees refused to give me the name of Johnny Watsons supervisor because they are trying to protect their own instead of protecting their clients. My husband and I want out of the loan for $250,000 and for the lean to be removed. We were also told my johnny to wait until we had people out working to do our first pull bc of the interest and now we have had started building and I have been told we can not get another loan because we have already started construction. Select seven needs to make this right and not allow an employee to blatantly lie.

  Business response

  10/18/2022

  Business Response /* (1000, 14, 2022/09/28) */ The credit union contacted the Credit Union's Closing Attorney that closed the mortgage loan. He advised that he explained the terms and conditions of the construction loan in great detail to both parties advising that work had to be completed and receipts provided before any monies were advanced from loan, he advised he reviewed the credit union's construction loan agreement in great detail before consumers were asked to review it and sign. He further advised they understood the process before leaving. The credit union's attorney contacted consumers after their complaint to explain the process again, consumer became verbally abusive, and the call was disconnected. The credit union made no further attempt to contact consumers. Consumer Response /* (3000, 16, 2022/09/29) */ (The consumer indicated he/she DID NOT accept the response from the business.) John McKinnon the closing attorney that is in fact Select Seven Credit Unions attorney. We were originally told by Johnny Watson that he was OUR attorney. After we started having problems with Select Seven Credit Union we were advised that he was not our attorney. Select Seven Credit Unions attorney knew we had intentions of being our own contractor because we discussed hiring sub-contractors with him. He never told us we had to pay for 1/3 of the home prior to receiving our first pull for the loan. My husband and I are not in the practice of going through with a loan for $250,000 knowing or having been told that we A. Could not be our own contractors and B. We knew we did not have the funds to pay first the first 1/3 of the home being built. We made it extremely clear that we did not have the funds to pay $50,000 up front so I am unsure of why Select Credit Union does not seem to understand that we were lied to by Johnny Watson repeatedly. We did not think that their attorney lied about anything until this incident because we thought he was our attorney and that he was there for our protection not just protecting the banks interest. Now that there is a problem with Select Seven of course the attorney is going to say he said everything that Select Seven wants him to say. The facts are that no one ever told us right out that we could not be our own contractors and no one with the bank EVER said that we had to pay for the first 1/3 of the house to be built. Had this been told to us MONTHS ago we would have went to a bank that could actually help us to build our dream home. What it boils down to is this bank has no morals to them and absolutely does not care about the consumer. If this bank did they would try to make things right instead of us being solely responsible for pays $5600 to them for nothing. Maybe I am old school but wrong is wrong and this bank is not interested in making anything right. They want to put all the blame on us and basically say we are idiots and we got a loan knowing we did not have the money to build 1/3 of the home or knowing we could not be our own contractors. I would like for Select Seven to know we are not idiots, maybe dumb for choosing to go with a bank that basically set us up for failure and then made sure that we lost $5600 in the process. If Select Seven is not interested in attempting to make right of this situation I have an attorney that I have not hired but I feel very strongly that my husband and I were wronged and if legal action is necessary then we will move forward. I feel it could be resolved but from the state that the BBB received from them it does not sound like they want to work on anything. I feel that others need to be made aware of this credit unions business practices and the treatment of their consumers.

*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. ↩