Complaints

This profile includes complaints for Medallion Bank's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  Medallion Bank

  1100 E 6600 S Ste 510 Salt Lake City, UT 84121-7422

  
• 

  Medallion Bank

  1100 E 6600 S Ste 510 Holladay Cottonwood, UT 84121-7422

  

The complaint text that is displayed might not represent all complaints filed with BBB. 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.

• Initial Complaint

  Date:04/11/2024

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  We were given a lone from Medallion Bank back in 2022 for a roof from Erie Roofing. We were told that we were getting a unsecured loan. This information was given to us by the Erie *********** we found out all the information given by the Erie rep was false. We from the get go was not happy with our loan as Medallion does not allow you to apply any extra to principle. Any extra payments just makes your due date further down the road. I just attempted to get a loan to pay off my debt just to find out the Medallion is a second mortgage and a lien is on my home. This may not be Medallion Bank fault, but more of the false information given to us by Erie Roofing. I need the lien on my home released. And be allowed to pay on principle.

  Business Response

  Date: 04/19/2024

  We appreciate the opportunity to review your account and discuss your concerns. As we went over in a phone call earlier today, all our Home Improvement loans are secured. However, we do have a subordination application you can fill out. Once we receive the completed subordination request, we will review it and let you know if we are able to release our lien prior to the account being paid off. Unfortunately, Medallion Bank does not allow principal only payments due to our loans being simple interest. The best way to make a payment that is likely to be applied to your principal balance is to make a second payment on the same day you make your regular monthly payment. If your monthly payment addresses all the interest accrual on the account, a second payment made the same day would be applied to the principal balance. Please let me know if us know if you have any other questions. We can be reached at ***********************. 

• Initial Complaint

  Date:03/13/2024

  Type:Order Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  This financial institution should be shut down! 7.99% apr on the total amount of a loan...is mind-blowing. How is this bank allowed to do this!? My ill mother was suckered into a loan for a roof (Mind you the roofing company was a giant rip off...****'s Roofing) She thought it was a monthly APR, not a total amount. $200/month payments, only $69 going towards the principle. WHAT?! Looks like the scamming scheme by ******************* is back!

  Business Response

  Date: 03/13/2024

  Medallion Bank is a finance company, we work with contractors to secure financing for homeowners who wish to have home improvements completed and want to finance the improvement. The contractor is selected by the borrower, we are offered as one of the options for financing if the homeowner requests it. 
  
  Our loans are simple interest loans, the Annual Percentage Rate (APR) is disclosed on the contract and reviewed with the homeowner prior to them signing the document. If you choose to pay the loan off early there is no pre-payment penalty.  We would recommend contacting **** Roofing if you are having issues with the work that was completed. 
  
  

• Initial Complaint

  Date:12/22/2023

  Type:Delivery Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I had my roof replaced and this was the company the roofers used to finance the replacement. When they set up the payment plan it was not disclosed that it was an interest only payment. Once I figured that out I contacted the company to increase the payment to apply some to the principle balance. When I get my statements they are not crediting any amount to principle. I emailed them multiple times and have not heard any response. My work schedule and their long hold times prevent me from calling during operating hours. I need someone to respond to my email ASAP.

  Business Response

  Date: 12/26/2023

  We appreciate the opportunity to review your account and speak with you regarding this issue. As we discussed, we are unable to discuss account information via email. We apologize if you did not receive the automated reply requesting you call us to go over specific account information. We have reviewed your transaction history and verified that your payments have been applied correctly. Due to your account having a deferred first payment it has taken longer for you to see a principal reduction. Please call us if you have any other questions regarding your account transaction history and amortization that we went over last week. We can be reached at ************

• Initial Complaint

  Date:12/04/2023

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I am not liable or responsible for this debt with Sst Medallion. I do not have a contract with this company. They did not provide me with original copy. Also they are reporting in correct information on credit reports

  Business Response

  Date: 12/08/2023

  We appreciate the opportunity to review your account. We have attached a copy of your contract and account transaction history. You would have been provided with a copy of your loan docs upon the completion of signing due to them being signed electronically. In addition, on September 29, 2020, you spoke with an agent and completed a welcome call. On this call you acknowledged the purchase of the 2021 Kaufman and proceeded to make multiple payments on the account throughout the following years. We have also confirmed the credit reporting to be accurate. Please contact us if you have any other questions. ###-###-####

• Initial Complaint

  Date:11/23/2023

  Type:Billing Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  September 2021 we purchased a travel trailer that was financed by Medallion Bank October 2023 we notified them we could no longer afford the payment and would like to proceed with voluntary surrender. A week after that phone call I received an offer to sell the camper for what was owed, I communicated with Medallion and they agreed to push back retrieving the camper. A week later I received an offer for $22,000 which was less than what we owed, I submitted an offer to Medallion bank which they then accepted on October 16, 2023 I was notified by a phone call with the agent Dana. We received no settlement paperwork, just notification via phone call That buyer did fall through, during that time I communicated with Medallion bank and SST who they had turned my account over to, they agreed to give us additional time to find another buyer during every phone call the amount stated to be paid was $22,000 the settlement offer, there was no expiration date on the settlement stated nor were we told that the money needed to be paid by a certain date. November 8th I notified them we had a buyer who had $19,500 and asked if they would accept $19,500 at that time I was told no the amount due was $22,000. At that time I had still not received any settlement paperwork which I had asked for multiple times in multiple phone calls. On November 13, 2023 I confirmed receipt of all payments made totaling $22,000 and again asked for settlement paperwork. No additional monies were discussed as due . I finally received the settlement letter on 11/14 with a date of 10/28 when the settlement was due by however Ruth M***** stated the camper was paid off and we would receive the title after paperwork was processed. 11/23 I received notice from Medallion Bank that an additional $4175 is due which I was never informed of at any point. This is classic bait and switch and illegal. Conveniently this notice was sent on a holiday where I cannot speak to anyone. All calls were recorded

  Business Response

  Date: 11/24/2023

  We apologize for the miscommunication. As you were told earlier today, please disregard the statement you received as it was system generated. We are applying your payments to the principal balance and will close out the account according to your settlement agreement. At that time, the title work will also be sent out. Please contact us if you have any other questions. Thank you. 

  Customer Answer

  Date: 11/27/2023

  
  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

  Date:10/18/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  In 2022 I requested a change in my payment plan system with Medallion bank. I explained to Medallion that if they could not accommodate my new payment plan, that I could continue with our prior plan. Medallion bank agreed to postpone two months of payments initially and then failed to send me the correct contract with the correct dates. They admitted that fact on a recorded line and stated that that would be in contact with me to resolve the matter at a later date. They also told me on a recorded that due to their mistake my credit was not marked. I later learned that was not true and that they did marked my credit negatively. This problem persisted into the year 2023 as they continued to fail to resolve the matter as stated and were now claiming that I owed late fees. They contacted me much later after they continued to mark my credit. I ultimately paid them to avoid further issues as they did not fulfill their agreement and failed to send me the aforementioned contract with the correct dates. I am not responsible for these late marks due, in part, to medallion failing to send me the properly dated contract as agreed. Additionally medallion failed to mediate this matter during my multiple calls made to them in attempt to pay the months marked late by them. It should be noted that prior to the payment I made to medallion in June of 2023 I requested medallion (once again on a recorded line) provide me with an email stating that they would be removing the marks from my credit. They also failed to provide me with the request email. Throughout this process Medallion has made several claims and promises to me which they did not keep and I was later penalized with late fees and negative marks on my credit due to their unethical business practices. I respectfully demand that all late charges from medallion bank be removed from all credit reporting agencies due to the above.

  Business Response

  Date: 10/26/2023

  We appreciate the opportunity to review your account. There have been at least three extension requests for your account in the past year, however, we never received a signed extension agreement from you. To process an approved extension request we require a signed agreement. If we do not receive a signed agreement the extension approval will expire after 30 days, and an extension will not be processed. It is the customer’s responsibility to return the extension paperwork and confirm it was received and processed. When an extension is requested, we continue to try and contact the borrower for status updates on the return of the document, or review account delinquency if the document has not been returned. We removed the negative credit mark from July 2022 out of courtesy but will not remove any other negative marks because they are valid reporting.  We recommend that if you make an extension request that you continue to answer phone calls from us until you have confirmed we have received the signed extension documents back. 

• Initial Complaint

  Date:10/06/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Ive got a loan with an automatic payment set up and somehow this bank in the only one in the entire ****** That continuously screws it up. I want them to fix the system and correct the foul up. On a payment that shows going out on 9-22-23

  Business Response

  Date: 10/16/2023

  We appreciate the opportunity to review your account. As of today, we have not been able to locate the payment sent from your bank in September. We did receive your online payment and your account has been set up on EFT. We apologize for the frustration this may have caused. On a call that took place with one of our agents last week you stated your bank shows the check as not being cashed, we recommend you have your bank place a stop payment on it since we have been unable to locate it. Please give us a call if you need further assistance.************. 

  Customer Answer

  Date: 10/24/2023

   
  Complaint: 20704417
  
  I am rejecting this response because:
  My bank has every record and dates sent. Ive had nothing but trouble and someone really needs to get off their **** and find / fix the blasted problem 
  Sincerely,
  
  ***************************

• Initial Complaint

  Date:09/01/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Double reporting on my credit report and in violation of fair credit reporting act. Remove the double reports each month or I will hire an attorney. This has happened multiple times and will stop today.

  Business Response

  Date: 09/01/2023

  Hello *******,

  We have reviewed your complaint and confirmed Medallion Bank is reporting to each of the credit reporting agencies correctly, we are not reporting incorrect information or double reporting. The screenshot that was provided is from a 3rd party company that is not associated with the 3 credit reporting agencies: Transunion, Equifax or Experian, only the 3rd party company would be able to provide insight on their notifications. We recommend you contact -Credit Wise- to discuss their notifications. If you would like to speak with someone in our credit disputes department, please contact ###-###-#### Option #6. Have a wonderful rest of your day,

   

  Thank you,

   

  Customer Answer

  Date: 09/05/2023

  
  Complaint: ********
  
  I am rejecting this response because: I have multiple credit reporting applications and directly from credit agencies themselves… quit reporting 2x a month it’s very simple… very predatory 

   

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

• Initial Complaint

  Date:07/31/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Purchased boat on 3/14/2014, with medallion bank as lien holder. Due to medical issues and complications from surgery on 07/06/2020 had to file for disability and approved for ssdi on 05/01/2023. During time of being disabled and loss of income, I had to file for bankruptcy in 2022, with a discharge of 07/2022. During the past 9 years and currently post bankruptcy all payments have been made. On 07/07/2023 an attempt was made by medallion bank to repose the boat due to being 88 days past due. When i contacted bank they stated they never received payment for 03/2023. To date no record shows check that was sent was cashed. Payment was made on 07/07/2023 of normal amount. **** was never 88 days past due, at most ***** days. Due to my current medical condition them showing up at my door with false information has caused more undo medical issues upon me. They continue to restrict my access to make payments via calling in. On 07/28/2023 i attempted to Make a cash offer to settle account for less than owed to end the relationship with bank. They rejected and countered at the exact payoff amount. I can only now speak to and make payments over the phone to the repossession department. There deceitful business practices have not only caused undo harm to myself but also questionable legal practices.

  Business Response

  Date: 08/01/2023

  We apologize for your frustration, but we are unable to assist with your concerns as your account has been sold. Please contact your current lender, ************ at ************. 

  Customer Answer

  Date: 08/02/2023

   
  Complaint: 20403012
  
  I am rejecting this response because:
  The phone number listed is their own company phone, as of this monday they still owned the loan when took my payment. 
  Sincerely,
  
  ***************************

  Business Response

  Date: 08/09/2023

  On 6/30/2016 your loan was sold. You should have received a letter from your new lender regarding the change. Unfortunately, we do not have access to that letter. Medallion Bank employees no longer have access to your account. The lender we sold your loan to uses the ********************************* (SST) to service their loans, as do we. The phone number provided in our prior response will connect you with SST, who is still the servicer for your account. ********************** is unable to assist you with the issues regarding your loan and settlement offer because we no longer own your account and we do not have the authority to accept a settlement offer on an account that we no longer own. Please contact SST at ************ so they can assist you with your requests. 

  Customer Answer

  Date: 08/09/2023

   
  Complaint: 20403012
  
  I am rejecting this response because:
    Since the date my account was sold, ******************** has been handling my account, in the past month i was transferred from SST, who is owned by medallion bank, 4 times to medallion bank. Medallion bank was the bank/ individual who sent the repo agents to my house, NOT truist bank nor SST.    
  Sincerely,
  
  ***************************

• Initial Complaint

  Date:06/30/2023

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have been dealing with medalion bank for 3 years now and have always made on time payments with checks from my own bank to their po box. I belive since last year I have moved my payment up from arriving day of due to be there 6 days before the due date. Multiple months, including June 2023 they take weeks to process my payment. As of 30June2023 my June payment has not been found when my bank shows it delivered to their po box on 16June2023. Also, customer service is a joke. All that the customer service does is make notes, no one calls back when asked and everyone has excuses. If you can't process checks on time then don't take them as a form of payment.

  Business Response

  Date: 07/10/2023

  We apologize for the delay in addressing your concerns. We have been in contact with you regarding this issue and are working to identify the cause. We appreciate your patience and will be in touch with any updates we receive. As of now we do not show that we received or cashed the check. Additional information would be useful in helping us to further investigate. Please provide us with an image of the cashed check since the tracking number is unavailable. If the check has not been cashed, we recommend having your ********** stop payment on it and reissue a new one. We are more than happy to apply the payment to your account as of the date we were supposed to receive the missing check.