Hope you have better luck in 2002!
If you're having a bad day -- read this for a laugh. Sorry, it's a long story.
File this one under "amazing stories of U.S. corporate idiocracy". Subfile under "KEYBANK". Think twice if you're considering Keybank for original or refi business.
- Late October: I find a buyer for my boat. Buyer's banker requests from me a copy of the title to the boat and a copy of the lien release letter from Keybank (who carries the note on the boat). Buyer's banker tells me that until they receive this from me, they can't/won't send me buyer's funds. A bit odd, but I don't see a problem.
- November 6: I call Keybank to get payoff amount and process details. I speak to a woman I'll call "operator #1". I get the info I need. I also request the copy of title standard lien-release letter needed by the buyer's banker. Op #1 tells me that they can fax the title and lien letter to me, no problem -- but it will take 5 days. I agree. I ask whether I can call this person back if there is a problem. "No problem, just ask for me, operator #1" I'm told.
- November 16 (10 days later). No fax from Keybank. I call back. I ask for operator #1 by name. I'm told that's not possible, but this new person -- operator #2 can help me. I tell her that I'm waiting for a fax. Op #2 tells me that it's against Keybank corporate policy to fax titles or lien-releases -- but that they can be mailed to me instead. She apologizes for the mis-information I was provided by Op #1. Op #1 should have known this, Op #2 tells me. I tell Op #2 to mail what I need please. Op #2 tells me that it'll take 7-10 working days for me to get the mailing. I agree. I ask for op #2's name, and ask whether I can ask for her in case there's a problem. "Not problem, just ask for me, Op #2, at extension xxx. You'll reach me".
- November 28(12 days or so later). No mail from Keybank has arrived. I call back. I ask for op #2 by name and extension. I'm told it's not possible, but this person operator #3 can help me. I explain my sitch again. She tells me that, unfortunately, I've been given wrong information again by op #2. It's impossible for Keybank to mail my title -- because they don't have it. She tells me that I'm in a "paperless title" state. I need to go to the DMV and get it myself. I flip, and ask to speak to a supervisor to complain. I'm connected to operator #4. I explain my sitch. I suggest to Op #4 that we call the Buyer's banker, and see if we can't speed this process up -- since I'm now several days late on the monthly payment because of this foul-up (I just want to pay-off the loan entirely). We call the Banker, and Op #4 tells the buyer's banker that a bank draft will be an acceptable form of payment for the payoff. We decide that I'll receive the bank draft from the Buyer's banker and I'll send in total payoff to Keybank. I ask for op #4's name and extension, I get it. When I tell her of my success rate reaching individual people at KEYBANK, #4 says that she will absolutely, positively be the one that I should talk to from here on out until this is resolved. I also tell op #4 that I'm going to expect an interest charge adjustment because of these KEYBANK-caused delays. I would have had this paid-off a month earlier had KEYBANK given me the right info. Op #4 takes my request and tells me she'll submit the request.
Some Day During First Week December: I send bank draft to Keybank for entire payoff.
Some other Day During First Week December: I get my first "courtesy" call from Keybank that I'm late on my November payment. I tell them my story. They see the notes in their system. They apologize for not noticing.
Some Day During Second Week December: Get a letter from Keybank DENYING my request for an interest charge adjustment on my loan. No reason given.
Some other Day During Second Week December: Second late payment "courtesy" call from Keybank. Same story.
December 23 (apx. 15 days after mailing bank draft): Buyer's banker calls and says that bank draft has not been executed by Keybank. I call Keybank and ask for operator #4 by name and extension. I'm told that I could talk to operator #4 if she worked there,....but she was just promoted into another division. ????. Go figure. I explain situation to this new person, operator #5. Op #5 tells me that if they had received a mailing from me, it would have been noted as being received. They note all accounts once payoff payments received, even before the payment is processed. So, they absolutely have not received anything from me. We conclude that the bank draft must be lost. Bad luck. Stop payment. Buyer's banker flips out when I tell them this.
While I'm at it, I reluctantly make November payment via telephone (at this point I don't trust Keybank's promises that they won't report 30-day late payments to bureaus under "unusual" circumstances like mine).
December 27th (just 3 days later). I receive in the mail a package from Keybank containing my original cover letter and the buyer's original bank draft. KEYBANK IS RETURNING MY PAYOFF. ???? Letter says that Keybank doesn't accept bank drafts. ??? So much for Op #4's knowledge of her business --and she was a supervisor.
I hope to have this resolved this year sometime. Anyone want to take bets?
Hope you have better luck in 2002!
If they won't accept bank draft what will they accept?Maybe an uncertified personal check would be more secure to them.
WOW, I have KeyBank. Makes me start to wonder! Good Luck!
Working from an insurance standpoint, I have the "pleasure" of working with alot of leinholders....Key Bank sucks .......
In2Deep, man, you have rattled the poop out of me. My boat is financed with Keybank and it is for sale, also. I hope I have better dealings with my sale. Thanks for sharing the info. Jay
yikes Hope you get everything cleared up!! Mental note to self: don't use Keybank
Think that is bad ,check out my run in with Keybank.Being a real estate investor,i do alot of mortgages with different banks.I had 2 houses with Keybank in early 1999.I sold both houses about the same time that year and figured that my responsibilities with Keybank were satisfied.WRONG,i received a monthy late notice and accruing late charges for 4 months for the 2 properties that i had sold earlier in the year,then to make matters worst the idiots started to call me on a weekly basis wanting to know where their money was. I told the operator that called me the first time that i had sold the properties about 5 months prior to this phone call.I then faxed them the closing statements to show them i no longer owned the properties.They had started to foreclose on the 2 properties that i didnt even own and when i did own them i was never late on a payment.These phone calls continued for almost 3 more months along with nasty letters and more late charges accruing each month.I had called them numerous times only to get the same run around that IN2DEEP received.I finally got my point across to someone who knew what they were doing because all the letters and phone calls stopped.Lucky for me that Keybank is so unorganized they never even reported the socalled bad credit of 8 months consecutive no pays on the mortgages to the credit bureau.I pulled a new credit report every month for about 6 months to make sure it didnt go on my credit.I learned a lesson about big corporate banks and now do all my banking a small farm town bank that has 9 employees.I can call anytime during the day and never get some automated oerator,always a real person and talk to the same loan officer every time who is the V.P I have even taken him to lunch 4 or 5 times.Try that with a big bank.Ok i'm done i guess i neede to get all that out .Man do i feel better.Good luck IN2DEEP.
I dealt with Key Bank, what a bunch of dummies. Big banks suck.
I to had simular dealing. Went thru four people before one could give me an anwser. I just wanted to know if they would refinance at a lower rate. They said no! I said well I will take it to a different lender-you will lose all of the business. They didnt care. I am calling Essex. Anyone deal with Essex before?
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