The Federal Savings Bank

Waste of Money

We have a VA loan, The Federal Savings Bank continuously sends mailers every week asking to take over the loan.

I have repeatedly asked to be removed from their spam list.

Sent mailers back to them and they finally stopped sending their sh *t.

Added my mother to title from a terminal illness and without a hiccup this pos bank started sending mailers again just because we added a family member to title at the county recorders office.

Waste is paper waste of money we are sending all the mailers back to their corporate HQ.

Negative reviews everywhere for them for now on. Everywhere

Is The Federal Savings Bank a scam?
The Federal Savings Bank is a scam and a bad service provider as per the report filed on dirtyscam.com. They are not aggressive towards their customer satisfaction and complaint grievance.
Is The Federal Savings Bank legit?
First The Federal Savings Bank is not a legit business owner or provider. You must take necessary precautions/measures before buying or using their services.
How many reviews are submitted by The Federal Savings Bank’s consumers?
There is/are 49 review(s) posted about The Federal Savings Bank and it indicates that the severity of the scam is High.
Where is The Federal Savings Bank located?
The Federal Savings Bank is located at 300 N Elizabeth St #3e, Chicago, IL 60607, USA. You can contact The Federal Savings Bank by dialing (877) 788-3520 or visit their website thefederalsavingsbank.com before filing a lawsuit. We are no way affiliated with better business bureau or yelp reviews platform.
How much monetary loss is incurred by The Federal Savings Bank’s customers?
According to the report(s), US $1324 was the total loss incurred by The Federal Savings Bank’s customers.

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49 Reviews on The Federal Savings Bank

  1. Love em

    I’ve had nothing but good experiences with them. Maybe you all are the idiots?

  2. Scammers

    I have never used this bank but get mail request asking to refinance and imaginary house. Idiots.

  3. We were contacted they had all info and paperwork and we would rarely get any response until one friday when he called me said we had little time and needed $600 because we only had so much time to get this done. By the following monday my office manager had filled out all the paperwork they emailed him within that an hour. My husband then recieved a call within that same hour and was informed that because it was a manufactured home and due to covid-19 things changed and they could not do loan. So money would be returned. Could make no further contact with this person. After numerously trying to contact him he responded by email it would take 2 weeks to return the money. The following monday I recieved $364 of $600. I reached out to find out why not the full $600, I was informed someone would contact me after they spoke with William’s Supervisor to find out why it was not the full $600. And there was no response and no explanation. I was ripped off $236 for their error and no explanation. I would have given no stars if possible terrible customer service!

  4. Cost us money and couldn't deliver

    We already had a VA loan, were looking to lower our interest rate. Marquis Dobbs was personable and seemed dedicated. He assured me we would be closed in said time frame, advised to go ahead and cancel autopay with current lender so as to not have to wait for a return of funds. The Federal Savings bank requested payoff THREE times, which was a $30 fee each time. 2 requests were done within one day of each other. I questioned that and was assured that the Federal Savings Bank would cover that cost. It seemed like process was moving as promised. In the course of events, Marquis disappeared from communication. Later he explained the bank was closed for 2 weeks, and employees were working from home. It proved difficult and the excuse was too many people trying to log in and couldn’t get access. The bank was said to have closed because someone in the bank had COVD. Then, Marquis said his exwife had COVD, and he was home another 2 weeks to watch his children. In the meantime, my loan did not get processed, I ended up making my current mortgage payment late, october made nov 2nd. Now, Marquis blames me for this and says i now need to wait 90 days to do a refi due to my late payment. We have NEVER had a late payment until I trusted this guy to do what he had said he was going to do. Had he bothered to even communicate this fact, it could have been avoided easily. If he didnt have time to follow up, it would have been considerate of him to communicate that with me or pass this to a colleague to get this done. Oh, and I had a processing fee upfront of $250. In total, this has cost me $340 in fees, plus a late fee with my current lender, a ding against my credit, and still no lowered interest rate or refinance. What’s my rating for this company? NEGATIVE 100%.

  5. Highly Recommend for Refinance

    We refinanced our home with The Federal Savings Bank…What a Great Experience. No runarounds just the truth. Had been referred by a friend and glad we went with them. They were upfront with everything in the beginning and said what they would do and did what they said. They worked really hard, most everything was online, very easy. Great Rate with no hassle and a short start to finish. We closed, payoff in two days, we took out a little for home repairs that was deposited in two days, and can’t say enough how much I highly recommend. No Scams here or High cost for pulling out a little for repairs.

  6. My loan estimate meant nothing

    My loan officer was Anthony Alvarad. He made a nice loan estimate and swore by it. He strung me along till a few days before going to closing and changed the terms of my loan by over .25 percent and $100.00 per month in payments. He was very smug and indifferent about it. I am sure he does this to everyone. In fact he claims to have thick skin and doesn’t care how I feel about him or the situation. He will gaslight and speak to you in a way to make you think you are wrong for being upset.

  7. Theives

    They say they will help you and all they do is take money from account and then refuse to help. Larry Minefee is the worst of the group dont use him. He is a liar and a theive

  8. Don't Trust Federal Savings Bank if you are a Veteran

    If you’re a Veteran don’t do business with these scam artists. Made it sound like a simple way to refinance but soon snowballed into a big waste of time plus it cost me $675.00 for an appraisal. They then requested document after document that really didn’t make sense. Why would I send them my Living trust information. Financed with another company in 2016. Simple process. These idiots have no idea what they are doing.

  9. Good

    Bought a house through this company and I must say they did good by me I was very please with the short time that every thing was process

  10. Even after closing I've had a few questions and have received answers and ongoing support.

    Great working with Jonathan M. He was very helpful in answering all my questions promptly via email or phone. The whole process was handled online and they made it as easy and simple as possible. Even after closing I’ve had a few questions and have received answers and ongoing support.

  11. David Gray was my go to throughout our VAL Loan process and he is wonderful!

    David Gray was my go to throughout our VAL Loan process and he is wonderful! He was in contact with me about every step of the way. This is the second loan we have worked with David and he is very thorough. Thank you David and The Federal Savings Bank.

  12. I've already referred a colleague who is also in the process of buying a house!

    As a first time home buyer the entire process felt very daunting, but Tom Schweighardt was professional and helpful from day one. We got a great rate and closed on time with no issues. I’ve already referred a colleague who is also in the process of buying a house!

  13. David Gray was my go to throughout our VAL Loan process and he is wonderful

    David Gray was my go to throughout our VAL Loan process and he is wonderful! He was in contact with me about every step of the way. This is the second loan we have worked with David and he is very thorough. Thank you David and The Federal Savings Bank.

  14. We closed as schedule as well, would definitely recommend them to someone else.

    We had a great experience with them in refinancing our mortgage. Every step of the way i was aware of what was going on and what to do next. Everything went as planned and right on time. We closed as schedule as well, would definitely recommend them to someone else.

  15. The experience was easy overall.

    My experience with the lender was great. Kevin was great to work with. I found it a little uncomfortable doing all of this over the internet but in time I became comfortable with it.

    I didn’t like sending confidential information over the internet though and I wish that all of the documents that had to be signed would have been highlighted or tagged with some sign here tape. The experience was easy overall.

  16. I would use them again.

    I see the reviews and they are either 1 or 5. We had good people working with us. E-mail and the phone was very on time. A lot of information required from us but very clear what they required. I would use them again.

  17. I have not complaints.

    I was able to get the closing date I needed and a lower interest rate than originally quoted for! My loan officer was willing to answer questions any time day or night. I was able to call his cell phone directly or text him and he would always respond promptly. I have not complaints.

  18. Thanks again to Marquis and his crew at The Federal Savings Bank.

    We found The Federal Savings Bank through Lending Tree which gave us three choices of lending institutions to use after deciding to refinance an existing VA Loan. Upon making our choice, we were immediately connected with Marquis Dobbs at The Federal Savings Bank who explained the entire process and what all he’d need to start the loan process.

    Having been through this process more recently with our present lender at the time, we knew what to expect and I hate surprises. And Marquis and his team at The Federal Savings bank came through like champs.

    They were very polite, not pushy, something our present lender was (and rude to boot) which was part of the reason we didn’t go with them even though they offered a better rate, Customer Service matters and the people at The Federal Savings Bank delivered.

    As a Veteran, we’ve dealt with at least four different lenders in home buying or refinancing over the past 45 yrs. Without hesitation, I can say The Federal Savings Ban ranks at the top tier.

    Now we just hope they don’t sell our new contract to some second or third tier lender which is what happened the last time around, hence leading to our contacting The Federal Savings Bank. Thanks again to Marquis and his crew at The Federal Savings Bank.

  19. Do not use this bank. Most miserable experience of our lives.

    Do not use this bank. Most miserable experience of our lives. Total lack of knowledge regarding our loan. Unprofessional. We incurred over 4 k of hotel expenses and almost lost our house. We ended up staying with them because we had no other choice given the time frame we were stuck with.

  20. Stay away from this company. Their practices need to be investigated.

    Under no circumstances you should use this bank! Their practices are deceitful. They will promise credits they will not deliver and you will be lucky if you get out of the relationship without losing any money.

    They claim to help veterans but it is just a marketing stunt. Stay away from this company. Their practices need to be investigated.

  21. Federal Savings Bank Scam

    After several letters in the mail, I called the number to asked to be removed off their mailing list. The man who answered their phone got real rude and offended. He is the only one who answers the phone. The number is 1844-604-7126.

  22. Unprofessional and untrustworthy.

    Unprofessional and untrustworthy. Horribly disappointed with the mortgage loan experience. Do your research and LOOK FOR ANOTHER COMPANY!

  23. I will never use a mortgage broker again!

    I agree with the bulk of the other reviewers: Incompetence on the part of the “support staff,” delay after delay with closing, and overall, a very poor experience. Don’t use a mortgage broker for your loan!!! Shop around and let the banks compete for your business, particularly if you have excellent credit.

    Brad Mullens, Austin, Texas sold me a “bill of goods” when he told me that he would shop around to get ME the best rate because he worked with a lot of lenders; he also guaranteed that we would close within a specified period of time. BS. “Snake oil/used car salesman/horse trader” come to mind. Bottom line, he was shopping around for the best rate for him.

    He kept putting me off when I tried to pin him down on a rate. When we started, the rate was at about 3.5%; I kept him abreast of the rates by e-mail; sometimes several times a week and letting him know that they were dropping.

    He kept putting me off about a rate lock and then about 5 weeks later, locked me in for a 15 year loan @3.5% when the rates were now down around 3.125%. He was not up front in his interactions with me but I will say he is a consummate salesman and charmer.

    As others have posted, I kept forwarding the same information and being put off on the closing date. In the end, I had to burn both vacation and sick days in order to finally go to closing. One hand didn’t seem to know what the other was doing.

    I will never use a mortgage broker again!!! I called around to banks right before closing and was given the 3.125% rate, guaranteed, but now time constraints would not have allowed me to start the whole process over as the seller needed his money. Do yourself a favor and steer clear of this bank!!!

  24. I do NOT recommend doing any kind of business with this bank.

    I do NOT recommend doing any kind of business with this bank. My husband is a disabled vet and I went with them because they say they are veteran owned. First, what a run around for needed paperwork. Next I thought my rate was locked in – NOPE. Had some guy come to my house to fill out some paperwork – haven’t received a copy of it.

    All the papers they asked for I sent – haven’t heard from them over a week – and I have emailed them almost daily. I worked with David McCollum and Isabel Garcia. Also, they charged my credit card for an appraisal before I even had the appraisal!

    So, I’ve contacted them and cancelled my application. I hope I can get a refund back for the appraisal as I never had one! This is by far the worse experience I’ve ever had with a refinance! DON’T DO IT!

  25. Scammer

    Paul Ortega a loan officer with this bank continually misrepresented the status of the loan to our buyers and us the people they were to buy from.

  26. Scammer

    Over the last 30 years I have done many real estate transactions, this was the absolute worst! Would not deal with this bank ever again. Poor customer service, the loan process was very painful and settlement was not on time, even thought they were rushing it through!

    After we were clear to close, they continually requested further documentation which slowed the process down and they did not bother to see that they had what they needed from the insurance company and let me know so that I could get on them. What a NIGHTMARE!

  27. I would recommend them to my friends.

    I refinanced with The Federal Savings Bank, it went smooth and easy. My broker, Robert, was excellent and honest. Federal Savings Bank followed up and met all their document requirements.

    Once I submitted all the required information, The Federal Savings Bank quickly completed the re-finance and closed the loan under 60 days . I would recommend them to my friends.

  28. Good Service Provide.

    Bought a house through this company and I must say they did good by me I was very please with the short time that every thing was process

  29. This lender did not care the only answer was "I apologize"

    They turned down a borrower after 67 days of having the loan and cost the buyer their $3k deposit the buyer lost the money for inspection and appraisal. This lender did not care the only answer was “I apologize”

  30. Worst Bank ever.

    They lie to you, don’t ever use this bank.

  31. Very disappointed in this whole process and really hope the next guy doesn't pull this crap on us.

    Wish I didn’t have to give them 1 star. They don’t even deserve it. They gave us the run around for a month trying to get pre-approved. Here’s the kicker… They promised an answer on pre-aprroval the following day which lead to them asking for money to even get an answer on how much we approved for. According to the lender it’s part of a program. Why wasnt this brought up in the beginning of the process? To me red flags went off! Why would anyone write a check to find out if they approve or not? Pretty much they want to take you for your money!

    I believe this bank is a complete joke, very unprofessional and the have a complete lack of communication. Straight up this company wasted a month of my time and strung us along making us feel like we were getting closer to getting an answer to just asking for money. Very disappointed in this whole process and really hope the next guy doesn’t pull this crap on us.

  32. SCAM ARTISTS.

    Got some random notice from them about my equity line (they are not my mortgage company), discussing HELOC reset. I called my mortgage company and I don’t even have a HELOC mortgage. SCAM ARTISTS.

  33. This lender did not care the only answer was "I apologize"

    They turned down a borrower after 67 days of having the loan and cost the buyer their $3k deposit the buyer lost the money for inspection and appraisal. This lender did not care the only answer was “I apologize”

  34. The mortgage banker I spoke with was very rude

    The mortgage banker I spoke with was very rude after we declined to refinance our home. He laughed at me on the phone and even hung up on me. Very rude. I explained to him that we wanted to wait until after some remodeling got completed before we refinance, guess who we won’t be calling!

  35. very unprofessional

    very unprofessional and the have a complete lack of communication. Straight up this company wasted a month of my time and strung us along making us feel like we were getting closer to getting an answer to just asking for money. Very disappointed in this whole process and really hope the next guy doesn’t pull this crap on us.

  36. Why would anyone write a check to find out if they approve or not?

    Wish I didn’t have to give them 1 star. They don’t even deserve it. They gave us the run around for a month trying to get pre-approved. Here’s the kicker… They promised an answer on pre-aprroval the following day which lead to them asking for money to even get an answer on how much we approved for.

    According to the lender it’s part of a program. Why wasnt this brought up in the beginning of the process? To me red flags went off! Why would anyone write a check to find out if they approve or not?

  37. SCAM ARTISTS.

    Got some random notice from them about my equity line (they are not my mortgage company), discussing HELOC reset. I called my mortgage company and I don’t even have a HELOC mortgage. SCAM ARTISTS.

  38. This lender did not care the only answer was "I apologize"

    They turned down a borrower after 67 days of having the loan and cost the buyer their $3k deposit the buyer lost the money for inspection and appraisal. This lender did not care the only answer was “I apologize”

  39. Beyond slow. Does not follow on promises.

    Beyond slow. Does not follow on promises. “In two weeks” turns into another “in about two more weeks”, “on Monday” means “as late in the week as you allow me to slide until you call again, frustrated.” “Next week” turns into….well, you know. Had I not wasted almost FOUR months of my life on this sorry bank,

    I would’ve taken my business elsewhere. Since the loan has YET to close, that may still happen. AVOID!!!!!!!!!!!!! They are as courteous as they can be, but lie lie lie. Even my loan officer bailed on them before the loan closed. What does THAT tell you. Don’t. Give.

  40. we were just informed we'd have to PAY to get a HIGHER interest rate.

    Another month and a half gone, and the closing is nowhere in sight. AND, we were just informed we’d have to PAY to get a HIGHER interest rate.

    Avoid them like the plague! OR, check other reviews both here and on other websites before you decide to give them your business.

  41. Do your research and LOOK FOR ANOTHER COMPANY!

    Unprofessional and untrustworthy. Horribly disappointed with the mortgage loan experience. Do your research and LOOK FOR ANOTHER COMPANY!

  42. Couldn't have asked for a better loan officer and bank!

    I had a loan officer that made the whole process of refinancing/streamlining our VA loan as easy as 1,2,3. His name was Tom Franch and I highly recommend him!

    I could call him or email him and ask questions anytime, including weekends AND…he was prompt to answer them. This loan officer deserves an “outstanding” raise! Couldn’t have asked for a better loan officer and bank!

  43. This is a dishonest business.

    This is a dishonest business. They send me official looking notices telling me that my current equity line may be reaching its maturity. My equity line is with another institution so this is a scam to get me to call them. I would never do business with an organization that demonstrates its ethics in this manner.

  44. Stay away at all costs.

    Stay away at all costs. They cannot deliver what they promise and are very disorganized. Not worth the hassle.

  45. How can you trust a company when the first they do it lie

    How can you trust a company when the first they do it lie… Total deceitful methods in their advertising and also are in the habit of violating the law since I legally removed myself from Prescreened Credit and Insurance Offers thru the Federal Trade Commission. Plus they prey on Veterans – they are the worst form of low.

  46. DO NOT USE THIS BANK!

    WORST EXPERIENCE EVER. LIARS LIARS LIARS!!!!! I would give a negative star if I could. I was lied to from the first phone call. Against my instinct I went forward with the process and every step of the way what I was told from the beginning was not what it was. In some circumstances I understand, but we were told we could expect about 15k back from our equity. In the end we got $0.53.

    That’s right 53 cents. to be off by 15K is to unacceptable. Then after that there no discussion about another issue and in the end I had no choice. They had funded the loan and if I retracted it I would be 2 months behind on my mortgage.

    I will get out of this loan at the first opportunity I can. I have filed a better business Bureau report. I will also ensure that everyone I know get the word they are LIARS and will talk down to you when you catch them in the lie. DO NOT USE THIS BANK!

  47. They will waste your time.

    Stay away at all costs. Predatory lending practices. They do not have your best interests in mind. They only want to make money at your expense. They cannot deliver what they promise. They will waste your time.

  48. Please look at my BBB review for details.

    The worst bank!!!! The worst Loan Officer, Alan Mathoslah, who has 20 years of experience but does not know how to calculate DTI’s before submitting files and wasting his clients time. If you are considering this lender, please re-consider unless you have time and money to waste. Please look at my BBB review for details.

  49. Obviously some people should not work in customer service.

    Yousuf Shah the mortgage banker, which I was talking to was pressuring me in why I didn’t want to close that same day without looking at his numbers. So we finally agreed on the next day to talk,

    no one called me at the appointed time so I went with the next nicer and kinder mortgage banker. Two days later he called and I said I went with another lender and I said thanks … he called me a$$hole to end our conversation.

Reviews:49
Reported Loss :1324 $
Severity of Scam :High
Reported by : Anonymous
Views :