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 legit?
The Federal Savings Bank is not a legit business owner or provider. They are not aggressive towards their customer satisfaction and complaint grievance, and hence 49 consumer(s) was/were given a The Federal Savings Bank as a negative rating, and only a few left positive feedbacks.
Where is The Federal Savings Bank located?
The Federal Savings Bank is headquarted at 300 N Elizabeth St Ste 3E Chicago, IL 60607. We do not have any affiliation with the better business bureau or yelp reviews platform. You can contact The Federal Savings Bank by dialing (877) 788-3520 or visit their website
How much monetary loss is incurred by The Federal Savings Bank’s customers?
According to the reviews posted by The Federal Savings Bank’s customers, US $1324 was the total loss incurred, and hence the severity of the scam is high.

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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

Reported Loss :1324 $
Severity of Scam :High
Reported by : Anonymous
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