I have had a HELOC at Fremont Bank since March 2018. I have had a very bad experience attempting to repay this loan.
It is a variable rate loan currently at 6.5% which has gone up several times in the time I’ve had the loan.
At Fremont Bank the checking department employees can’t view loan screens.Loan employees can’t view checking screens.
This necessitates two phone calls each time I have an issue with incorrect transfer between the two Fremont Bank accounts.
Loans can not be accessed on the Fremont Bank App so I have to be on my laptop in order to deal with these issues.
I have attempted to make Principle Reduction payments 2-3 times per month.
This bank invariably applies them incorrectly as partially interest and partially principle.
This bank only allows a single payment per day.
Fremont Bank’s software doesn’t allow payments to be made on weekends.
That is 8-9 days every month I can’t make a Principle Reduction payment.
No payments can be made 5 days before or 5 days after my regular monthly payment.
That’s 11 more days a month I can’t make Principle Reduction payments.
I used my regular bank’s BillPay service to make my regular monthly payments.
My regular bank mailed the payment on the 15th of the month.
Fremont Bank said they did not receive the payment until the 23.
They applied the payment on the 24th of the month. The check was coming from Arizona.
Even though the bank has a 5 day grace period between the 20th and the 25th of the month I was charged a $30 insufficient funds fee.
Each time Fremont Bank makes the corrections, which takes a day or two.
During these correction periods I also cannot make Principle Reduction payments.
The Fremont Bank employees continue to explain that the fault lies with the United States Postal Service.
They also say the bank is not doing this on purpose.
Each time the Principle Reduction payment is applied incorrectly Fremont Bank employees give me more instructions to avoid this problem in the future.
I follow the new instructions. It does not correct the problem.
Most recently I have initiated bank to bank electronic payments for my regular payments. This will necessitate my individually making these payments each month.
I can’t use bank to bank electronic payments to my Fremont Bank loan account because these only go to my Fremont Bank checking account.
And the Fremont Bank employees tell me these payments may be held in my Fremont Bank checking account up to 5 business days depending on how large the payment is before they can be released to my loan account.
I have called several other financial institutions to transfer the loan.
So far, the interest rates would be slightly higher and the loan initiation fees are prohibitive.
All that glitters is not gold.