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

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The Federal Savings Bank reviews are no way affiliated with yelp & reddit. Their business is located at 300 N Elizabeth St #3e, Chicago, IL 60607, USA. The Federal Savings Bank could be contacted by dialing (877) 788-3520 or logging on their website thefederalsavingsbank.com. The Federal Savings Bank business page on Dirty Scam received 41 consumers reviews/complaints, page views and 1324$ of monetary losses. The most of the users reported the severity of the scam is High.
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41 reviews on The Federal Savings Bank

  1. 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.

  2. 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.

  3. 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.

  4. 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!

  5. 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.

  6. Stay away at all costs.

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

  7. 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.

  8. 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!

  9. 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!

  10. 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.

  11. 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.

  12. 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”

  13. 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.

  14. 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?

  15. 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.

  16. 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!

  17. 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”

  18. 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.

  19. 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.

  20. Worst Bank ever.

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

  21. 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”

  22. 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

  23. 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.

  24. 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!

  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. 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!

  27. 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!!!

  28. Unprofessional and untrustworthy.

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

  29. 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.

  30. 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.

  31. 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.

  32. 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.

  33. 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.

  34. 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.

  35. 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.

  36. 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.

  37. 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.

  38. 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!

  39. 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.

  40. 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.

  41. 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

North Elizabeth Street 300
Chicago 60607 IL US
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Reviews:41
Reported Loss :1324 $
Severity of Scam :High
Reported by : Anonymous
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