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   Real review of "SunTrust Bank" in Richmond, VA!


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female
  Meredith Newton sent us her review October 19, 2016.

  Visited address:
  1801 W Broad St, Richmond, VA 23220, USA



"A few years ago, three to be exact, I decided to take a refinancing and Suntrust ends up buying my mortgage. I have to say that at first, everything seems to be going well, I got the cash I needed at a reasonable interest rate, and the payment process for the first few months was a breeze.

However, after a few months, I got a notice and a bill for an escrow shortage (and a significant amount at that). I understood that an escrow shortage can happen due to numerous reasons such as property tax increase or miscalculation, but when I made a call to ask about the reality of the situation, They kept avoiding a clear answer (and kept directing me to other managers and departments), and they all simply said that escrow shortages are normal, and I can either make the payment now or my monthly payment will increase. Although I still didn't get the answer I wanted, I got tired of making all the phone calls for nothing and ends up paying the bill.

HOWEVER, the very next month, they charged mine with an increased monthly payment, the exact opposite of their argument. Gave them calls again to no avail and no clear explanation, and again I have to give up on the subject. The worst part is, when I decided to refinance my account to another bank because of their lack of transparency, they said that they'll need to charge me with a significant amount of penalty they never mentioned before.

In the end, I withdrew my plan for a refinance and had to stay with Suntrust Bank for the rest of my mortgage. They charged me with escrow shortage twice a year, and keep increasing my monthly payment without any clear explanation. Again, it's not that I'm not willing to pay for an increase, as I understood mortgage rates and fees can fluctuate depending on many factors, it's just I want a clear reason and explanation regarding any increase. Not to mention, I've never had any escrow shortage with other lenders, and definitely not twice in a year.

I've talked to some 'managers' over the phone calls and direct visits, with the usual reply being they will give me a call back but I never got any. I sent countless emails to ask SunTrust to no avail, and I also tried emails through the website's customer service that replied with useless and seemingly automated responses. Filed my complaints through CFPB and BBB, but still didn't get any result.

I live in Richmond, VA, and the SunTrust Bank that owned my mortgage is the one at Semmes Ave, although I doubt the location will matter, as I've also read countless negative reviews about SunTrust.

All in all was very disappointed with their service, and I'd definitely recommend anyone to avoid them at all cost. I wished I didn't rush with my refinancing back then, but oh well, lesson learned: be careful when making loans, especially major ones."


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