Louisville, Kentucky
Not resolved
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In July of 2014 my wife and I opened a HELOC on our primary residence and opened a checking account with direct deposit as instructed by the loan officer in order to open the HELOC at the advertised rate. The loan officer had us sign several documents as he briefly described the contact of each of documents, very similar to every closing I have been too.

I specifically asked the loan officer if there are any fees associated with the account and he said only the annual fee and an early termination. I asked for more detail on the early termination fee and he said that if the account was paid in full and the HELOC closed due to the sale of the home that there is no termination fee. The fee only applys if the account is closed not due to the sale of the home. Fast forward to July 2016, we have sold the home and are heading to closing, Republic Bank slips in a $500 early termination fee on the payoff document.

When I called to get an explanation, the previous loan officer whom sold me the HELOC is not longer employed and the new one says I violated the terms of the HELOC due to not completing 10 transaction per month with the bank account. I explained that the previous loan officer stated specifically that this fee would not apply if the property was sold. She reference a small paragraph in all the paper work we signed which was not mentioned by the previous loan officer.

The seems like the previous loan officer commited FRAUD just to get the sale and they will not due anything about it. I paid the fee just to get the home sold but would like to be refunded.

Product or Service Mentioned: Republic Bank Loan Officer.

Reason of review: Poor customer service.

Monetary Loss: $500.

Preferred solution: Full refund.

Republic Bank Pros: Nice at first.

Republic Bank Cons: Being lied too.

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