Citizens Bankrefinancing nightmare/fiasco

Review updated:

My husband and I are middle aged citizens and we're trying to refinance our home with my husband working full time and me as a part tine worker were offered by Citizens bank a refinancing option to our current home. Since we maintained accounts with Citizens bank, we trusted their offer and began the loan processing in July, 2012. I've to let the world know that, It was nothing but a nightmare process and now after six months, still they didn't close the loan and we lost the deposit $450.00. Citizens bank's loan dept literally taken us for a ride.

We've submitted all the long list of documents within two weeks of the initial processing. Then started following up...Then 2, 4, 6, 8, 12 weeks passed by...After 4 months they started asking the same documents we've submiited earlier...We're helpless and the worst part about this was, there was no explanation from the Citizens bank side, why it took so long for responding and queries and what they were doing with our files...For them, the customer satisfaction has no value in it.

We did not understand how such a huge mistake could have happened. Almost six months later they started requesting the same documents and other list of verifications again...we kept on requesting them really humbly to stop this processing fiasco and refund our hard earned $450.00. The Citizens bank simply replied NO...We lost our deposit money as well as 4+ months of reduced monthly mortgage payment. The Citizens bank dragged us to this nightmare went with no remorse or apology. It's hard to believe such bank can do to the long standing customers.

If you are considering Refinancing/Financing loan with Citizen Mortgage, our humble request to run away from them and don't ended up a prey like us. Please stay away from them for loan purposes.

Jan 31, 2013
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  • Wh
      Apr 11, 2013

    They are doing the same thing to me right now. Citizens called me told me they could save me some money. I current have my truck, house and home equality loans with them. Everything went real smooth until my refinance went to the under writer. The problem is that when they sent the appraiser to my home they sent the same company that appraised the house 3 years ago when the house needed a roof. I replaced it 3 years ago, the appraiser forgot to remove the comment. So I been trying to contact the roofer for weeks, no success. I hired a general contractor to access the roof he wrote I have 30 years left on the roof. This once again was not good niff for citizens bank because on his company letter head there was no tradesman number . I just feel that like you they are jerking me around trying to steal my 450 dollars. I guess it dose not matter that I am a loyal costumer with already with them. Citizens bank just stinks and are a bunch of crooks

    0 Votes
  • This exact scenario is being played out with us. They did botch the entire loan process, very arrogant attutudes coming from the upper management down to the loan officer. They will not refund the $525 loan application fee even if I have submitted all documentation asked for in a very timely fashion.
    This is by far, the worst customer service and the worst experience I had with a bank (and I do work for a bank) . I can't believe I was duped to go with them with the loan application, when I clearly had many other choices.
    Stay away from Citizens when applying for a mortgage!!!

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  • Ma
      Feb 26, 2014

    I wish I had read this before applying with Citizens. I have been trying for 5 months now to close my construction loan. Every day I get promised soon and I fall for it. They are horrible at communicating with me. My loan officer actually lied to me and told me we have a closing date in December after I pressured him to get it done. The closing date never existed, the loan officer hadn't even submitted all the documents he needed to. The loan was approved on October 11, 2013 it is now February 26, 2014 and still no closing date. Worst experience I ever had!!!

    0 Votes
  • Of
      Jan 13, 2015

    Your right citizens bank is the worst bank ever. I had an overdraft and they charged me $140.00 .they gouged me good. When I called to complain they were rude and wouldn't help me. I have a credit card, a second mortgage, checking account, two collage savings accounts with citizens.i am now in the process of changing all this over to my credit union.

    0 Votes
  • Wi
      Dec 30, 2015

    Our Refinancing application was a similar horrible experience. Started in May of 2015 and went on 7 painful months. After we paid 450$ to have the house assessed we waited and waited for a status on the application. There were countless emails, faxes, and phone calls. Finally, in September we were asked to provide more documentation but it was never enough. It seemed like every other day there was a request for more information, much of which was already sent back in May. We actually reached the point where we received a commitment letter. When we called about a closing date, we were told the underwriters had deferred and needed yet more information ! We then withdrew the application (which apparently they wanted us to do all along). We too are long term customers that have paid thousands of dollars in interest to Citizens and have never missed a payment.
    Why are they doing this ? My theory is age discrimination. We are an older couple and rather than refusing us (which is illegal) they just wore us down with unreasonable requests until we finally gave up.

    0 Votes

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