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MB Financial Bank / Scam charges

1 United States Review updated:
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I have had a vehicle loan with MB Financial for 3 years. We have Never received a statement until I contacted the Attorney General for IL. When I received it, there were two charges for unnecessary insurance added to the principal for almost $3, 000.

These were Never authorized; in fact, I sent a fax back immediately to state I had insurance and refused their insurance. I also contacted my agent to send proof of the insurance to MB Financial and they did.

This happened more than once and each time I would call and state we were covered. At no time did they state that they had added these charges to my principal.

We have Always had full coverage on this vehicle - MB Financial is ripping me off but at least I am going after them. How many other people are being defrauded by this bank because they don't receive any statements and don't even know it's happening?!

I am currently working with the IL Attorney General Lisa Madigan to get this money and interest back.

Bi
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Comments

  • La
      23rd of Oct, 2009
    0 Votes

    I am not experiencing this problem, but I did notice an unauthorized check (in the correct sequence) go through my business account recently for approx $3000, and MB had me sign an affadavit that it was not authorized. It actually says "verbally authorized" on the check which goes to someone's Target credit card that I have never heard of or done business with in the past. Basically, they say they will get me the money back, but I do not feel I should have to wait 30-90 days before that happens. Someone at the bank authorized the charge to my account without valid identification from myself, the signer. I am so upset with them right now it's not even funny. Shouldn't a bank have an account set aside for this type of thing, where after the client (me) signs an affadavit stating this was an unauthorized charge (and bank error) the bank gives the money back immediately and handles getting the funds back in the backend where I don't have to wait? It's just ridiculous and now I've pulled 200k from the bank account. Is it really worth them losing over 200k in the bank for a 3k fraudulent check? I think not. They are idiots over there and always point blame at their customers instead of taking care of us.

  • An
      29th of Apr, 2010
    0 Votes

    mbfinancial has no respect for their customers . last satureday I went to withdraw$2550, the teller told me it is availlable, but have to get overright from the supervisor bz his limit for withdrawls is only$500. she refused to give me my money saying the funds are not available.I asked for the printout for my statement (which i still have with me) . which clearly shows funds are available. I asked to give me in writing that my funds are not available, she refused to do so, which clearly indicates that they were leing and just wanted to hold my money against my will. Iwas humuliated for one hour when i said Iam going to call Police and file a complain for not releasing my own money, she gave me only $1500. I had to go back next day to get my money. I closed my account with them, Iwas their cust0mer since 1996.I warn people to be care full before they open up an account with mb financial who is buying & eating small banks with our bailout money.

  • Pi
      12th of Nov, 2010
    0 Votes

    Billy, How did you make out with the atty gen? I took out a motorcycle loan in July with MB Financial and provided liability insurance as the dealer instructed. I provided proof of insurance and the loan was processed. If it was not sufficient insurance, MB's loan processor should not have finished processing the loan! This is very deceptive because now they are forcing $330 insurance for 3 months. I received notice a few weeks ago that they were going to "force" the additional required. believing I was ok with what I had, and busy, I put off replying. I received a second notice and immediately contacted them, and then my insurance co who told me they would put the insurance on and fax them the new declaration. This morning I get a call from MB collections telling me I owe them the $330 for 3 mnths comprehensive coverage, they have not received a payment due 10/24/10 and have late fees from the first payment as well as this last one (I later checked my checking account -payment was made 10/20-check cashed!). In fact, I had called MB Financial regarding the first payment as I had not yet received a payment book and they agreed to waive any fees. She did not have any record of a phone conversation. The collections person then lied saying they sent at least 5 notices regarding the insurance issue. I received 2 and reacted on the second. The caller was very rude, cut me off several times, did not want to hear what I had to say. Only wanted to know that I was sending in a payment, or "we will be having a conversation again", and did not want to make notes of my comments despite several requests. Finally told me the call was being recorded anyway. I said, "wait, you never told me that this conversation is being recorded", she replied "there is a recording that states that whenever customers call". Hello-ooo- YOU called ME! She also told me I have to call "SUI", their subsidiary - regarding insurance arrangements and then put me on hold to get a copy of my loan papers, and then starts acting like she has a law degree, quoting the contract which stated "must maintain appropriate coverage" (sic). I told her the wording is quite vague. "appropriate". I was told I had "appropriate" insurance and was allowed to take the bike. She cut me off several times, would not let me speak, and then finally when asked, gave me a phone number for their "subsidiary" company who has put the forced insurance in place. I immediately called. Some hole in the wall operation with only one phone line - I got a busy signal.

  • No
      23rd of Jan, 2014
    0 Votes

    I did a google search on MB Financial's forced insurance after I called them to pay off what I thought was going to be 3 months left on my loan and was informed that there was half the original loan amount listed as the balance. I received a letter to prove my insurance for my motorcycle loan back when I received the loan - I submitted the proper information years ago and then received no further correspondence from MB Financial. 4 years later I find out they've been hitting the loan for $1000.00 each year for forced insurance.

    If at any point in time someone is unsure what a scam is just look to MB Financial.

  • Ka
      13th of Oct, 2015
    +1 Votes

    MB financial not only rips off motorist they also do this insurance scam with homeowners. I have never had a lapse in coverage but they surely for some odd reason, even though all insurance paperwork was submitted and paid for with that matter, was said I did not have it, and they put insurance on my account for me. The insurance they put was expensive and I did not authorize it. After dealing with them for the last 6 months, I am very fed up. This issue has been happening to me since May. Not only did they withdraw money from my escrow to pay their make believe insurance that I did NOT need, its taking them forever to get my escrow account and mortgage payments back adjusted. On top of this, in an effort to prove that I had insurance all along, my insurance agent sent all paperwork in - no problem, they paid the insurance again. So that means, they paid my insurance agent TWICE! Once I called in about resolving the issue my account was even further in the negative so I inquired why, and that's when I found out about the double paying. I am still currently dealing with this. This company needs to be charged with fraud. After they told me to call and get my agent to send back the check, my escrow was still in the negatives, and my mortgage rate increased like $200, so I was furious. I had to call and speak to about 3 people before they would readjust. EVEN though, I am paying insurance $300 less, and my taxes have NOT increased, my mortgage still went up $78. My question is how?? Yall owe me money!

  • In
      5th of Feb, 2016
    0 Votes

    Our computer was hacked, hackers used the pay bill option, MB said they would investigate. after 2 months did not hear from MB, so I started calling. After 3 weeks they said they could not recover funds from the payee. I was hacked and fraud was involved but they say it was a internet bill transaction. After 3 months no one can recover money, they stalled and do not care about individuals and the elderly, they mean business, that's were the money is for them. We lost $4200, in attempt to stop the fraud once I saw it I put a stop payment on (not realizing it was a bill payment and not a check these crooks took), it cost $36 per transaction, still have not gotten that back even when they told me I should get that back. It has been half a year and MB still has not done a thing. I closed the account when my money was gone and they said since I no longer have an account we are not sure how to return your money. Really.

  • 24
      14th of Jul, 2017
    0 Votes

    I received a mortgage loan from MB Financial as referred to me by my real estate agent. They told me they would be able to close within a short period of time that I would not have to lock in the rate. They messed up my loan application by submitting incorrect information such as job history, income etc. This delayed my final approval which in the meantime the rate went up and I had to pay a point fee. I had to pay an additional .5% higher than what was originally quoted. Not happy about that since I am a senior citizen on a very limited retirement income. My neighbor had the exact same issues with them. Since I am a senior citizen, I am trying to pay off the mortgage early so I make additional principle payments so I don't have a mortgage obligation in my 80's. They messed up twice applying those payments. I had to contact them several times to make the corrections. They reversed the payment but messed up the accounting. In fact, they sold the loan to FHA and in doing so, two payments are not recorded. I filed a complaint with the Consumer Protection Agency and they are now doing some research as to why these errors occurred. I have a feeling this bank has no clue on the correct accounting procedures. I am very much in tune with the correct banking procedures as I am a retired banker and used to work for the FDIC closing banks for a living. So, my advice is to read your contract before signing and follow up on all payments made to them for the correct accounting. If they cannot resolve any issues, contact the Consumer Protection Agency to help mediate the situation. If they continue to receive legitimate complaints, the Agency will do an investigation to assist you. Good luck!

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