US Bank Loss Drafts - US Bank Loss Drafts Department

Posted on Saturday, September 10th, 2011 at 8:47am CDT by 45b7ca54

Product: US Bank Loss Drafts Dept

Company: US Bank Loss Drafts

Location: Attention: Loss Drafts PO Box 6501
Springfield, Oh, 45501-6501, US

URL: http://www.usbank.com/

Category: Other

Insurance check reimbursements for recent hail damage were issued to myself and US Bank, my mortgage holder. US bank has withheld these funds from me forcing me to finance the repairs and request reimbursement from them. Since these repairs totaled over $50K, the financial burden has been significant. I have received the first draw of 13K. I have consistently been told each week for the past four weeks that the final check was in the mail only to find out the next time that I call that there is some additional paperwork that needs to be completed. US Bank has never made any attempt to contact me with regard to this paperwork and each time I call them there appears to be something new that needs to be completed. The bank doesn't seem to have trained personnel or a legitimate process to issue this check. They have consistently stalled the paperwork to the point that their actions, in my opinion, have become punitive.


9 Comments

Post a Comment

mia, 2012-08-11, 10:06AM CDT

I have been having the same issues with US bank's loss draft department. First off, the only person in this dept. seems to be a kid named 'matt' that doesn't seem to have any information despite the fact that I've been calling him every day for weeks. Each time I call, they seem to be missing some paperwork, even though I sent everything priority mail, and paid to have it faxed with confirmation. They received the check of course but no paperwork, they were in the same envelope! When I asked what he thought a random check was sent to them for without attached paperwork, he said he didn't know because they receive checks all of the time. Meanwhile, my roof has been damaged for a month and I am unable to get the check back to fix it. After 3 days of supposed overnight mailing of the first draw to begin construction, the check finally arrives and it is 1/3 of the total amount of the first draw! Not to mention it is in my maiden name. I am really fed up with the shady practices this bank is accustomed to. Thanks for letting me vent since of course they are closed today.

Jennifer M., 2013-08-13, 01:25PM CDT

I have been dealing with the loss drafts department for 2 1/2 months. We have completed 95% of the repairs. per their inspector, and still do not have any portion of our check released. We have spend around $19,000 out of our own savings. I have been told 3 different times that after 2 business days, for processing, the check will be sent overnight. When i do not receive it, I call them and they say they need another form or document. I fax it to them, call in 20 min for their "Senior Specialist" to attach it to my file, and then we are back to 2 business days and then it will be sent. Every representative and Senior Specialist tells me something different. We built our home 2 years ago and just want it back the way it was before the storm. Very frustrated.

Em N., 2013-09-26, 11:39AM CDT

Dear U.S. Bank:

While I am aware that your tightened policies and requirements are due to scammers who collect insurance money and walk away from their homes, honest people who want to repair and restore their homes should not be penalized. Though the draft process is laborious, I don't mind complying as long as the requests are reasonable and items are being handled in a timely manner. The so-called 'Specialists' do not seem very versed in construction processes. The across-the-board policies are so unreasonable that cosmetic work requires same documents as structural work (i.e, my cabinet guy is required to have his GC). Really? Like many others who have complained before me, you do not seem to care that I have come out of pocket draining my savings to start a renovation to a kitchen that has been nonworking since July 2013. And even when all documents (42 pages to be exact) include every contractor's Statement, W9, certificate of insurance, GC license, certificate of Incorporation, endorsed insurance checks, receipts, invoices and fully executed contractors as required by your detailed set of instructions to receive the first draft, still we have nothing.

So I see how this entire nightmare-of-a-process with you is going to go. How silly of me to think that we, as Mortgagor and Mortgagee are partners in the real property interest where the loss occurred. The representatives of your organization have demonstrated that there is no partnership and working together on this process. I am not a customer, partner or friend to you, only a source and means of meeting payroll to your 'specialists' and bonus payouts to the execs at the top of the U.S. Bank chain.

Don't worry about recording our conversations for training purposes. I'm doing that for you. Every word will be on tape so that I can protect my loss that continues to grow day by day. I will have to strategize and figure these processes out and I will handle it my own way with results. In the end you will hear my voice not only for my hardship, days lost from work, exhausted savings etc. but for all of the others like me who have suffered.

I wish your organization no ill will. The way you have chosen to conduct business will determine when and how your organization fares.

Not that you will even notice, but as soon as it is possible, I will be cutting ties with you. Someday soon I will be sitting in my repaired and restored kitchen drinking a fine bottle of pinot and writing a thank you note to my new partner, friend and lender.

Joan G., 2014-01-17, 07:09AM CST

The US Bank Loss Draft Department is a nightmare to deal with -- it has been over 6 months that I have submitted the insurance check and it is being held in escrow at US BANK !!! I have been given conflicting messages from the customer service personnel and the Loss Draft departments!!! Supervisors have also been incompetent in resolving the problem - I have spent out of pocket monies to replace damage property! Even attempting to apply the insurance monies against the principal, as we were advised to do to expedite the matter, has remained a problem and still has not been done!!! My next step is to report this to the bank and insurance commissions. It appears that holding the insurance check for such a long period should result in accrued interest which should be applied to mortgagee account ! The time and effort to resolve this matter has been futile -- US Bank management must review the numerous complaints that appear on the Internet site and I am sure many other unreported problems exist!!!

January 19, 2014

N

Linda, 2014-01-21, 08:29AM CST

Is there anyone in charge of us bank loss draft dept? Who is in charge of us bank? I am 70 years old and having to deal with this and no one cares.

bcc3dd61, 2014-02-10, 12:32PM CST

To whom it may concern,

I contacted US Bank on February 10, 2014 regarding a Contractor Release, dated January 31, 2014 from Classic Contractors / MattPro LLC and notarized by Kristin Owen. A U.S. Bank representative noted that the document submitted was judged to have markings which suggested the use of correction fluid and therefore impermissible.

Failing to admit the provided document and suggesting the use of correction fluid constitutes allegations by U.S. Bank that the mortgagor has performed fraudulent activity.

Where U.S. Bank could have requested clarification from the Contractor or Notary to confirm the contents of the document, U.S Bank has instead accused the mortgagor of submitting falsified documents.

These accusations thereby suggest that any remaining documents provided by the mortgager may also be fraudulent. For this reason, we request that U.S. bank contact the signatory directly for clarification and assurance of document details:

Matt McGowan

Classic Contractors

[email protected]

(402) 250-6569

We consider these accusations serious, and jeopardize the relationship and loan service status with U.S Bank. Minimal effort is effort required to have our loan serviced by another lender.

Please consider carefully our course as we move forward in resolving this issue.

I appreciate your prompt response and reconciliation of this matter,

28422387, 2014-10-07, 10:27AM CDT

I?m having the same issue with US bank?s loss draft department. My insurance company issued a check for hail damage within about 2 weeks. I paid my contractor from my own savings. I sent all the paperwork to the Loss Draft Department. The loss draft department said the inspection was 100 complete and they had everything they needed. A person from the loss draft said it would take 2 days to process the check and about 3 days to mail. I called them back about 2 weeks later and asked had they mailed the check. They said they needed to know if the repair required a permit. I said no. They said that?s all we needed to know we will request for the check to be sent out again it should take two days to process and we will have is shipped next day. Another week passed by, so I called and asked what the status was. The person I talked to said they didn?t know what was taking so long. She told me she was transferring me to their accounts resolution department. I stayed on hold for about ten minutes then their phone line just hung up. I called back and asked the next person I talked to could he transfer me to the accounts resolution department? He asked for information and said they were mailing the check that day and I would get it the next day. That was last week.

d8411a9a, 2014-11-28, 03:05PM CST

can anyone help us fire claim nine months and u s bank will not ok the rebuild it has been a nightmare we call and told they have everything and then they cant read copy they have had for months i can not beleve they can treat people this way i

8a86d33f, 2014-12-02, 06:21PM CST

I too am going through the same nightmare with US Bank Loss Drafts as many others have posted. I have NEVER been so disgusted with an organization than I am with the US Bank Loss Drafts department.Where can one turn to light a bonfire under their stupidity? State attorney general? I think they do this on purpose because they make interest on the money they've deposited, and may also be earning interest from the money that people have to borrow in order to pay the contractor. What a SCAM. SHAME ON YOU USBANK!!!!!!!!!!!!!!!!!!!!!!

I'd really like to know why they have to go through this process (needing an inspection) in the first place. There was a permit pulled with the city for the job and an inspection by the city after the work was completed. I was told that this inspection is not to ensure that a "proper" job was done, but rather to ensure that the work was actually done. Really? Why can't they do that with a call to the city to verify that the permit was pulled and the final inspection completed? They already have a copy of the permit that includes the sign off for the final inspection. Oh ya, I forgot. US Bank wouldn't make money off the interest that way!

Like another post above with complaints, I too will be looking to refinance my mortgages, move my investments, and my banking with anyone but US BANK. Sorry Wealth Management division, but you are taking a hit for the Loss Drafts stupidity.

Post a Comment