Complaint Review: EnerBank USA - Salt Lake City Utah

Thank you for bringing your concerns to our attention. Our goal is 100% customer satisfaction, and your feedback is important to us. To help our customers avoid paying interest on "Same as Cash" loans, we currently send two to four letters reminding them that their Same as Cash expiration date is approaching. We are also in the process of providing monthly statements in place of "Same as Cash" reminder letters, and adding new ways to communicate online with our customers.

We sincerely apologize for any difficulty we may have caused you. Please feel free to contact us at 1-888-390-1220 Monday thru Friday 9:00 AM - 8:00 PM ET. EnerBank USA maintains an "A+" rating with the Better Business Bureau, and to us, even one unhappy customer is one too many.

The rebuttal filed by Enerbank (which I just noticed today) is complete an utter baloney (or worse). 

First, if you call that 888 number they give, they won't answer the phone.  One time I got a lady named Cindy to answer the phone.  I had called during the course of my loan with them to find out what my balance due was at the time, and she didn't know and said I would have to send a written inquiry in to get that information.  I never could reach them on the phone again.  As I said in my original post, the only thing they did for me was refund my extreme overpayment of $5300.00.  This came in the form of a check along with a very simple statement with the total of all the payments I made.  I had made my final payment before the "same as cash" deadline expired so I checked and they had not charged me any interest.  I have a lot of empathy with those poor folks that thought they could wait for 18 months and then start paying.  They send you a payment book with the first payment showing being due in 18 months!  Well if you wait 18 months which I can see how someone might do, you're doomed.  The loan is due in full at that point.  If you just start making payments after 18 months they asses a really heavy interest payment too.  I forget exactly what it is but back in 2012 when I was dealing with them it was 21%.  They appear to be operating on the very edge of the truth in lending law.  It is definitely a buyer beware arrangement if you decide to deal with them.  It short, I would advise anyone thinking of dealing with Enerbank USA to reconsider for your own peach of mind.

I am very interested in hearing from YOU. I am an arbitrator and am dealing with several matters involving Sky Remodeling AKA Top Construction AKA Nation Remodeling and several other names/licenses that they use----THEN they use this "bank" ....hmmmmm

Mark A. Hylland

562-864-4741

I just installed a complete solar system. The contractor got the amount of the system approved as a zero percent interest loan for 7 years through EnerBankUSA. I received a letter a couple of days ago to tell me that my CCN VIP Loan Program payment is due in about three weeks, and that I will be sent a coupon book and that it is VERY IMPORTANT to ALWAYS use a coupon when making a loan payment. I got a phone message today by someone from EnerBank named Cindy and she asked me to call them back right away about my loan, but did not give any details. I have been calling the number all day long and they will not answer the phone, so I looked up their website, which is not really a website in the classical sense of the word, and EVERY phone number I can find on the Internet for them, is really a number with a messge saying something about how they can not answer the extension at this time because it is not working, and then transferring to an operator, and then a backup operator, and then nothing. It is all just a bunch of bulls**t because any legitimate bank would not conduct business this way. I can see from the outset that this is going to be a problem, especially after reading all the other complaints about them. Is it really a bank? I am saying right now that I will not pay these people one cent more than the cost of the system I purchased. The contractor is out of it after they install the sytem, so I am left to deal with this finance company. They sound like a world-class scamming operation to get more money out of people.

 My due date for "same as cash" terms was July 2, 2013.  During the entire term of this loan, I never received one statement from EnerBank USA.  In their response to my original report, the mention that you can call a "customer service number".  Yes you can however they forgot to mention that they seldom answer the phone.  "Typical wait times of 60 minutes" were the result of phone calls.  I too received a payment book.  The date on the first payment ticket was the same as the date the loan was due in full.  While probably not illegal, it is very misleading at best.  I see from reading the other complaints that others had a similar experience.  As the paid in full date approached, I became concerned that I may not have sent in enough payments.  I was beginning to suspect that there were "hidden charges" that were offsetting what I was paying.  In the last two weeks of the "same as cash" period, I had estimated that my balance was somewhere aroundn $2000.00 but I wasn't sure.  I sent them $7000.00 just to be safe, hoping that they would refund any overpayment.  To their credit, they did refund $5300.00 approximately.  They sent a letter (post dated as July 20, 2013 but received on July 13, 2013) thanking me for my business.  The letter was not signed by anybody and there was no accompanying closing statement.  I wrote them via US Mail requesting a closing statement.  I did get a statement that was scary.  Here is the deal.  During the course of the "same as cash" period, interest is accruing.  If you don't pay the full amount off by the end of that period, ALL of the interest accrued becomes due!  This in my opinion is very misleading.  I was foruntate to be able to make sure that it was 100% paid ahead of the due date.  If as indicated on the ticket, you waited to pay anything on that date, you would find that the full amount was due and worse, that you were already late!

In short, I cannont recommend strongly enough, that unless you are really into reading fine print, that you avoid these people like the plague!  I never heard of any credit or banking organization that refused to send out statements as the loan progresses.  Needless to say, I added up all the money I paid and compared it to the orignal balance to make sure they agreed and no interest was paid.  What they actually did was accrue the interest and then upon receipt of enough money to pay the note in full, they refunded the accrued interest.  If  you had underpaid by even 1 dollar, I would have owed another $14,000.00 in unpaid interest!!  Be very careful with these guys.

Steve

We do not discuss publicly individual accounts at EnerBank USA, but our customer service number (1-888-390-1220) is available [Mon-Fri 7:00 AM 7:00 PM ET] for any customer who has questions about or problems with his or her account.  EnerBank USA makes thousands of loans each month to homeowners nationwide, and we receive very few complaints overall.  We maintain an A+ rating with the Better Business Bureau, and we try to resolve all complaints in a reasonable and timely manner.