I'll preface this review by stating that this review isn't so much a reflection of this specific location / its employees as it is Vectra as a whole. I realize they are just carrying out the decision made up higher up the corporate food chain, so to speak.
Now that is done, let me explain why you should never, ever take out a mortgage or a loan of any sort from Vectra, specifically if you do not have a checking or savings account with them. My parents took out a mortgage with Vectra a year or two ago. I was there at signing as my parent's financial advisor and was shocked (as a fellow financial professional) to learn that - in 2016/2017, with almost all financial institutions allowing you to handle transactions online - they would not let my parents make payments on said loan either online or via direct deposit because they do not have either a checking account or a savings account with Vectra.
Had I known then what I know in terms of what a headache Vectra would make this, we would have never taken out a loan with them. Though it was not explained at signing, we also apparently can't make payments directly on the loan. A checking account still had to be opened with the Vectra and the payment deposited into that each month, where the bank would then debit that account when the payment for the loan came due.
Why the payment can't just be made directly on the loan (without that checking account) is puzzling enough alone, but throughout the 2-3 years we've been dealing with them, there hasn't been more than a month or two that has gone by where they don't try to stick us with some bogus fee due to problems caused by their OWN system.
For example, my mom just had an ankle replacement, so when I was over at my parent's house to see her after her surgery / help my dad with taking of her, I told them I would go make that month's payment. The teller could not even locate the checking account we had to set it up (don't ask me how that is even possible) and assured me that there would not be any issues if she applied the payment directly to the loan. Fast forward to this week, and my parents get a notice in the mail that they owe Vectra over $300 in overdraft fees, which we come to find out is because they still tried to debit the checking account for the loan payment (even though the most recent payment had already been made by me when I went in as mentioned above, and even though their teller assured me there would be no problems). And even though this is 110% a problem caused by them, they are saying that my parents still have to pay them the $300+ in overdraft fees or that amount will continue to increase by $35 per day.
Bottom line: do not walk, run away from doing business with Vectra. They are vultures who literally try to make things as difficult as possible for their customers, just so that they can try to stick them with bogus fees to generate more revenue. I've never done business with a worse run financial institution, and that includes a career where I've had to work with JPM, Bank of America, Wells Fargo, Citi, State Street, BBH, and BNY Mellon among others (so not exactly a list full of your most trusted institutions to begin with, which should tell you just how awful Vectra really is). ~Mike
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