Loan rates?

[DTown3011]

Tower FCU and Parsons FCU have both been slow and/or difficult to deal with. I have opened accounts with other financial institutions (including credit unions), previously, but never had so many hoops to go through.
Parsons wanted me to prove who I am by sending them a copy of my cable or utility bill - uh, the utility bill doesn't come to me, and we don't have cable. And why would that prove who I am? I've got a current US passport and an Arizona driver license, if they truly want proof of who I am. But that's not what they asked for.

Ya, it's been frustrating to say the least. I was on hold (while working in my office) 3 different times today for 45 minutes each time. Twice I just hung up and the 3rd time someone finally answered but by the time I could get to the phone and take it off mute they already hung up. Not the best customer experience at all.

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[paariv]

I'm to the point where I'm close to cancelling my loan with Tower. I finally got my membership approved and now they need me to add my wife to the loan because she's also on the purchase agreement. They sent me a message saying to call and add her. I've called on 2 different times today, been on hold for 45 minutes each time, and nobody answers. It's honestly not even worth it at this point...

I hear you.

They weren't approving my membership, even though I'd satisfied every one of their listed requirements. I called and they told me they needed more docs (ones I didn't have) and I spent 1.5 hours offering things like copies of passports, etc as alternatives, until I finally convinced them I'd done enough.

Now they still aren't moving on my loan - all they did was tell me to upload documents I've already uploaded, and never respond to communications through their portal. Agh.

 

[kyunam]

I finalized my loan, 3.5%, from myeecu.org on 1/31. The process was smooth and they were responsive. Their rate is now 4.99% .. but I had a good experience. Just fyi.

 

[DTown3011]

I hear you.

They weren't approving my membership, even though I'd satisfied every one of their listed requirements. I called and they told me they needed more docs (ones I didn't have) and I spent 1.5 hours offering things like copies of passports, etc as alternatives, until I finally convinced them I'd done enough.

Now they still aren't moving on my loan - all they did was tell me to upload documents I've already uploaded, and never respond to communications through their portal. Agh.

Ya, getting the membership approved was a huge hassle. I was FINALLY able to add my wife to the loan this morning (after another 20 minutes on hold) and my truck is in the lot...however, I need a photocopy of the lender check along with a tracking number to complete step 6 in my 8-step process and I'm not holding my breath that this will happen anytime soon.

For anyone that has done a loan with Tower, were you able to obtain a copy of the lender check pretty easily/quickly?

 

[zymolysis]

That's a pretty typical thing to ask for to protect them against someone using your documents to commit identity fraud. They'd have to have access to your mailbox too, which greatly reduces the liklihood.

Nope. They'd take a digital bill, which a hacker could have accessed.
There are tens of millions (if not hundreds of millions) of US citizens who couldn't present a cable bill or utility bill for their residence in his or her own name. People who live with their parents. People who rent where the utilities are included. People whose Significant Other has the utilities in her name (my situation).
Parsons is simply a hidebound institution run by bureaucrats, one of whom created a rule 20 years ago - and no one can think beyond it. Even the FDIC is far more flexible (I looked up some government FAQs on the subject).

(Edit) I don't think it has anything to do with protecting "them against someone using your documents to commit identity fraud." It is just a crappy implementation of the rules for CIP (Customer Identification Program), as established in the USA Patriot Act.

 

[paariv]

Ya, getting the membership approved was a huge hassle. I was FINALLY able to add my wife to the loan this morning (after another 20 minutes on hold) and my truck is in the lot...however, I need a photocopy of the lender check along with a tracking number to complete step 6 in my 8-step process and I'm not holding my breath that this will happen anytime soon.

For anyone that has done a loan with Tower, were you able to obtain a copy of the lender check pretty easily/quickly?

I just got my final approval after god knows how many calls to tower. They are overnighting the check to me, though I think I just missed todays cutoff and it will arrive Friday. I do not trust them to properly copy the check or send a tracking number so I’ll do it myself. Or hand it over at delivery.

My car is at the SSF service center for inspection, so I’m agonizingly close!

 

[DTown3011]

I just got my final approval after god knows how many calls to tower. They are overnighting the check to me, though I think I just missed todays cutoff and it will arrive Friday. I do not trust them to properly copy the check or send a tracking number so I’ll do it myself. Or hand it over at delivery.

My car is at the SSF service center for inspection, so I’m agonizingly close!

Interesting, that's good to hear - I think I'd prefer that as well. I think I finalized all the hoops they needed me to jump through for our loan, so I'm hoping it will be final approval tomorrow. If they'll send the check to me directly, thats even better. Did you have your loan officers contact info?

 

[paariv]

Interesting, that's good to hear - I think I'd prefer that as well. I think I finalized all the hoops they needed me to jump through for our loan, so I'm hoping it will be final approval tomorrow. If they'll send the check to me directly, thats even better. Did you have your loan officers contact info?

I did have her contact info, but: 1) she never picked up the phone; and 2) her voicemail was full. But she did get my messages through the portal, and called to go over final steps. Perhaps because I made her phone ring constantly?

And I just spoke to my guide, who said I can bring the check to the pickup myself, and only need to send pics to him once it arrives.

 

[DTown3011]

I did have her contact info, but: 1) she never picked up the phone; and 2) her voicemail was full. But she did get my messages through the portal, and called to go over final steps. Perhaps because I made her phone ring constantly?

Haha sounds like we have the same person (I won't post her name) but I've never gotten her to answer and her voicemail is also always full. I sent messages via the portal and also have called constantly SO hopefully mine works! When did you first apply? My date was Feb 1.

 

[Chewy734]

Tower has been slow and downright annoying.

My first membership application wasn’t approved because they thought I wasn’t a U.S. Citizen. I told them I included my scanned US Passport in the verification docs. They basically said ok, but they already cancelled the application, so I had to reapply for membership. Seriously!?!?

Anyways, one week later, I’m still waiting on any updates to my second membership application.

 

[Tzadik_nistar]

Ya, it's been frustrating to say the least. I was on hold (while working in my office) 3 different times today for 45 minutes each time. Twice I just hung up and the 3rd time someone finally answered but by the time I could get to the phone and take it off mute they already hung up. Not the best customer experience at all.

I have been hounding
Darnell ext 7127 and britom 7134 and barbara 7365

 

[paariv]

I have been hounding
Darnell ext 7127 and britom 7134 and barbara 7365

So you’re the one that filled up the mailboxes? No wonder they never pick up!

 

[DTown3011]

So you’re the one that filled up the mailboxes? No wonder they never pick up!

Everyone reading this thread should just call and leave funny voicemails for them.

 

[Tzadik_nistar]

I just got my final approval after god knows how many calls to tower. They are overnighting the check to me, though I think I just missed todays cutoff and it will arrive Friday. I do not trust them to properly copy the check or send a tracking number so I’ll do it myself. Or hand it over at delivery.

My car is at the SSF service center for inspection, so I’m agonizingly close!

Been calling Tower all day when I get someone on the phone they say my processor is not available and they will give them a message. Needless to say no call back or communications

 

[paariv]

Been calling Tower all day when I get someone on the phone they say my processor is not available and they will give them a message. Needless to say no call back or communications

You could ask for their name/extension, but my experience was they never picked up the phone and I couldn't leave a message because the mailbox was full. So I'd keep calling and also send messages through the portal that include your phone number.

FWIW my processor did actually send me a copy of my check and a tracking number; I should get the actual check tomorrow. Really hoping Rivian doesn't pull the same move on me that they did to you, and that my 3/1 pickup holds.

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