Consumer Reviews and Complaints
We took out a second mortgage with Beneficial in 2008 for a home renovation project. We paid this off ahead of schedule in January 2012. That was all fine, however our lien was never released. When we got a contract to sell the property this lien showed up - with only two weeks before closing. Since it had been paid for 5 years I had already recycled all of the statements. Between my wife and I we spent probably 12 hours or more on the phone with them trying to get this released. It is very hard to get through on the phone since the account number was no longer active (press 0 repeatedly after entering account number a couple of times).
Anyway, all requests for lien releases MUST be done via US Mail, and all responses are ONLY done via US Mail. On top of that it takes them 5-7 business days to "get it into the system" once they receive a request. Long story short, after many, many phone calls they did overnight the lien release to the county, but this would not have happened without a LOT of pressure. We got it through literally on the day of closing and if we had not, we were told, the sale would have fallen through. If you have had a loan with Beneficial and it is paid off, check that the lien has been released in the county now and save yourself a lot of headache. I hope this helps someone.
Could you please response as to what I should do? Thank You!!
We have a checking account in Chesterfield, NJ branch including a locker since few years and I went to deposit a check which is the tax returns of me and my wife joint returns from PA state. The check was payable to me & my wife. I went to the bank and trying to deposit the check and I endorsed it. The most surprising thing for me was that the manager was not willing to deposit the check because my wife should also sign. I said it is an endorsement and I did it. But unfortunately she didn't allow me to deposit. The most worst experience I had in a bank which shouldn't happen anywhere in the world. I was not trying to withdraw but deposit. Myself being the account holder. I don't advise anybody to open an account in Beneficial Bank and I will soon go away from there. Also the supervisor/manager was so arrogant and rude.
I would not recommend this bank. I moved to an area north of Burlington County, under the impression my checking account was closed and they continued to charge me fee on top of fee to the tune of close to $300. They are not willing to remove fee (I was their customer for about 15 years). I strongly suggest going with another company for your banking needs. Beneficial started out as a great bank years ago when I opened my account, but as time passed, many of their locations have closed, making it difficult to access your money without incurring an ATM fee (Beneficial also charges if you use a non beneficial ATM). It is very inconvenient unless you live close to a Beneficial, and even if you do now, chances are in the next year or two that branch will close too.
In the 2 years I have had my car loan, I was never late once on a payment. I was a few days late one time, when I became ill. I mailed in a check and included the late payment. On Dec 23, I received a phone call from Malena from Beneficial Bank that they never received my payment and I needed to give her my payment over the phone. I explained I did mail it in and could provide copies. She said if I did not give her a payment over the phone today, that my name would be sent to a credit agency. I offered my debit card information since I was not home and would be not home due to the holiday. She said that would not work. So I get a call the day before a holiday and must pay with only one method or my name would be sent to a credit agency even though I have NEVER been late. Great customer service, Beneficial Bank!! I will never get a loan with them again for their poor customer service skills. Also appreciate the call on Dec 23.
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I taken out a personal loan with Beneficial and they changed to a mortgage loan. Years later they sent me a 1099 IRS form as earned income. I was doing home improvement and it was brought to my attention sixteen years later a lien was put on my house. The sad part if I would have died my family would have never known the amount was taken care of as earned income. I must say it taken me two years to have them to take the amount off my deed of trust. I think but not sure but they are no longer allowed to practice business in my state or my city because all Beneficial locations are gone!!!
My husband and I divorced in July 2015. In the divorce, I was to receive the house. My ex had refinanced with Beneficial and the loan was only in his name so even though I received the house in the divorce, Beneficial refused to work with me until given authorization by my ex. After that, they would only deal with me as a "third party." After the house was sold, I received a refund check made out to my ex-husband. I requested that they reissue the check in my name as the divorce made all money from the house sale legally mine. They replied that they "do not deal with domestic disputes" and refused to reissue the check. Folks, take my advice and make sure your name is on all paperwork if you are married.
Fourteen years ago we took out a second mortgage with Beneficial Finance. We started out with a 9+% interest rate and now we are at 14+%. Over the years we tried to get them to refinance with us to lower our interest rate but they refused. We have been paying almost $700.00 a month for 14 years. We decided to consolidate both of our mortgages into one and get away from the high interest rate of Beneficial. The credit bureau and the recorded message at Beneficial said we had a payoff of 30k. However, the mortgage broker contacted us yesterday and said that Beneficial is charging us an extra 18k of deferred interest. We immediately called them and were told two different stories as to why they were doing this. The bottom line though is that during a time of financial hardship we had deferred the months worth of payments to the end of our mortgage.
Beneficial claimed they were helping us. What they did was charge us $12.00 a day for each of the three months for several years. They never once told us that they would be doing this. We never would have accepted the deferment if we had known they were going to be charging simple interest daily. Now we have to pay off more than we initially borrowed. We have been paying for 14 years. This is horrible! I hope people start writing senators, the consumer protection agency, federal trade commission, the fraud department of the F.B.I., Barack Obama and anyone else that might listen. This practice needs to stop. If you are 30 days late you get charged $12.00 per day. They never, ever, tell the customers they are doing this until it is too late.
Stay away from this bank. I just opened a checking and savings account 7 days ago. Within 7 days I had an overdraft fee, although my balance wasn't near 0, but there was "nothing they could do about it." Additionally, someone tried to withdrawal $300 from my account (not me) but I have to wait 7 days until I can deal with it. I switched to this bank from TD Bank thinking I could save myself from unnecessary fees but unfortunately this bank is much worse. Customer service belittles you and is not helpful whatsoever. I called various numbers, including the branch in which I opened my account but nobody helped at all. I couldn't even talk to any of the managers from my branch because they're all on vacation. I can't wait to close out my account - I wish I didn't have to wait so long. Looks like I'm going back to TD.
I read many of these reviews and mine in similar to all. Interest rate at 11% $21k in deferred interest on a $46k balance. Horrible customer service. No hope in site. Considered chapter 11 & 13 amongst numerous options. Can't sell or refinance. Make monthly payments over amount due and every month there's another fee or additional charge. Monthly amount due continues to rise. I wish brick would burn!
For more than 7 years me and my wife have been customers of Beneficial Bank. Besides a couple of overdraft situations (where we paid the overdraft fee) we never had any problem or concerns with Beneficial. 2 weeks ago, due to the fact of a series of unexpected issues with my car and my house, we asked for a $5000 personal loan at 5 years, which was denied. I had never needed the bank before and now that I can use some help, they decided we are not good enough for them to lend us money.
My credit score is not perfect, neither my wife's, but being in the middle 60's I think it's not a huge gamble for Beneficial Bank to approve the loan and since we have deposited both our salaries in the same account for years. It shows me they don't care about their customers and loyalty. We'll be closing our accounts with them the next month, not because some other bank is going to lend us the money, but because I feel Beneficial Bank doesn't value us as long time customers. We reached out for their help, and we were rejected. We are not rich people, just a working family that needed a little push. Now we know Beneficial Bank is not a place for us.
I had a second mortgage with Beneficial. Once it was paid off I was sent a letter from another company stating the loan was sold to them. It stated I owed $9,000.00 dollars in deferred interest. I only borrowed $10,000.00 and always paid over the amount due. This is a horrible company. How do they keep getting away with the illegal practices? It seems like something could be done. I have written the attorney general and the BBB. Does anyone have any answers? Beneficial is a living nightmare.
You cannot fight "City Hall." You can call and get a different customer service person after about 3 other customer service people put you on hold. Do not tell these people your problems because all you will receive is ways to benefit how they can steal your home, Short Sale, deed in lieu or pay the balance off. Do not file attorney general complaints because all of a sudden the people you couldn't reach on the phone will crawl out of the woodwork defending themselves (not really the people you would have talked to on the phone but real bank people).
Do not file an individual lawsuit against them, they are way too big. But as many complaints as there are against them, even though you can't prove the company's wrongdoing, there must be something a group of people could do about their flagrant misleading information, their lack of well educated employees that should be able to give you a straight answer, their misleading website that gives you a choice if you have payment difficulties to short sale, deed in lieu. They're overall huge company but small service approach!!!
I have never had such mistrust in any company like I do Beneficial mortgage. I pay more than the due monies and the mortgage never goes down. I call and either on hold or get passed around. Mortgage was sold to another company. How convenient HSBC/BENEFICIAL. My credit score is in seven hundreds and high interest rates. Don't trust them!
My interest is 9.79%. I was told I could not receive any help because I have already been on a temporary loan modification for 8.7%. HFC could offer a short sale or I could foreclose. I told HFC that my house is upside down and I cannot get anybody to refinance. My home is worth $110,000.00 and I owe $150,000.00. That did not matter. HFC late payment fee is $67.19. I have been in my house for 17 years. I work every day, but the house note is $1908.00. I told them all I want is a reasonable interest rate. I was told they could not help me. If anyone knows of another resource, please let me know.
Been 10 years. Still owe same amount while making regular payments. Interest outrageous. Website down for a month. When I called it was an outrageous hold time and nothing they can do to help. They know website is down, don't know when it will be up. Ridiculous.
I'm currently in the middle of a Chapter 13 because this was the only way to save my house. In a nutshell, HFC Beneficial sold my loan to another company who I believe is involved with HFC just under a different name. I never received a good bye letter from HFC of the transfer. No welcome letter from the new mortgage company either.
I have an attorney that is dealing with two other attorneys on this case because over the past year, I have been paying my mortgage every single month for the same amount. I've read several other complaints and it is clear that I am not the only one that has had to send my payments via money order or cashiers check. They have lied to the other mortgage company that I never made my payments.
Fortunately, I keep every single receipt and provided proof (copies of the payments) to the company's attorney but yet that was not good enough for them. I have since had to stop payments on money orders, pay 6.10 for each money order cashed by either HFC Beneficial or the new mortgage company. I need a court order to stop payment on a cashier's check from my bank due to some rule that they cannot stop payment on this type of issuance if under 90 days. HFC then decides to send back 4 uncashed money orders and I am ordered by the court (** judge) to return the money orders and have them reissued.
Funny thing is, two of the money orders someone decided to file that they were either stolen or lost. I never did it. I think it was some rocket scientist at HFC that did that just to halt me from getting the money to the new mortgage company. HFC has also lost another payment within their building in Brandon Florida. These people are absolute crooks from the top down. HFC also refuses or I believe they have also lost an insurance check owed to me for extra funds for a major repair to my home due to hail damage. They cannot find that $2,300+ check either.
Now they have decided to make me look like the bad guy. Even with proof of payments cashed the new mtg co does not believe me. When does the burden of proof stop? If anyone else is seriously interested in getting on board with a class action lawsuit and put this ignorant and pathetic company out of business send me an email and perhaps a number of us can figure out how to go after these lying thieves! Posted on 6/30/15.
I consolidated my debt with Beneficial Finance in 2007 at an interest rate of 8.76% which was the going rate at that time. Since then, interest rates and property values have reduced substantially and I have written to Beneficial asking them to lower my interest rate that is competitive with today's mortgage interest rates, which they adjusted my rate due to hardship to 6.45%.
In 2011, I asked for a modification that would lower my rate 6.45% to 2.99% according to President Obama's program to help distressed home owners. They declined, answering they are not offering any refinancing or new mortgages at the time. I have tried to have my mortgage modified or refinanced with several other mortgage companies that all say I don't owe enough on my home to consider me for refinancing. My current balance is less than 30K. So I'm stuck with an interest rate that is much higher than today's mortgage rates and there is nothing I can do about it.
Beneficial financed my mortgage 16 years ago and paid regularly until I was diagnosed with stage IV breast cancer & stage IV lung cancer (with a metastasis to my brain). I was forcibly put on Disability by the university I had worked at, which gives me $2000/month. Coincidentally, that's the amount of my mortgage payments as of late. Despite paying regularly for well over 10 years, my payments continued to rise. I am currently under water on a house in which I'm still paying the original loan. Beneficial suddenly demanded the balance -- almost $400,000 -- although no balloon payment had been discussed.
When I couldn't pay them that amount, they began foreclosure proceedings.. I had no option but to file Chapter 13 bankruptcy, which halted the auction of my home as it was in progress. Apparently, they're still trying vigorously to take the house. In the meantime, despite the bankruptcy, the debt is piling up. These people are soulless, bloodsuckiing demons who will stop at nothing to take your home. Do NOT, under any circumstances, choose Beneficial as a lender. Also, if anyone knows how I can get help pro bono, please comment here. I can't stand to see them taking everything I've worked my whole life for.
Won't accept debit card payments. They force you to use either a checking acct. or Western Union. Won't accept MoneyGram payments. They're in cahoots with Western Union.
In early 2000's my husband and I had a mortgage through Beneficial. We were both working and we were doing ok. The problems started when I got cancer and had to stop working. Everything got behind and once that happened, everything snowballed and we struggled to keep up. I had to travel a 100 miles out of town for treatment and surgery. Beneficial "generously" offered to "refinance" our mortgage but to our endless horror, our payments went up and we couldn't keep up. When I did go back to work, we were so far behind, we managed to limp along a little longer but in the end couldn't make it.
My husband didn't want to file for bankruptcy and we went in to our local office and the representative said, "We can just forgive the loan. We will resell the house and you will be out from under it." We thought we were doing the right thing. They would get their money and we could move on. Right. What they didn't tell us was we would get hit with a tax bill from the IRS because the amount forgiven is considered income by the IRS. So 5 years later we were socked with a $25,000 tax bill which we fought and lost and ended up owing $35,000 after penalties and interest. Thanks Beneficial! We are still paying for a house we no longer even own.
Have had a loan with Beneficial for about 8 or 9 years. Interest rate is almost 120% and no matter how good you are they do not even consider refinancing for a better rate. Got behind on property taxes and made a repayment agreement with the city I live in. Been paying it off for last two years and all was well. Beneficial has some affiliate company called Corelogic. They decided to come in and pay off my agreement with the city. How they got away with it I have no idea but now my statement from Beneficial says I owe them for a "loan advancement" which doubles, yes doubles my mortgage payment. I cannot afford this!!! Basically they are forcing me out of my house. Why do they get away with stuff like this???
This company is run by VERY cruel individuals. They coaxed into a second mortgage knowing very well their ultimate goal was to end up taking away my home. They charged me $100 a month above my original loan amount because they so called took pictures of me to make sure I didn't abandon the property although by all indication, e.g. my car is always in the driveway, while I was at work. They locked me out of being able to pay online after I fell behind a couple of months. They refused to modify my loan every time I tried to apply for modification. They refused to take my checks when I mail them and would send the checks back. They are criminals!!!!! I originally got the loan because my car was on its last leg and my credit wasn't great but not bad, now it sucks due to my troubles with these conniving devils.
I am an activist who was put in jail for exposing voter fraud on bogus charges as reprisal. These people got me fired from my job and I got a loan BENEFICIAL. ALONG WITH THE LOAN I WAS SOLD A POLICY TO PROTECT ME IF I BECAME UNEMPLOYED the policy would pay for the loan. I ended up being incarcerated, and thereby became unemployed. Then when I came home 18 months later I noticed that Beneficial had seized my bank account wherein I was receiving my unemployment benefits.
When we went to court they had to release my account because I was never notified of this seizure. We adjourned for another court date wherein I contacted beneficial, they told me to contact their lawyer. First off the guy that I was talking to on the phone was telling me that he was NOT THE LAWYER FOR BENEFICIAL. But upon going to court... who showed up.... him. Moreover they refused to acknowledge the policy I PAID FOR and received a judgement from the court... hence they have since sold the account and here we go again. THEY ARE CROOKS... AND THE COURT HELPS THEM.
Took out a home loan in ny state. Paid 5000 for closing cost. They never made a new deed! In ny state you have to have same names on loan as the deed. Called them a hundred times. Even called the lawyer that handled the closing. Now the person who was left on deed is demanding 5000 to sign a quit deed.
So I only wish I had read these reviews prior to dealing with this company. Long story short same thing happened to me as the rest. Did a modification on a 2nd mortgage and that was a mistake from them reporting me to credit bureaus to them completely screwing up my account. This company should be shut down. I have written 4 letter to their CEO Patrick Burke and just turns them over to the same incompetent people that put me in this position to begin with. IF YOU HAVE TO LIVE ON THE STREETS DO NOT DEAL WITH THIS COMPANY....
I had a loan with Beneficial and refinanced my loan twice. They gave me a lower rate because I complained that it was too high. They gave me a much lower rate because I became unemployed. I was making payments and when I tried to make another payment they told me they did not have my loan anymore. They said it was charged off. Another company, Atlantic, who bought the loan is stating that my loan is about 18,000. My loan was $8,000 minus payments. Now Atlantic is threatening to have me summons in court if I don't at least give them $10,000 by the end of the month, and $13,000 if it is not paid by February.
I took a loan out to save my home when I was unemployed. They forced me to roll my truck loan into this loan at 12.13%. I have been paying on it for 10 YEARS. I started at $24,000, have been paying double payments for 2 years, and I still owe $22,000. They are deceptive and they are crooks. Why is this not looked into by the BBB, the news, or even law enforcement. They tacked on additional $4,600 in deferred interest for 5 missed payments. If you are thinking about doing business with this company DON'T. You will lose. They are horrible people and crooks. I wish they would go to prison for the people's lives that they have ruined. SHAME ON YOU BENEFICIAL THUGS.
We were told in after 6 months of payments on time we can get a lower interest rate but told they no longer do mortgages. Also, we've always applied $50.00 extra each month only to find out it goes to interest after sitting in unapplied funds. I call the rep, sent me a form to fill out & send in for this to be done automatically but she also said to be on the safe side call in every month to tell them to apply extra monies to principal. Are you kidding me! I think after everything I've read I'm calling the Federal Trade Commission.
I called "The HUD #", went and sat down with this counselor for 2 hrs in Texas and half the time she had no idea as to how to interpret the pay history!!! Also She' been on the job for 20 yrs doing that Mon-Friday, 8 hrs a day, with a full schedule which took me 3 weeks to be scheduled!!!!!
How and where can we get help????? I can't even get modification loan coz they only do hardship loans (I wonder what the difference really is...) and they keep the difference between the amount you pay for hardship and original amount accruing with interest!!!!! Other banks can't touch my Mortgage because of low income!! Then what was the purpose of the modification loans? I think am the only person still paying 10% interest rate in this age and time!!!! My prayer is that some Authority will close them down soon because of their evil doings.
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