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Medallion Bank
- Salt Lake City, UT
About this business
Medallion Bank specializes in non-prime recreation product and prime-credit home improvement contractor sales financing. As an FDIC-insured bank, we offer consistency and stability that can be difficult to find in consumer finance.
Location details
1100 E 6600 S #510, Ste 510, Salt Lake City, UT, 84121, United States
Get directions| Weekday | Schedule | Status |
|---|---|---|
| Mon | 08:00 a.m. to 5:00 p.m. | |
| Tue | 08:00 a.m. to 5:00 p.m. | |
| Wed | 08:00 a.m. to 5:00 p.m. | |
| Thu | 08:00 a.m. to 5:00 p.m. | |
| Fri | 08:00 a.m. to 5:00 p.m. | |
| Sat | Closed | |
| Sun | Closed |
I had to call Medallion on Monday, March 3rd to change my due date and I was told you only get one shot at changing the date to the life of the loan. So I get paid bi-weekly as a Peace Officer and I explained to them I needed the 14th of each month as I was literally cutting it close on my bills. The girl on the phone said no problem and took my info down and even bank and routing number and said I should receive an email within 24 to 48 hours and sign the paperwork and send it back. Needless to say I never receive no e-mail... read more
They are merging into a new system and took out an automatic payment from two different accounts this month. Ive been on the phone for over 30 minutes and the other department hasnt refunded my money and theres no direct line to the other ***** Its a good thing I had money in the old account otherwise Id have an overdraft as well. I had switched the auto pay account months ago. This shouldnt be a problem.
********** I have ever had an experience with. Even trying to make a payment just towards principal, they take their cut. DO NOT bank with them.
I would leave 0 for the rating if I could. We borrowed from this bank in 2019. In 2020 we went to sell our house. When we had the offer agreed on I went and updated all of our loans and banks with our new address. I received a call from Medallion wanting to know why we changed our address. I told them we sold our house and were moving. They then asked if we were paying off the loan with the profit from the sale. I told them no that wasn't in the agreement and we would continue paying on the loan. We paid on time each month f... read more
Business response:
We are disappointed you are unhappy with your experience. Please refer to your Simple Interest Note and Security Agreement, page 2 sections Ownership and Risk of Loss and Security Interest. Please be aware that when your home was sold, the Loan should have been paid off with the proceeds from the sell, according to the Note. Upon signing the Simple Interest Note and Security Agreement you granted us a security interest as a fixture filing on the waterproofing that is attached to the property. Upon being notified that the pro... read more
They only care about money we are in a crisis due to ******. I called and asked for a deferment for a month and they refused because we have only made 17 payments and not 18
Business response:
We appreciate you reaching out. Please contact us at 855-653-9231 so we can go over your account and work out an accommodation, due to hurricane Helene, if one has not already been made.
I have had to call in to make two payments now and talk to people because their website does not work. And that is how this lender gets you. Their website doesn't work so they charge you to pay via phone, $8. I have sent feedback on this on their site. Everyone plays dumb. They say I'm not registered, well duh the website doesn't work. I have pictures from my phone, laptop and computer where it says the website can't be reached. We are regretting using medallion because of all the headaches with making payments.
Business response:
We apologize for the inconvenience you've experienced with our website. We will have an agent reach out to help resolve the issue.
Do not use this bank. They are awful. Charge you late fees and "other fees" but can't specify what they're for.
Business response:
Please refer to your Medallion Bank Simple Interest Consumer Note and Security Agreement regarding late fees and other fees that may be assessed if your account goes delinquent. We are happy to walk through the fees you are referring to and the reason they were assessed. Please contact us at ************.
Something FISHY going on with payments. I send in money to be applied for principle. It is put to interest. This is not right!! Very improper banking procedures!
Business response:
Medallion Bank applies payments to principal only when there is no interest or any fees due. If you wish to make a principal only payment, you can make a second payment on the same day as your monthly payment. Assuming the interest accrual was caught up when your monthly payment was made, the second payment should be applied to the principal balance. Please refer to your Simple Interest Consumer Note and Security Agreement if you have questions regarding the application of payments or interest accrual. You may also contact u... read more
I was turned down for a loan immediately on the phone without any reason given. Just received a letter which tells me that if I will write a letter explaining why I need a reason for being turned down that they will provide a reason within another 30 days. They can turn me down immediately, but I have to beg and then wait 30 days. Pretty sorry way to run to treat customers.
Business response:
Hello we appreciate your feedback. We have no record of a Medallion Bank representative speaking with you over the phone regarding your application. Your application was submitted by a contractor. They are likely the ones who told you over the phone that your application was declined and a decline reason likely was not provided to them. We will send you the requested letter with your reasons for decline. You should receive it in 7-10 business days.
Frequently asked questions about Medallion Bank
How is Medallion Bank rated?
Medallion Bank has a 3.1 star rating with 268 reviews.
When is Medallion Bank open?
Medallion Bank is closed now. It will open at 8:00 a.m.
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