I have referred numerous people to this bank over the years, due to them being the Ohio based little guy, and not selling their mortgages. Never again.

After I had an insurance claim on my property due to water damage (about 40K, and Snake Farm only gave me 28K), Third Federal decided to keep my insurance claim check until the work was complete. How do I complete the work without the money? They told me "contractors have deep pockets and can cover it". Really?

Then after the work is done, we will have you pay for an inspection (yeah me pay them) and we will release a "draw of money". Then pay us again to come out and we may release more. Do they think people really have it like that? I have 2 current mortgages with them, and have had 2 others in the past, Never been late.

I said pull my credit, I am never been late on anything. Asked them to consider my relationship with the bank, and the enormous amount of equity in my homes. They could care less. I have never had an insurance claim on anything, and this is a nightmare.

I will be refinancing elsewhere, and telling my story from here on out. Still sitting without a repaired house (nobody can do the amount of work for what Snake Farm will pay), while Third Federal gains interest on my money, and Third Federal won't give me the money to do some of it myself!

Review about: Third Federal Customer Care.

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Punta Gorda, Florida, United States #782827

I Googled "third federal savings and loan review" and this was the 2nd site that came up (the 1st was ThirdFederal's).

I was going to go with them as they sent me a letter advertising 3.18% APR, 30 year term with $295 closing costs. Sounds great.

ThirdFederal just lost a customer thanks to your review.

I feel your pain because the same thing happened to me with Hurricane Charley.

I had well over $300K of damage to my home. I lost multiple thousands of dollars worth of interest trying to pry the money from Chase. Interest rates were way higher than they are today.

Hurricane Charley was a disaster for us, and dealing with Chase was a really close second.

"Contractors have deep pockets..."; my contractor (the same company that built my house) wanted $10K up front before any work was done. I don't need to read any more reviews for ThirdFederal.

Mr. G.

Cleveland, Ohio, United States #751987

They would release monies to you if you ask. All you have to do is complete part of the work, and let them inspect. They should then release that percent of the funds.

Pompano Beach, Florida, United States #671131

As much as I hate to say it because I don't like lawyers (I have

worked for them for 35 years), you need to hire a lawyer to force

Third Federal to fork over the insurance money for the repairs.

I think it is illegal for them to keep insurance money that is paid

out for repairs. These banks need to be reigned in by the government. They just keep getting more and more outrageous. I have my own issues with Third Federal. I am planning to file a lawsuit against the pro se to obtain an injunction from force placing insurance on my house for an amount which is more than my original loan amount. My loan was for $150k and now they are demanding I insure my house for $184k which my ins. company won't sell me.

to Dee Cleveland, Ohio, United States #751997

You don't understand insurance. You must insure your home for the rebuild price.

For example, in Ohio you have a home that would cost 200K to rebuild. You owe the bank 150K and insure for 150K. Lightning strikes and causes 100K of damage. Insurance will only pay out 75K because you only insured to 75% not 100% of the cost to rebuild.

BTW in Ohio if you insure to at least 80% of value the insurance must pay at 100% of the cost to repair.

So looking at this from the lender's perspective, you must insure to an appropriate amount to insure the insurance payment will cover all the repairs.


What a nightmare. I was just solicited by them and wondering why their rates were so much lower than Bank of America.

Now I know. Thank you!

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