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Business Profile

Bank

North American Savings Bank (NASB)

This business is NOT BBB Accredited.

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Complaints

This profile includes complaints for North American Savings Bank (NASB)'s headquarters and its corporate-owned locations. To view all corporate locations, see

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North American Savings Bank (NASB) has 11 locations, listed below.

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    Customer Complaints Summary

    • 6 total complaints in the last 3 years.
    • 0 complaints closed in the last 12 months.

    If you've experienced an issue

    Submit a Complaint

    The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

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    Complaint status

    Complaint type

    • Initial Complaint

      Date:02/27/2023

      Type:Service or Repair Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      I opened a savings account # ******* on November 16, 2022 at NASB located at 12498 S 71 Hwy. Grandview MO 64030. The account was a high interest savings account for $500,000 with a yield of 3.46%.
      The bank did not send me any statements. On Feb 8, 2023 I made an in person deposit of an additional $50,600 bringing my balance deposited to $560000. While at the bank I checked my balance. I determined that NASB had no deposited any interest into my account and was holding my funds at a ZERO interest rate. I spoke to several folks at the bank in management and they advised it was a bank error and would be corrected.
      On Feb 27, 2023 I contacted the bank and determined that since 11/16/22 to 02/27/23 the bank had deposited $1801 in interest for the entire period. I calculate that this is several thousand dollars short of what an account with over $500,000 in it would draw in interest at 3.47% in 5 months.
      I am writing to request the BBB investigate this matter and help with a resolution

      Sincerely,

      Business Response

      Date: 04/11/2023

      *** ******* opened a High-Rate Savings account around 11:30 am on November 16, 2022. On this date, the interest rate offered on
      a High-Rate Savings account was 3.05% APY. Shortly after opening the account, *** ******* changed his mind and the employee
      error corrected the opening deposit, returned his funds, and deactivated the account.
      *** ******* returned to the bank that afternoon to proceed with opening the High-Rate Savings account. The employee reopened
      the same account, not realizing that the error correction made earlier that day, erased the rate record on the account. This is an
      isolated event as this type of situation does not occur often, and this event did not reflect a systemic issue. Nonetheless, employees
      have been coached to open a new account in the system if this happens in the future, and not to reactivate an account the same day
      as an opening deposit reversal.
      This problem was discovered when *** ******* called to change his electronic statements to paper statements in February 2023.
      The rate record on the account was corrected and the prior year’s interest was calculated, taking into account rate increases during
      the time period and posted to his account on February 2, 2023. The employee designated to correct the error thought the system
      correction would resolve the problem and any remaining back interest would automatically post by the system. Unfortunately, it
      was later discovered that an additional item needed to be corrected in order for interest to post to the account. Interest was
      accruing correctly in the system but did not post to *** *******’s account as originally anticipated.
      We apologize for any inconvenience and confusion caused regarding this error. As of March 1, 2023, all interest has been posted to
      *** *******’s account. His account has been reviewed by management to ensure interest will be properly accrued and applied to his
      account going forward.
      Please let us know if there are any additional questions or information needed.

    • Initial Complaint

      Date:02/22/2023

      Type:Service or Repair Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      Our house is in pre-foreclosure. We contacted the bank to setup a payment to keep it from going to active foreclosure. We were given a letter when the funds needed to be paid by.

      We were told initially, that we only had to pay $21,640, by the 2/15/23. We were ready to pay the funds, they said it was in active foreclosure and they added over $6000 in new fees for the loan. We have to now pay almost $27,000. This is unfair and I believe the bank is taking advantage of our situation. We have been in contact with them and they said they would keep it out of active foreclosure if we paid by 2/16/2023.

      Business Response

      Date: 04/21/2023

      The loan was due for September 1, 2022 when the loan was
      referred to foreclosure on January 26, 2023. The property is located in ******* and legal fees are incurred for every legal step in the foreclosure process
      since foreclosure in ******* is a judicial process.  On February 16, 2023,
      reinstatement figures were provided in the amount of $26,826.69 which included
      all legal fees that had been incurred. On February 28, 2023, NASB agreed to
      accept $20,000 to stop the foreclosure process and leave the fees outstanding
      to be paid in the future. As a goodwill gesture , NASB waived $1,031.69 in late
      charges.

    • Initial Complaint

      Date:11/09/2022

      Type:Customer Service Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      I opened and funded a savings account with NASB on 11/03/2022.

      I have tried to sign in for online banking and it is not letting me do that. It says to call NASB.

      I have called 6 times and they can not fix the problem. I can't get to my money!

      Business Response

      Date: 12/02/2022

      Hi ******

      Thank you for your feedback. We understand your concern about your new account, and we are glad we were able to quickly resolve the issue for you. As we discussed, our customers’ security is of the upmost importance to us, which is why we have a fraud reduction process in place to ensure our customers’ accounts are protected from fraud. Part of this process requires additional customer verification before releasing funds. We will use your feedback to ensure that new customers are educated about this security process and how it protects their accounts. Thank you so much for your business.Thanks!

      **** *******



    • Initial Complaint

      Date:11/07/2022

      Type:Order Issues
      Status:
      Answered
      Resolved:
      The complainant verified the issue was resolved to their satisfaction.
      Unresolved:
      The business responded to the dispute but failed to make a good faith effort to resolve it.
      Answered:
      The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
      Unanswered:
      The business failed to respond to the dispute.
      Unpursuable:
      BBB is unable to locate the business.
      Purchased this home in July.

      Immediately filed paperwork within my county to apply for Tax Deferment since I am 100% disabled and should be free from paying taxes on this home.

      I forwarded my application to NASB on Oct 3, 2022. Since last week, October 31st, I have been seeking what I "should" be paying. To my surprise, they only performed an escrow analysis on 1 Nov. In order to prevent a late payment, I will now reluctantly pay the full payment even though I am still trying to sell my other home. I have called NASB on three occassions and each time-I am promised that they will "get back" with me. Nope. It is me checking in with them.

      THis paying an extra 850 dollars each moment is an awful experience. I had always thought that *** ****** was the worse mortgage servicing company. They now have competition.

      Business Response

      Date: 11/22/2022

      Hi *****
      Thank you for sharing your concerns with us. We apologize if
      it was not made clear in our prior communications with you that your escrow
      analysis could not be determined until we had all the information from your
      2022 taxes. Since that was not available to us at the time you spoke with us,
      we were unable to provide you the information you requested, and we can
      understand that would be frustrating. We are happy that we have been able to
      settle this manner for you, and we truly appreciate your business with us.
       Tell us why here...

    North American Savings Bank (NASB) is NOT a BBB Accredited Business.

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