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Business Profile

Bank

Security Federal

This business is NOT BBB Accredited.

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Complaints

Customer Complaints Summary

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

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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:05/22/2023

    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.
    Built a new home, moved in on ***** ***.
    Reached out to mortgage company ***** *** and have yet to close still.
    It has cost $63/day since our house has been built for the loan to be waiting for closing.
    We have been transferred from one person to another that is in charge of our closing.
    We are still waiting and just got told that "tentative" closing will be ****.
    This needed to be done over 8 weeks ago and we are still waiting.

    Business Response

    Date: 06/08/2023

    Ms. ******** obtained a construction permanent loan from another bank. The ********'s applied with Security Federal at the end of ***** to pay-off the original bank. The refinance loan with Security Federal Bank closed **** ** ****. The interim interest of $63 per day was actually cheaper than the new loan obtained so the differential from the original loan saved $5 per day during the standard processing time for their new loan. The Mortgage Loan Officer (**** *****) has been in touch with the ******** and the matter has been explained and settled. I believe the complaint was filed prior to this communication.

    Business Response

    Date: 06/23/2023

    Security Federal Bank's (SFB) mortgage lending division manager, **** *********, answered this complaint on **** ** **** via the GA BBB site.  The Mortgage Loan Officer handling Ms. ********'s loan contacted her the same day to discuss the closing.  **** ** **** was first day SFB was aware of this complaint. Providing explanation here again in event needed.

    ******** Desired Resolution: Failure of the bank to close the loan in a timely manner has forced us to pay $63/day for 8 weeks.  We would like the loan to be closed and a refund of all or a portion of our out-of-pocket expenses as a result of the bank's failure to coordinate closing of the mortgage loan.

    SFB Response: Customer obtained a construction-perm loan from another financial institution who was ultimately unable to handle the transaction.  Customer contacted SFB and loan was closed in approximately 30 days - very reasonable amount of time given that SFB picked this up in mid-stream.  The $63/day "out-of-pocket" expense referred to is the daily interest accrual on the construction loan which was less than the $67.98/day interest accrual on the permanent loan which has been closed. Of course, customer would have been paying interest either way but in this case while awaiting closure of permanent loan, they saved approximately $5/day in interest charges.

    Please advise if additional information is needed.  Thank you.

    ****** *******, SVP/Chief Compliance Officer

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