I would strongly recommend going with virtually any other institution for your financial needs. I did my mortgage through STCU in 2021 and their negligence has been astounding.
- Early on they failed to make payments to my homeowner's insurance company which didn't come to light until the insurance company reached out.
- Then, for an entire year, STCU failed to designate money from my payments to my escrow account to cover property taxes and insurance. At the end of the year they called to notify me of the issue and that my monthly payments would have to increase to cover their mistake.
- For well over a year they failed to send me any kind of mortgage statement and never could figure out why their system wasn't generating one. They now send a paper statement.
- Earlier this year I received a call from them saying I was late on my mortgage payment which didn't make sense seeing as how it's been on monthly autopay from the beginning with no issue. They blamed the other financial institution for not sending the money. In reality, STCU has no clue how their system actually works. Because the autopay was set up through STCU, they have to initiate the transfer by sending the request for funds. After half a dozen phone calls someone finally looked back and saw that STCU had a system outage that day so payments weren't processed. When I asked the representative why they didn't send any kind of notice she said, "We didn't want to deal with customers calling." Seriously? So instead they said nothing about it and took advantage of the opportunity to charge me (and I'm sure countless other customers whose payments weren't processed) with a late payment fee. The woman then had the audacity to suggest that I pay closer attention to my finances. She said I should have opted in to notifications about my account but when I asked her if it would have notified me that the payment didn't process on account of their outage she said no. For some reason STCU has no problem delivering marketing emails to your inbox. You can't get your statements or important notifications about your account but marketing emails? No problem.
If you're looking for a financial institution that fails at the most basic functions of banking or for one you have to babysit to make sure they're not making repeated mistakes with your account, STCU is for you! I closed my checking and savings accounts shortly after. read more