Stearns takes unexperienced borrrowers and locks them into full-term payment with interest. Their buyout costs about as much staying in, and one single NSF and that's out too. There are much, much better lenders out there, such as John Deere and AgDirect for farmers. read more

As many others have said, this bank is deceptive. Heavily front loading interest and calling it "the industry standard." I urge everyone to not impulsively sign into a financial agreement and do your research! read more

DO NOT USE Stearns bank!!! - They will rip you off!!! - Zero Stars They will pull a bait and switch on you. I acquired a loan on a machine for $14,500. I told them then that I was going to pay it off early. I wanted to make sure there was no penalty for paying off early. (I was told no absolutely no issue) 4 months later I call to acquire a pay off amount. My loan pay off is $19,900 now! I told them that is not correct, the amount I agreed to was $14,500. I was then informed that they preload all the interest on the loan for the full term of the loan then include that in the payoff amount. That was not disclosed to me. I told them I would not agree to that if I knew I was going to pay off in 6 months. Now they don't want to give me the actual amount left that I owe. Seriously what a rip off. Do not do business with this bank, you have been warned. Steans bank needs to make this right, and stop ripping people off! read more

I wish I could give them a -1000 star review. They are the absolute worst bank I have ever done business with. They do not disclose that they roll in all the interest to a loan up front. They have no grace period for payments and they charge astronomical late fees. DO NOT USE EVER!!! I cannot stress enough how terrible and predatory this bank is. read more

Just know that you have been warned. Doing business with this bank will be one of the worst decisions in your life. They have a lot of hidden fees that they don't disclose up front. Never heard of a bank charging a fee to process a check payment. In other words if you mail a check to cover your payment they charge a fee every time. They also set the contract up so you pay interest over the entire loan and not for the time you had the loan. So paying off early in not beneficial to you. read more

Like many others here, I have to say that my experience with Stearns Bank has been quite poor. We used them as a facilitator for an SBA Loan to help fund our franchised business back in late 2019/early 2020, and in hindsight, I should have done more research, or looked at some of these reviews PRIOR to going with the Franchisor's recommended lender (you guessed it....Stearns). Since our business relationship started, the level of compassion and understanding has been laughable. Even through the pandemic, we have never missed a payment or even come close (we have auto-pay). They have almost $25k of our money that they took as "security" in 2019, in case we didn't pay on time, or to show the business could be viable, and now, over three years later, they are saying they won't return it to us because we still haven't shown via our financials the "right" debt/income ratios according to their underwriters. Even through the pandemic, when many businesses have closed down, we have made almost 40 payments, on time, and yet this isn't enough history for them? In addition, even though they claim to be a "friend" to small business, they really aren't and candidly, it's like they go out of their way to do everything within their power to drain every dime from their small business clients. Granted, "they are just trying to make the money they are allowed to make" but please don't believe them when they are trying to win your business and they make themselves out to be some sort of advocate to you or your business....it's simply not true. Finally, their technology and customer service systems are sub-par. They don't have an online way to access our account, and we don't receive online statements, or year-end statements. Each January, I have to reach out to my "representative" to get a statement of what I have paid each year for my accounting team, to ensure it matches my records and it always takes SO LONG to get a response. Considering the amount of fees, etc. that they seem to be charging everyone else here, you'd think they'd reinvest in better technology, but alas....the improvements are nowhere to be found. All in all, my experience with them has been horrible, and I will never do business with them again. I would highly recommend NOT giving them your business either, for loans or banking. read more

Bank is horrible they won't let you buy out early on contract and they are not a partner and try to harass and bully you.

I have 3 accounts with Stearns. I pay on their portal a day early or even earlier some times. Apparently they did away with a 10 day grace period on payments that kept their web payment portal which needs 3-5 business days to post your payments to the account from charging late fees. So turns out over the last year i pay every month early but I have late fees every month because their portal is slow. They refuse communication and say I need to pay earlier. I pay 10 days early and select payment only and they redirect to pay the late fees and give me more late fees. They are criminal! Be very careful! Zero notice zero information I called for covid 19 help and found all this out thinking I was going to pay off. Turns out I have 13k in late fees for payments made early. read more

Absolutely AWFUL bank. They mislead you verbally and pull a bait and switch. We were quoted a 7.3 interest rate with no penalty to pay off early. Instead its a 14% interest rate with penalties to pay it off. We just got off the phone with their customer service and managers and they said they don't use interest rates and couldn't actually tell us what the interest rate was on the loan. This bank is dangerous. BE CAREFUL. read more

In the middle of this Pandemic, they have decided to force customers to pay via ACH, regardless of the inconvenience this causes the elderly, people of color and others. The fees and fines on my loan would total $1892.00! They also threatened to hold the lien on my equipment, even after I've made the total of payments per the contract, if I don't pay their fines. Numerous attempts to remind them they PROMISED me ACH would not be required have only resulted in them stating over and over like a broken record that 'this is being required because of Covid'. IMO, this is gouging during a crisis. I would give them an F-. Sure wish I had read the reviews and warnings before I did business with them. NEVER AGAIN. You've been warned. PS, I wonder if they'll discontinue this coercion after we've all been vaccinated. NAW read more

My wife owns a business that financed equipment two and a half years with Stearns bank. Let me tell you that this is the worst banking experience I have ever seen. Stearns Bank will not provide any information on interest assessments made to her contract. They repeatedly say things like "this isn't a simple interest contract" and "we cannot calculate or break down the components and fees included in your interest". For the last three weeks we have been working on an early termination of the contract and they mysteriously added about $15K in additional interest and they won't provide any details on what it is. If anyone has an idea on what Government agency to escalate these practices to, we would appreciate it. read more

If I could give them a negative star I would. They took money out of my account whenever they want just cuz I have it on auto pay claiming it was for insurance fee when I've never be charged that before. They claim to have sent a letter to me to let me know they were gonna charge me to the wrong address when they had the right address the whole time just so they could charge me for something. Then when I called the surprisingly sent me an email saying the letter they claimed to have sent me was returned. That's very suspicious. You would've thought they would've sent me that email prior to me calling since they have my email but they chose they email me that while I was on the phone with them. I don't think it's right for them to just take money out of my account without using all the ways to contact me, like my phone number which they have, an email which they have, and my mailing address which they also have. Send a letter to the wrong address when I had the right one the whole time and telling me it's my fault isn't right. I will never do business with this company again. read more

This lender does business like a loan shark. If they receive your payment one day after the due date, or if they don't post it until later, they charge a late fee. They charge a 20% penalty for any late payments. It's ridiculously unfair, and should be illegal. They have their trailer park collection people call every day to harrass. After even one late payment they will say the loan is in default. Never do business with this lender. read more

Worst experience I have ever had. I run a small veterinary hospital and leased new equipment with a reputable company that had engaged with Stearns for the leasing agent. Stearns insisted on direct access to my bank account then pulled money inappropriately twice. Removed their access. As others have said, if they report not receiving a payment on time then you get tagged for late fees. I have had to document when every bill comes in and when it gets paid (always within 24hrs). Still get tagged with fees. Then, Stearns, in the middle of a contract, changes to only on-line bill pay using a system that would require my purchasing new equipment (over $1,000) in order for me to avoid check charges. How to describe Stearns? Unethical, Slimy. My attorney currently looking into action. read more

After years of doing with business with Stearns, we've sensed a shift in how they do business the last few years. They'll tell you one thing verbally, then implement something else-and its always in their favor. Always. I'd recommend staying away from them. Twisted is the word I'd use to describe them. read more

Worst finance company I have dealt with in 36 years. ZERO compasion, vultures at best. My area just suffered a Category 4 Hurricane. I made a double payment last month, so October would be covered. They took part of that payment and applied it to late fees. So now my October payment is late, even though I paid it 20 days early. All Mike could do was recite his "you know you took the risk etc etc" over and over again. Told me I wasn't listening to him, wasn't hearing what he was saying. Nothing takes 3 days to process online. Cannot wait until we are done paying this contract. There are not words to describe how awful and uncaring this company is. read more

Very shady bank to do business with. Received a bill with property taxes and when I called to inquire about it, I was told an answer through their accounting department that didn't make any sense. When I asked to speak with the accounting department, I was told they didn't take calls. We will never do business with them again. read more

DO NOT WORK WITH THIS BANK! READ ABOUT ALL THEIR FEES. They charge $25 to mail a check payment. If you are paying late then the app adds the next month and won't let you just pay the amount due. This forces you to pay them by phone for an extra $20 even though you are already paying an extremely high late fee. In our case over $600. Sometimes business is slow and the payment is delayed. They will try to get you with fees wherever they can. read more

Our lease financing with Stearns Bank started at over $46,000 in February, 2018. Our payment history is exemplary. I called to request a release of personal guarantee due to a change of ownership in our company. Our balance is under $19,000 and they want to charge $250 to do a "modification to the contract". After over 40 years as a business owner and financial service industry executive, I realize this exorbitant amount to pull a new credit report and do a simple release of guarantor is just another way to make profit. $50 yes, $250... they will never get any of my business again. Work with a small local lender if you really want to have a lasting and mutually rewarding experience. read more

Me and my husband have a family owned truck business and have financed a trailer through Stearns Bank and we got a little behind on the payments and there late fees are ridiculous!! The late fees add up to an equivalent of a trailer note which is $494. If you are a few days late the late fee will be like $200 dollars and keep going up from there. Rip off bank!! I have never ever seen late fees this high!! Use someone else if you can avoid these guys like a plague. There employees are rude too! read more

The worst customer service I've ever received. Flaky employees. Unprofessional. I would not recommend giving them your business for loans or banking. read more

I am a fool for not reading the very very fine print. Sterns Bank is the worst bank I have ever encountered. TI had the account for 2 years, In the first place they don't charge finance charges as they accrue, They charge it all at once at the beginning of the loan. The balance I have paid off in 2 years includes interest for 5 years, Yeah I said that right. At the point I thought I had paid them off I quit opening mail I was so frustrated. Turns out that small balance entitled them to continue to charge me for the insurance. at the end of the 24 months I paid $23,000+ for 17,000 original amount borrowed. read more

I had changed banks and filled out a new ach form. Stearns couldn't reach me to get approval to use the ach. So they charged $50 for that. Then $20 for manual processing. And &177.53 for a late fee. I told the representative this is ridiculous. She said she would speak to management to see if there were anything they could do. Here is her reply Hi,this is Txxxx with Stearns Bank getting back to you. I did check with upper management and unfortunately we cannot waive the late fee since we did attempt to reach you multiple times before the late fee was assessed.¿Please call 800-247-1922 ext 3247 with any questions.¿¿Thank you! They tried to reach me? I already filled out the form. Never use this company horrible customer service. Specially, during a pandemic. read more

Dismayed to say the least at the $250 "Release Fee" I'm being charged for paying off an equipment loan. Will not work with Stearns Bank again and will refer others away. read more

We used Stearns bank to finance a CDL truck and we're very happy. They were helpful with our million questions and walked us through the entire process. We would defiantly use them again! read more

Please contact me if you would like to join a class action suit against Stearns Bank! We had an attorney review our contract and he has said the contract is unlawful after reviewing the account, the interest, fee's, and total misrepresentation of these costs are grounds for a civil lawsuit. We were then contacted by 7 small female business's owners and all 7 had unlawful contracts as well. Here's what to do- 1. If your business has closed due to COVID19 and you cannot make your payments, do not sign up for deferment. 2. Advise them that per the fair credit and collections act that you are requesting NO contact. They will continue to call and email anyway (document this, and record your calls from them, this is harassment) and this is a matter for the FDIC, and they will also help you file a claim against their terrorist collection antics. 3. Do not let them tell you that you are personally liable, you would be if the contract is lawful, but the others that have joined us have found out their contracts do not follow the FDIC guidelines and it will not stand up in court. 4. The company that referred you to them can also be held liable, here's why - they are the one's that will buy back your equipment for pennies on the dollar, while you are stuck with the bill! Let an attorney guide you on misrepresentation against new small business owners during a national pandemic. 5. They cannot file a lawsuit against you in Minnesota if you physically live elsewhere, they will attempt to do it anyway, file for homestead exemption and a change of venue. It will be granted. 6. Do offer them a settlement, in writing, make them respond to you either verbally or in writing, they won't accept any settlement offers, and this will give you ammo against them with SBA for taking advantage and unfair business practices during a pandemic. 7. Use this time to close bank accounts and reroute assets until your case is heard. Stall for time so that you can file a lawsuit against them first. 8. If you are married to a first responder during the COVID19 pandemic, you do have legal rights and recourse through the federal government. Ask me how you can get assistance. read more

I worked with Stearns Bank Leasing on a digital X-ray lease and I have found them to be helpful, friendly and with good customer service. Very pleased. read more

Hard to work with, pick someone else if you can. Numerous "go-backs" after the deal. Stay away. Bad customer service. Plenty of other money out there to be had without the hassle. Look deeper into the other reviews and don't trust 5 stars from "first reviewers" read more

This bank is not customer friendly. After starving myself during the virus to pay bills I was able to send in another payment. I sent the payment in a few days early and they credit it late fees instead of my monthly payment. So now they claim that I still owe a monthly payment. So if you pay late they charge you a lot of money, if you pay early they take your money and apply it towards whatever they want. The ironic part is the guy said if you use ACH it wouldn't happen. Like do you really think I'm going to trust them with my account number? Collin Shultz was rude, unprofessional and Had no idea what customer service is about. I will never use this so called Bank again and I hope you don't either. While many banks helped out during the coronavirus, this bank could care less. If you look at all the reviews you see that I'm not the only one. read more

This is the worst bank I have done buisness with. I took a loan from this bank and during the 2 years I had the loan never received a statement. I called several times for the statement, every time I was informed that I was going to receive it but never did. The two year I call also for the taxed end of the year information and never got a reson for not receiving statments and the information of the taxes was . During the 2 years I had a direct payment from my bank to Sterns Bank to be on time. This month I call again and they told me that they have been charging me a 25 dollars fee now for a year because the payment was done throw my bank (check fee). They change the agreement after 1 year of payment. I was not able to see the fee because I never received a statement and when I ask them about the fee they agreed that they started a year after my closing of the loan and the way the can do it is because they suposly call me and left a message in my phone (that I never recived) to inform me that they were going to start charging the 25 dollars to chash the check my bank was sending. Please be very careful with this company and look really closely at the bill (if they send it). If they dont send it possible thye are charging extra fee without disclosing it in the contract or without communicating to you. When I talk to them about the poor comunication, and this beein dishonest, costumer service mention that they could not remove any of the fees. Also they mention that they never sended a bill because the payments were on time. So they punish me with a 25 dollars fee every month for beeing on time sending my payment with a direct check payment from my personal bank. read more

I got my SBA loan with stearns Bank and they know I am a new business owner and borrower. During Covid days when many bankers supported their borrower, they did not even return answer to my question. They don't care for customer service. I worked with Josh Villa and not satisfied with the service. read more

I own a small family-owned business and got a little behind in the payments on a truck when I try to work it out with him all they could say is they're going to repossess it not willing to work at all this is a very poor Bank read more

Worst bank to do business with. They kept charging me for equipment protection even though the equipment was insured. Paid off the equipment and they denied to give me credit for the the insurance they had been charging me for. Also their fees are outstanding ridiculously over priced. Never again will I do business with these clowns. read more

Worst equipment financing ever. If you are just a few minutes late in making a payment, then they charge you 10% of the payment amount. I made a payment on their website four days early, but accidently entered the bank account information incorrectly. They called us four days later after the payment didn't go through and charged a late fee of $181.22 after I corrected the payment online. We also tried to delay payment due to Covid-19, because we had no work. They would only do so if we signed up for automatic payments. That is not possible for us since many of our customers are late, especially now. I would bank anywhere else except with Stearns. In my opinion they are nothing more than crooks. read more

Absolutely the worst "bank" that I have worked with. We own our business financed two trucks, charged more than 300.00 a month for insurance, we had provided them proof of our insurance, called took more than 3 months to resolve. The contact we signed had 20,789. 00 then added an addendum separate with number of payments and amount nearly 8,000.00 more dollars. Our accountant called to see why the amounts were so different? I called, thought it was a mistake, no they said we should have read it closer before signing. True, but why hide the amount on the top of the contract? If you have nothing to hide? Lesson learned. Please do not use them, I wish someone would have warned us. Do not believe the high star ratings, go deeper. read more

Tom Ethen VP of SBA banking assisted me in restructuring my loan and lowering my payments. He also helped me to refinance my home mortgage by releasing my lien. He is a great person and exceptional banker. I would gladly use him and his team in the future! read more

Pick another lender for equipment financing Just tried paying off loan early and cost extra 3000 no wonder why the dealers won't use them anymore would not recommend to anyone in business read more

Stearns bank claims to provide quick and easy SBA loan approval however the truth is far from it. When you think you're approved, they come back with a list over and over. I'd like to express a genuine and sincere F you to Stearns bank. I hope they dissolve. read more

Unfortunately for me I didn't think to read these reviews before I asked for equipment financing through Stearns Bank or I would have decided against it! I was told that I would need a 20% down payment on an equipment loan pending my credit came back as acceptable since this would be a start-up business. I provided a bank account summary showing the necessary funds to make the 20% down payment and my credit came back with no issues. To my surprise my loan was denied for no apparent reason other than they didn't feel comfortable as my equipment was to be used for a "start-up" business and they didn't think that I had sufficient cash flow? Never once in several conversations did the loan officer say that I would need "reserve money" or anything else of that nature for that matter. At the end of the day it was a TOTAL WASTE of my time and an inquiry on my credit report for NOTHING! I agree with the other reviews in that there is other money out there without the hassle....I honestly felt like I was playing the shell game! read more

If I could give this bank a lower score I would. They are rude, caddy, and if you aren't someone who keeps a ton of money in their account they don't have the time for you. I have been through several banks in my 45 years and I have never had to jump through so many hoops to get to my money. Not a bank for the common person, maybe a millionaire or someone like that. You can tell they talk about you when you leave, and makes you incredibly uncomfortable. Will definitely be closing my account soon. read more