EnerBank USA

Do Not Use Them!1 Contractors Beware
- jj190806 - Wednesday, March 28, 2012 - 3:22 PM

This is a ripoff !! the zero interest plans are not true. The contractor is forced to include the rate in the price of the project. The contractor is charged the fee and they pass it on to you. The current rate is about 18%. Do not use them or any contractor with them. If a contractor does not push customers to them for the "no interest " (really 18%) deals they terminate the relationship with the contractor. Do not use this company unless you want to pay more than it is worth. I want everyone to know.[/H2]

14

The Don't WANT You To Pay Off The "Loan"
- bgraver - Monday, August 13, 2012 - 11:56 AM

Horrible company. Do not use them. In my opinion, it is their intent to prevent you from paying the balance in full by the payoff date so that they can get interest from you. They never send a statement and when they do send the letter saying the full payment amount is due within 30 days, they don't even include the amount you owe!  It's crazy to me that they are so horrible at keeping you informed. I honestly think that they want you to forget that you owe this money so that they can surprise you at the end and force you to pay the interest. We were foolish enough to not notice the lack of statements or bills, but were lucky enough that we could still pay it off at the end. I have NEVER experience any other credit company that fails to send a single statement to it's customer.  Be Warned!

6Month Free Interest Is Not True
- ShawnRussell - Wednesday, August 15, 2012 - 3:40 PM

We had CertoPro paint our home and used a 6-month interest free/payment free program. When the work was completed we sent a check in the following two weeks for the full amount of the loan. About 30 days later EnerBank sends a payment book to the home. My wife called them and they stated that 29.30 in interest had accrued on the loan. They then state that we did not sign up for an interest free payment plan; yet I have documentation that says welcome to the EZpay plan which their own documentation says is 6months interest free.

29.30 is not going to break the bank, but it is the principal of the matter. I can only imagine if they pull this scam on 50% of the people who use their services this amounts to thousands upon thousands of dollars in free money for them and most people may not even bother to waste time on the phone or keep their documentation. 

Sadly, they have choosen to rip off someone who does not mind putting hours of work to correct their fraud. I live by the quote, for evil to triumph, good people need do nothing. 

I do hope all of you who have issues with this bank will report their business practices with the FTC, the local BBB, contact the contracting agency that uses them, and also file a small claims court complaint to get back any and all money that is due to you.

Fraud has to stop. 

Bank Error Costs Us $10,000
- caroleluby - Monday, August 13, 2012 - 5:57 PM

We owed $19,000 for the solar installation for our house: two payments of $9,500. My husband paid in full yesterday, a full two months before the account is due. However, a keystroke error was made by an EnerBank employee and the bank deducted $19,500 for the first and $9,500 for the second.

Now we are $10,000 in debt, and there is nothing EnerBank can do except take the $10,000 extra out of our account and let all of our other outstanding bills bounce. Our debit cards are frozen, our savings are frozen, and we have no access to any of our resources.

If anyone else took $10,000 from me it would be called theft. What is wrong with this system that there is nothing they can do even though they know this is a bank error?

Once they have the funds, they say they will refund any overage, but in the meantime, our credit is ruined and there is "nothing we can do." This was totally an employee keystroke error. True story. Their mistake is our problem. It seems to me that with transactions of this size there should be some kind of confirmation process that would catch $10,000 errors.

Bad For Your Wallet
- tomsmith - Wednesday, September 26, 2012 - 9:21 AM

Legal scan, they never send you a statement with the hope that you forget to pay. using them will cost you money. when you call for a statement update you get K--e on the phone who has the personnality of a toad, not helpful.  mailed a check to them on September 22, 2012 and by September 26th they claim they haven't received it, thus incurring additional interest. must have been part of the government bailout rip us off once if they received a bailout and then twice with the double talk in the loans 

I Like The Bank
- AprilD - Friday, March 9, 2012 - 8:28 AM

I really like the bank for it's 0 interest home imporvement loans, but I wish they would send year-end or quarterly statements indicating the outstanding balance.  Even if only available electronically.

 

They only send out payment coupon books (antiquated) and nothing else. 

Solar Same As Cash Loan Was Helpful
- BronsonCPA - Friday, April 5, 2013 - 3:25 PM

I purchased a Solar Electric System recently and chose to use the Enerbank Same As Cash Loan as recommended by the solar contractor. I paid close attention to the terms and this offer was much better than leasing the system. I have found Enerbank to be very helpful and they explained the payment schedule very well. It seems other posters on here are not familiar with Same As Cash financing or were mislead by their contractors. Enerbank is a bank, they make money on money. In my case I got cheap money for a year and was able to float my 30% federal tax credit. Pretty good deal really. I'm okay with Enerbank making some money off of me (I assume that my contractor paid them a fee and worked it into my bid), because I get to hold onto $10,000 for a year instead of paying it now. I can make money off that $10k by investing it for the next year and I will be sure to pay off the SAC loan so I don't become subject to "unexpected" fees and charges. Coming from a financing background, this is a no-brainer. People who "forgot" they would need to make payments on a loan should not blame the lender. there is no free lunch!

These Other Reviews And My Loan With Them
- stephenca130 - Thursday, October 18, 2012 - 12:03 AM

I too have a "same as cash" account with them.  This is supposed to be true if I pay in full prior to 545 days from Jan 3, 2012.  I'll calculate it later but it looks like that is July or August of 2013.  I too have not gotten a statement ever from them.  I have paid roughly half of the balance due as of now.  I too am trying to make contact with them with no success so far.  After reading all the other reviews I am afraid to call them or write to them for fear they will demand payment in full for some obscure reason hidden in the fine print that I haven't found yet.  I am keeping track of every penny I have paid to them complete with copies of all cancelled checks.  (That cost a little extra to get the copies of the checks but under the circumstances, I think it will be worth it.)  I signed up with them via "Systems Pavers" who installed a very nice driveway and walkway here.  I am going to send "Systems Pavers" a copy of my note here along with copies of all the other posts.  I made one other complaint with "RIPOFF Report" and I noticed when I returned home from being out of town for the last two days that there had been 3 phone calls from EnerBank USA.  Maybe they read the comments.  I don't think System Pavers will want to continue using these guys after my experience to date and all the other postings on here.  I will update my story as it progresses.  I will be sure to pay off the loan in full prior to 545 days for sure.  Best of luck to all.