I have an account with this bank for well over 15 years and during that time, it was a pleasant experience.....up until now. I have my home mortgage with Merchants Bank and always paid more than the required payments.....for five years....and never missed a payment. But in December, through a series of events (moving, change of address, bill pay) I mistakenly missed setting up the bill pay. I did not receive the notice of late payment until January and only because of my local bank calling me in late December, was I made aware that they had not yet received the December payment....which I immediately paid. But, it did not post to the account until January 6th. The banks policy, regardless of circumstances, file a thirty day late payment with all of the credit services and my credit score dropped by 100 points. What assholes!!!!! Banks have the option to do this or not and they have the option to remove it or not......Merchants will not make any exceptions, no matter what.
I am a small business owner in a small Vermont town. I've never had a problem with anyone at my local branch, and I trust them and find it pleasant to bank with them. However, running my business smoothly depends on having a dependable online banking system for paying bills.
I have tried to bear with the growing pains of Merchant Bank's online services division, despite serious flaws. (It's unacceptable to me that a scheduled payment *disappears* from the "pending payments" list for a significant stretch of time before it appears again on the account summary page. I also find it ridiculous for a bank website to continually and invasively advertise third-party security software.) The few times I've had to call the online services division, the people at the other end were discourteous and didn't seem terribly bright.
Merchants Bank recently began charging a monthly fee for the business account that I've held for years, and simultaneosly capped free bill-pay payments at 200/month. This was a bit of a rude awakening, but if they were to make improvements on other levels, the new fees might not be so unpalatable.
However, today Merchants Bank threw down the proverbial last straw. Just days before the end of the month, they implemented changes to their bill pay system that reduced functionality. I'm flabbergasted! I can no longer view my payment history by vendor: are you kidding me??
I will miss the people at my branch, but this bank is incompetent in ways that hurt my business. I'll be taking my small-business banking elsewhere.
We do not have health information for Merchants Bank (VT), because it is no longer an operational bank.
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Sorry, but we do not have location data for Merchants Bank (VT). Its headquarters is located at 275 Kennedy Drive - South Burlington, VT 05403