Citizens Bank; Balboa Insurance Company Citizens Bank added two policy premimums from Balboa Insurance Co. on a loan balance that has insurance coverage selected and paid for by the borrowers. Saginaw Michigan
July 14, 2005 my husband purchased a pontoon boat in Wisconsin. I co-signed for the loan with my husband. We have a cabin in Michigan and I had it insured with our insurance company, Citizens Insurance Company of America in Michigan.
The pontoon was financed through Citizens Bank in Flint, Michigan. Citizens started to send Notices for Insufficient Coverage. Then they sent a Notice of Insurance Collateral Protection Insurance with Balboa Insurance Company of Irvine, California in the amount of $1,599.00.
I sent all this to my insurance agent at Rogers Agency with Citizens Insurance of Company of Americia in Ontonagon, Michigan. We worked together to satisfy Citizens Bank requests. We thought we had satisified their request.
So why did they did they add the $1,483.00 for a policy premimum on 1/23/2006?
On 04/11/2007 a letter from Citizens Bank was sent to tell me about the insurance policy premiums that had been placed on my loan.
12/11/2005-12/11/2006 $1,483.00 1/23/2006
12/11/2006-12/11/2007 $1,599.00 1/22/2007
By placing these premimuns to the end of the loan and then changing the loan balance it made the insurance coverage insufficient again according to them.
My loan payment would increase from $139.69 to $179.49
a month beginning 06/13/2007.
I have had my own insurance this whole time. WHat is going on?
I have sent all correspondence from Citizens Bank to my insurance agent to take care of.
I have never had an experience like this with any bank, bank loan, or insurance coverage.
I want to refinance with my insurance compamy in Chicago, but not until those two policy premimums are removed from the loan balance.
Mary Gail
Chicago, Illinois
U.S.A.