About - Stearns Bank N.A.

Overall Feedback:

On sharing such information of distrust, is one that our company find very hard to do, considering our affiliates history with this bank. We referred a well versed client of ours to a broker who in turn, works directly with Stearns Bank. In facilitating deals of equipment financing, there are many programs that are made available as to making the relationship a growing and successful one. However, my client (Premier Group Companies) has been another victim as the others who have came forward (many who have not) about overcharging of fees, forced equipment insurance, and this particular matter involves both deferment and seasonal program initial agreements. Our company personally discussed the fact that our client (Premier Group) would need deferment and seasonal agreements. We structured the deal with Trust Capital in August 2018, and as soon as October 2018: Stearns Bank COLLECTION DEPARTMENT was harassing our client about invoice balance owed. After speaking directly with both Trust and Stearns, it was confirmed in December 2018 that our client account would be cleared and set up appropriately. The client (Premier Group) once again called our offices complaining Stearns Bank was aggressively contacting and sending invoices with erroneous amounts that didn't make any sense, since the confirmed discussions of adjustments were scheduled for deferment. Our client was officially advised " PAYMENT" would begin Jan 2018,which was commenced as planned via their bank. Upon conducting our quarterly audit on behalf of Premier Group, we unveiled many inconsistencies. 1) December invoice was continuing to run balances. 2) January invoice was still carrying a balance (therefore, no deferment of this account happened) along with consecutive statements thereafter. Stearns began becoming very unprofessional with our client, with one Collection lead recently advising: "YOU GUYS never made ANY Payments, then shortly thereafter changing that statement to reflect yes, "some" payments were made and you're still behind. In the wake of all of this behavior, our client was advise their agreement was being voided and/or accelerated after the fact: Payments were proven via their bank history as being sent to STEARNS. This is a matter of concern not only for our client, but our firm for recommending this bank through our relationship with Trust Capital. How does any bank grow a small business and strong arm them out of both their hard earned revenue as well as wavering from an agreement of deferred and seasonal payments. Based on our audit, how does your account fall under any deferment and your invoicing has amounts of over 8K for the start of your initial payment cycle? How can such a large baking institution allow trained employees to speak with their CUSTOMERS in tones and threats of such nature? From several finance seminars that are well seasoned accountants have attended, it has always been spoken that the Skalicky's operated in true fashion and expected their workforce to perform at high standards. This matter needs to be addressed by a decision making authority, and all mistakes corrected. Our client should be offered more than just a written apology, as well as the many other who have found themselves battling these incompetent irregularities with Stearns Bank, NA. If you are in the business of sourcing small business with funds to grow, then these type of mistakes should not occur. This needs to be corrected STEARNS BANK - You have many others who are stating similar stories, and obviously there is some employees that need to be let go! LKP BUSINESS ACCOUNTING | Asset Management