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Description of Complaint:
I had some work done in my house in October of 2021 and my contractor got me a loan from Medallion Bank at a rate of 7.49. I told him that I'd never paid such a high-interest rate on any loan or credit card. He told me that I can repay the bank anyhow I have to in order to avoid paying too much interest and that there is no pre-payment penalty. Last November I sent an extra payment of $******* and there was a fee of $ 200 which was deducted from the extra payment. For the past 2 months, last January and February I sent an extra $526 each time $160 was deducted from the extra payment. I have dealt with bank loans before I always understand that any extra payment towards the loan would be applied to the principal amount. I called the bank and I was told that there is a $5 daily fee towards both your monthly payment and the extra payment. This is an organized robbery. I spoke to a representative and I said to her that even if $5 dollars/day would apply, a month has 30-31 days how come I was charged $200 on the $*******? I posting this review so that people who are dealing with this bank may check their statements because you may be charged unnecessary fees