Vectra Bank Colorado, Na

Ok
Jan 2nd, 2020

I will NEVER again accept an offer on a house I'm selling if Vectra Bank is the financier. I won't even accept a check if this bank is on the piece of paper. This joke of an institution cost us (sellers) around $30k and our buyers at least $4k-$5k. The only way to sue would have been against my buyers. We felt bad as they were just as bewildered as we were. My broker and the attorney on the other end said they'd never seen anything like this. Our buyers showed at least 25% of the total purchase in funds to close with a pre-approval letter from Vectra, clean title work, appraisal above asking - perfect condition. 5 weeks into a 4-week closing, we were informed Vectra, needed additional information from our buyers. They asked for a 2-week extension. 2 weeks later, they asked for another 2-week extension. Skeptical, I spoke with the underwriter to ask what the hold-up was. Vectra said the issue was with a deposit from one spouse to another. But, because they weren't "legally married" (even though it's a common-law state), the "gift" wasn't aged and couldn't be used as funds for closing - hm... seems illegal/discrimination. They assured me we could switch buyers (from one spouse to another) and we'd be closed in 2 weeks. 1 more week went by. Another call from Vectra underwriting (I'm the SELLER mind you, they know they screwed up and are calling ME) and they inform me that the appraisal has to be re-done. Ok fine, go do it then at buyer's expense. Another week goes by and, "Vectra needs a new buy-sell + inspection + due diligence period and 3rd appraisal." By this time it had been almost 70 days from contract date were the investor had nearly 6 figures in liquid funds for a house under $300k! Unfortunately, the house I'm selling is part of a 1031 with contracts on both sides that were explicitly detailed in the buy-sell (Vectra knew this). I had to eat a large deposit in another state. Had to pay an attorney to defend me as the other party was rightfully, extremely angry and sue happy. The buyer's literally told me and I quote: "I don't know if this bank will ever close us, if I were you I'd probably walk away" which we did... little comfort after losing a much larger deposit, eating travel, appraisal, inspection fees on another house, not to mention someone trying to sue for performance, not to mention the buyer's losses of deposit, 2 appraisals, inspector and application fees. This ended up being late fall that we put the house as available again - worst time of year to sell and instead of being on the market for 3 weeks like it was in the spring when this all started, it is now 8 months later and we finally are under contract again at $10k less than before. Already told the buyers - you're good as long as it's NOT Vectra! What a joke of an institution. I guess we should have looked at reviews before accepting an offer where Vectra finances. Mortgage apps beware! Not a real lender.
Oct 26th, 2019

VECTRA is not an ordinary bank we want to run our business with integrity and demonstrate our values with our customers constantly. It’s been the biggest journey working for an amazing company, all I can say is this is just the beginning you will be hearing of Vectra more than ever. Words can’t simplify the gratefulness we broadcast to our consumers. In the spirit of VECTRA we thank you for banking with us!
Apr 26th, 2019

Terrible banking experience. Online banking option is horrible, very little can be accomplished using their system. Over the phone is even worse. I think their systems are about 20 years behind the major banks. They make you visit a branch in person, sign multiple forms, have to order reports that should take 10 seconds to look up. Avoid banking with them at all costs.
May 2nd, 2018

Worst bank ever. Literally robbed a single mother of her first solid paycheck in months. To top it off they did this All while my child was hospitalized. Thanks Vectra for making sure when me and my kid leave the hospital we leave homeless! I've explained the whole situation and no one can help me.
Jan 25th, 2017