Central Federal Savings & Loan Association W Cermak Rd, Cicero

Mr. Ramsey, Central Federal operates on what is referred to as "Real Time". Your statement that we hold your payroll check for 3 to 4 weeks in fact is not true. The deposit is made at the time you are at our teller window or using our ATMs. When a check is deposited into an account at Central Federal, per Federal Regulation CC, $200 is available the first business day after the day of deposit if the deposit stems from a wire transfer, cashier's or certified check. All other checks become available the second business day, unless they fall under the category of an extended hold. Extended holds may be placed on larger check amounts or at the association's discretion. If this occurs, the customer is notified at the time of deposit and what the reason is for the extended hold. We would be happy to discuss this with you and answer any questions you may have on our policy. Please contact Michelle Bednarz at (708)469-3250.

We are sorry that you are not pleased with Central Federal. Even though the mortgage is a fixed rate loan and the monthly principal and interest payment never changes, the total loan payment can increase due to real estate taxes and/or insurance premiums increasing. This results in an increased monthly escrow payment for which Central Federal has no control. Central Federal prides itself on our customer service and we always try to work with our customers with a positive result for all involved. Although this almost always happens, there are certain times that this cannot be achieved due to uncontrollable circumstances.