I am a physician and have a home equity line of credit through Private Bank Minnesota in Minneapolis. I have waited 6 months to write this review because I was so disappointed and didn’t want to write in anger. The initial terms and set up of the loan were competitive and professional, however after a refinance, there were substantial problems.

Frequently, banks of quality will quickly sign a subordination agreement, because the refinance of the first loan makes their home equity line more secure. Private Bank, however, did not agree to sign this agreement (even though it put them in a better position) unless I was willing to agree to a significantly higher interest rate, negating a portion of the benefit I had from the refinance in the first place. They essentially held up the entire refinance unless I was willing to change their home equity loan to a higher interest rate– but then if “I was willing to move my checking account to private bank, then we could maintain the same rates– if you can help us, we will help you” said Tom Cardle, one of the vice presidents of the bank. I thought this was completely petty and unprofessional, which was surprising because I had found him to be quite professional up to that point.

I do not want to have to think about my banking and I expect banks to provide great service, not act entitled to my business. All payments have been on time and I have great credit. I would strongly advise fellow physicians and business owners to look elsewhere for your banking needs. If you want no BS, choose another. I had never really had such a negative interaction with a bank before. We are in the process of purchasing a practice and private bank will certainly not be our choice! I have also noticed that Private Bank Minnesota does not come up on Google maps, which is frequently done so that people are not able to view the reviews posted there by consumers! Please look for yourself. I hope this is helpful.
(This review was written by a BankTruth community member).

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