Now I've Seen Everything
November 25, 2008 9:49am CST
I discovered yesterday that our equity account had been frozen. When I called to see what in the world was going on the bank informed me that due to the decline in value of the housing market they were freezing many accounts. The said they are hoping that things will improve by Spring. We have been doing a lot of repairs on our home, to increase the value yes, but also because it just plain needed doing. I asked, so you are telling me that any home repairs to increase the value of your home being done at this time are just a waste of time and money? Well, right now, yes. Excuse me. How can they do this? Shouldn't they have to send out letters letting people know they are doing this? You don't even want to know how I found out. I was furious. Well, they won't have to worry about me much longer. We had already transferred all of our other accounts to a new independant bank. I spoke with them yesterday also. The paperwork will be ready next week for our new equity account. Even they had never heard such nonsense. The girl at the old bank was apologetic. She has been apologizing ever since the bank merged with another. See, this isn't the first time they got me. Their fixed rates, well, they aren't fixed. As soon as you start paying on it the rates go to variable. The only time it is fixed is at the full limit. They weren't sending out statements for quite some time either. A doctor sued them and suddenly I started recieving statements. How do they get away with these things? Do we really have to go back to hiding money in jars buried in the yard?
• United States
25 Nov 08
Carolyn, sounds like your bank is doing a few shady things. I've never heard of a bank not sending out statements. How do they expect a person to keep up with their account if they don't receive their monthly statements? And that is ridiculous about the fixed rate mortgage! I thought it was a fixed rate if that's what you signed. Perhaps they had the small print to say otherwise, and it was just trickery. I, too, would get a long way from that bank and never dart in their doors again.