Banks Change Rules For Whose Benefit?

Recently we believed the tax advantage to having all our credit card debt moved to an equity account would be simple and painfree. We set the plan in motion made an appointment, signed papers, tried calling to verify the loan payment and loan agreement during the 3 day cool off period. No one answered the phone at the branch and there were no clear answers from the coroporate office. We soon received our first scheduled payment invoice. The bank had set up the plan to be paid off in five years. We signed a contract for a 30 year loan, and not a 5 year loan. So they could change it to 25, but not 30, and we would still have to make a high payment. Which bank, you might ask? After seeing the news that 7 to 8 thousand homes are foreclosed every day, I believe it could be any bank.

I am receiving an interest free transfer check for our credit card for the same amount, so I plan to pay the bank off instead of being bothered with the ethics of a bank that quotes great rates for new clients, but much higher for existing clients. There are proactive steps we can take when a bank is unethical. The court system is not always the best place, but it can be valuable for those who cannot negotiate with a bank.

I tell insurance sales people all the time that if they are not ethical with me, someone else might be even more unethical to their family. They are the one who stands in the way of ethics and kind treatment. Each one of us makes a difference where we stand and how we allow others to treat us, as well as how we treat others.

(c) 2008 Charlotte Fairchild

fundraising