Friday, February 12, 2016

Day 140-141: Bank #1 and the Nasty Letter

We had not closed out things with Bank #1 just in case we hated Bank #2.  I was busy doing stuff around the house and did not get around to opening the mail until 6 pm.  I found a letter from Bank #1.  It stated in not so nice terms that we did not have insurance on the new house.  Bank #1 threatened to purchase insurance for us and we would pay whatever they decided to charge.  I was livid.

We do have builder's risk insurance and have had it long before we signed any loan paperwork with Bank #1.  To make matters worse we had submitted all of the policy information to the less than organized loan officer at Bank #1.  What she did with it, I have no idea.

The following day I put in a call to the insurance department at Bank #1.  They had no record of any insurance policy.  To stall them I submitted the policy information.  I then called the customer service number for Bank #1 and got the loan payoff amount.

You may wonder why we needed to pay off a loan when we never received any money.  Bank #1 took us for quite a bit of money in fees.  This was very clever on there part.  They made money for doing absolutely nothing.  I was angry enough with them to pay this amount and consider it a lesson learned.

The lesson - if you have a bad feeling about a person's professionalism, take heed.  It also pays to check around and talk to other people.  Once we started having major problems with Bank #1, we discovered that many other people did too.  We never had to tell anyone the name of Bank #1.  All they had to hear was bank problems, and they could tell us the name.

1 comment:

  1. So sorry for this mess. But glad you have it fixed now, even if it cost you a bit. Moving on to better things now.....