Bankers, I get it. The economy’s got you all running a little scared. I understand. Yet if you start squeezing us small business people for inane (and in some cases, contract-breeching) things, you’re going to lose us. Time for a little dose of Chill Out, okay?
I say this because my bank, the one I love enough to recommend, has just sent me a note stating my line of credit loan interest rate is going up. However, the reason they stated, and the one I discussed on the phone with first the bank and then an attorney, is a mighty flimsy reason. Upon reflection, it’s actually looking more like a pile of, well, bullsh*t.
The paragraph they cited as their reason for charging me more states that I have to maintain a business checking account that I use as a primary account in order to keep the interest rate at the current one. I have. However, according to Banker Dude on the Phone (BDP), I haven’t used that account – you know, written a check from it or paid a bill with it. Only…. I have. Every month my interest payment on that loan comes right out of that very account they say is inactive. Uh, if money is being drawn from it, does that not constitute “activity?” In other words, WTF?
In conversation, BDP said the reason was that this apparently is not my “primary” business account. Again, yes it is. And that’s easy for them to prove with a simple search of my EIN or even my Social Security number. I have one bank. They’re it. I use that account as much as my little old business requires. I can’t help it I’m not using it as say a Donald Trump would. My business does not require Donald Trump-like activity. More the Old Mother Hubbard type.
After talking at length with the attorney and reading the paragraph (really short one, so there was no way to miscommunicate it) to her, I’m now under the impression that my great bank is trying to snow me into paying more. So today, armed with paperwork and very detailed questions up the wazoo, I’m marching in to my local branch and stating my case and I’m not leaving until it’s resolved to my satisfaction. The attorney says I need to write a letter if face-to-face doesn’t get me anywhere. That I shall do.
I’m more than a little fed up with rules that change without reason (I’ve been operating like this for over three years – why the sudden interest in how I’ve done things now, huh?). I’m not into letting someone else dictate new terms on an agreement when I’ve not violated any of the old terms. It’s wrong and I intend to give this one a lot of energy in order to correct that wrong.
Would you? How far would you go for your business?
WTG, WW (Writer Woman). It does sound like BDP is full o’ BS. If if you weren’t using your accoung “enough,” doesn’t that mean you’re making less work for THEM??? arghhhh. Go get ’em. (I’ve got pointy cowboy boots if you need to borrow a pair.)
Sounds like what many credit card companies are doing now that the economy is tanking. People with excellent payment and credit histories are finding their credit limits reduced and their interest rates skyrocketing. Many of them don’t know about it until they get a bill with 29% interest or until they try to make a big-ticket purchase and they find out their limit has been reduced. Of course, the company reps *say* they are sending them notices in the mail, but who really believes them?
Fight ’em to the death! These types of blatant scams on the little people really get my blood boiling. You sound very prepared, which is the only way to beat them at their own game, and I’ll be rooting for you.
I am hapy that you’re not taking that crap! Here in Atlanta there were a couple of well known baks exposed for taking advantage of loyal clients. The enconomy is the way is is largely because of their greed. Keep us posted!
I think a lot of people are getting fed up with their banks. Mine for instance, which I used to love, recently started this new “thing”. Before, I would go to the store, not have enough cash in my wallet to buy what I need, and not enough in the bank, but go ahead and use the bank card, then stop by the ATM and depost my cash, which would then be enough to cover my purchase and then some and everything would be hunky dorey.
Now, since I used my card at the ATM first, they automatically deduct that amount, overdraw me, charge me the fees, then when I go to deposit my money, they fill the void and take out the overdraft fees, leaving me with…still negative money. It is to the point that I am switching over all my auto drafts, and closing the account because it is rediculous.