Minh and I, until recently, had both a mortgage and a home equity loan. A few months ago, we paid off the home equity loan. Naively, we both assumed that paying off the balance would make that second loan go away. Not so.
Minh noticed last night that our mortgage bill has a $75 annual fee associated with our home equity loan. Upon calling the bank, he learned that this is a fee for holding the home equity line of credit open. Apparently, we were supposed to somehow "close" that loan, in addition to just paying it off.
So, the nice person Minh spoke to explained that we can avoid paying the $75 annual fee if we go ahead and close that line of credit. Apparently, we do this by writing a memo to the bank stating our desire to close the account ... and sending them $75 to do so!
Yes, that's right. We have to pay them $75 to get them to not charge us $75. Seriously. This is not a joke.
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I had a CD once that I was happy to earn $120 on at the end of the three month period. Pretty cool, right? Well, I was busy for about two-three weeks and never got a chance to go down to the bank and withdraw my money. So what happened, I missed the two week deadline to withdraw my money and they automatically re-enrolled me in another CD and I was charged $80 in early withdrawal penalties to get my money out of the bank.
I hate banks. The are sneaky and conniving and have no interest whatsoever in the person on the street, and yet they perform a vital and necessary service. Bastards!
I heart Carlton Banks, especially his dancing.
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