I have an Equity Loan question
YourDirtisMyfood
Posts: 4,641
I currently have an equity loan out for a few grand. I noticed that my available credit on my statement indicated that I had about a few hundred bucks left. I just purchased a car and have some bills do, so I called the bank and asked if I could take out money and if it would effect my rate if I did.
The woman looked up my account, said it is an equity line and it would not effect my rate and that I can withdraw money from it. This was on Wednesday as I was on the road on my cell phone. Thus I went to the bank (different bank w/my savings account) yesterday morning and deposited the check into my savings account and went to work.
I was sitting in traffic last night and checked my home voicemail and noticed that the woman left a message on my house phone voicemail (that I hardly ever check) saying that she made a mistake and that you need at least $500 in your account to withdraw. Well, the check has already been deposited into my account and quite frankly, I could use it. I am almost inclined to call the bank and say that the check is already deposited into my savings account (another bank) and I went with the info that I was told. I just don't want my bank with the savings account to slap me with a fee of some sort that the other bank with the equity line might try to impose. Any thoughts? Should I just wait to see if anyone notices at the bank with the loan?
The woman looked up my account, said it is an equity line and it would not effect my rate and that I can withdraw money from it. This was on Wednesday as I was on the road on my cell phone. Thus I went to the bank (different bank w/my savings account) yesterday morning and deposited the check into my savings account and went to work.
I was sitting in traffic last night and checked my home voicemail and noticed that the woman left a message on my house phone voicemail (that I hardly ever check) saying that she made a mistake and that you need at least $500 in your account to withdraw. Well, the check has already been deposited into my account and quite frankly, I could use it. I am almost inclined to call the bank and say that the check is already deposited into my savings account (another bank) and I went with the info that I was told. I just don't want my bank with the savings account to slap me with a fee of some sort that the other bank with the equity line might try to impose. Any thoughts? Should I just wait to see if anyone notices at the bank with the loan?
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81, do you think that's a good idea? They may try to call my bank or say the check bounced or something if I do it that way? I just don't know which way to go here.
quite frankly, i have no idea, but imo, common sense says call the home equity bank. imo, communication is better than sitting on your hands and waiting.
but my experience is that the bank will screw you whenever and wherever possible ... your current excuse will hold no water when they decide to come after you ...
yes ... they made an error but in their mind - the phone call to your home vm is rectifying it ...