equity line of credit... gone says suntrust

[rockriver]

8 years ago we got an equity line of credit.. (based on house equity)
we used it a few times.
we now owe nothing.
--
but getting ready to make a large purchase. and the low interest rate. line of credit
will be just the thing to use. i asked the wife to stop by the bank and make sure all o.k.
--
wife is told by nice and smiling bank worker that the bank cancelled the line of credit
in january.
i went by today to inquire...
nice, smiling bank ladies tell me
they didn't send out any letters.
they did this to a bunch of customers
i had 1.5 more years on agreement.
they aren't going to correct their action.
they say it is not an error... it's just something they did. intentionally.
i can apply for a loan if i want to.

bottom line -- imho
suntrust bank was on the hook for a loan i could "self impose" on me and on them.
from me and from some unknown number of other group of customers.
they stopped that possibility from happening.
they didn't want this "exposure."
their answers varied as i quizzed them about my relationship to the bank.
they why of the matter, etc..
--
bankrate.com does not rate suntrust highly any more. (suntrust is a southeastern u.s. bank)
--
i suspect....
well... i wish them well, but i'm moving my business.
a sign of the times... i think.

[610Alpha]

definitely move your accounts...Don't go to B.O.A. either (Bank Of America) lol nice play on letters I got from Dave Ramsey. Best bet is to find a Credit Union or a small town bank, stay away from National chains. Good luck!!

[barfife]

As an ex-banker (11 yrs) and then as a self-employed business person (15 yrs), may I make a suggestion? Pick a smaller bank, move all your personal and business banking business and maintain a relationship.

Having a "personal relationship" with your bank goes a long, long way. You will be surprised at the quality of service you will receive at a smaller bank. Everybody knows your name as well as your family members. And they mean it when they ask ."How are you doing?".

As my kids became adults, I introduced them to my banker and they also developed similar relationships. Long term personal relationships with a banker can be very beneficial to you.

Examples:

A couple of yrs ago, as banks were tightening their lending, I was able to get a $50k business line of credit (first time) in about 30 minutes. At that time, I had 2 personal checking, 2 savings and a business checking account with them.

My son (age 23) financed his first car loan through this bank, paid it off in 6 months. At 24, they gave him a $3700 signature loan to buy a classic car(they did not loan on old cars). A big bank would have never done that.

My youngest son has both checking and savings with the same bank.

I hope that I did not paint too rosey a picture, but having a personal banking relationship really does make a world of difference. YMMV