Bank rant

[roadie gal]

I went into the bank and talked to one of the bank officers. He (very nicely I might say) explained things the way Mr. Silver did. (Thanks)

He explained it as "a paper cut" on my credit rather than a hemorrhage. lol I guess they all know I'm a doc. It will show up as a late payment rather than a default. If I don't have any others it won't be a big problem.

Why couldn't those rude buggers at the loan department tell me that? They made it sound dire.

I don't know if it's a state rule about not being able to pay off online. Either way, that's how my bank works.

[Mr. Bloom]

Glad I was right...I really don't have a consumer credit background

It's unfortunate that the byproduct of laws that protect consumers from discrimination also make the banks seem unreasonable and unflexible in an obvious situation like this.

Why couldn't those rude buggers at the loan department tell me that? They made it sound dire.

My guess is that the guy you were talking to at the branch was wondering the same thing...

I don't know if it's a state rule about not being able to pay off online. Either way, that's how my bank works.

Some states have laws that require that lines be automatically closed and mortgages releases when they get to $0...A ROYAL PAIN for banks and customers.

On the other hand, some banks have policies requiring that because they don't want you to pay it off and move it somewhere else without getting a chance to 'match offers'....this to me is tedious because it can be a royal inconvenience to customers (and is being used as a substitute for not being competitive in the first place...).

I encourage you to take the route I do...just set up an automatic change against your checking account (I do mine through on-line banking) and then you'll never be worried about it again...