A Loud Moo

I know, I know--I disappear for a couple of weeks, and then come back with a rant.  But I am quite the COW* after my encounter with the customer "service" people at the financial institution that handles our home equity line of credit we took out last year.

This all started a few weeks ago.  I finally followed through on my goal of moving our money market account.  The new account allows me to conveniently make on-line payments, and that's what I did to pay off the loan.  I typed in the amount on the statement, hit send and confirm and thought that was that.  This morning, I opened my e-mail to find that the payment had been returned to my account.  After work, I called the customer service number on the bill and got only an automated system (also found out that I could pay my bill over the phone with a bank check and be charged $10 for the privilege).  I flipped the bill over and found another number.  After being told by the automated system that my loan number wasn't recognized, I got an actual person who tried to tell me that the loan number printed on my bill wasn't correct.  After I explained that her employer is the third company that has held our mortgage and our home equity line, she offered to transfer me to another line.  That was the original number I called and again, I couldn't rouse a human.  By this time, I was getting a little worked up, but I persevered and called back.  Turns out that the third time's the charm as I got someone who eventually connected me with the proper person, but only after asking me ridiculous questions such as what the original amount of my mortgage was (that was 20 years ago).  So I finally get to explain my problem and here's the answer:  If you're going to pay off a loan, you have to request a pay-off amount or the bank won't accept the payment.  It's a federal regulation.  Seriously??? I want to send money to an institution and they won't accept it??  However, if I want to send in $10 or even $1 less than the full amount, they will take it.   I'm sure someone thought there was a very good reason for this policy, but I can't for the life of me figure out what it would be.

OK, off my soapbox now and off to participate in Friday Night Sew-In.  The ABCs of Aging Artfully is coming along nicely and may even see a finish this weekend.

*Cranky Old Woman (with a nod to Nancy, at Blogging, Near Philadelphia)


  1. Those issues are so frustrating!! Enjoy your Friday night stitch-in!

  2. That really is weird! Not accept the pay-off? Without prior notification of amount? So ridiculous! Geez! Hope the Friday Night Sew-In cheers you up.

  3. I knew aboit this crazy pay-off amount thing only because my mom was a mortgage underwriter. Inside info. Glad you got your answer and that you get to pay off a loan. That's a happy day!

  4. Well, it was a happy day that the loan was paid off and it was FNSI. But I so agree with you about the automated system for phone calls. I wish there was a way to just bypass the options and go straight to a live person. Thanks for sharing. We all need to vent and it's nice to have someone to vent to.

  5. I am glad you got the mortgage thing taken care of.


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