Post whatever is on your mind!!

[stangstevers]

I think I survived an IT nightmare, now I'm dead tired and in need of either alcohol to sleep or something to perk me up...

[92redragtop]

Honestly not trying to pick on you here but here's the counterpoint from someone who lived it.

Customer comes in, complains about statement fees or level of paperwork they are receiving by mail. Is informed that in order to avoid statement fee cost/be more paper free they can opt in to receive all statements by email. Customer agrees and leaves everyone is happy.

Customer passes away unfortunately. As is common with with some older family dynamics the husband was the bread winner/money person of the household and the wife has next to no knowledge of finance. Death documents are provided to bank and account is switched in to the name of that party or simply joint account info removed. At that time the customer asked if their information the same as previous and they say yes. Generally its not the same person who put them on e-statements or they forgot because the bank staff see's dozens of clients each day and doesn't recall each individual transaction so it's not noted or discussed.

Months go by and since the old email is still active and never shut down the bank never get's a bounce back or notice that the email didn't go through. Perhaps they try to call but the customer had not updated their phone number in years and was incorrect. Perhaps the elderly person didn't answer a phone call from the bank because of fear of scams. Perhaps the bank is too overwhelmed with renewals to call every no response email because it's a goddamn rate war blood bath.

Either way it's not the bank trying to fuck the customer. No response = converts to open until we get confirmation of customer wishes. The way it is. It's not trying to fuck someone in to interest oblivion it's giving them time. All I can say is that 85% of frontline bank staff want to help other people, 10% are indifferent and 5% are just useless. A bank branch deals with 1000's of customer accounts, with a staff of 20-30 people. There is an onus on people to know their renewal dates, know where their statements are going, and keep their contact information up to date. Beyond that I don't know it's like any other consumer product knowledge is power.

Who's going to get a better consumer grade electronic from your store? The customer who does research before hand, knows the model specifics and what features they need and don't need along with brand history? OR the customer who comes in and says ""idc give me a washing machine" ?

This is a big issue I've read on financial planning for some time now - one spouse does all the money management, email/password and communication management with financial services providers (not just banks-mortgages but also insurance, investments, etc, then that person passes away and their spouse has no clue because was not included and there is no central documentation in a safe/safety deposit box, or Will that includes all this information and the financial providers don't have the information about an alternate contact since the surviving spouse was likely not included in interactions with the provider.

[hammerhead]

This is a big issue I've read on financial planning for some time now - one spouse does all the money management, email/password and communication management with financial services providers (not just banks-mortgages but also insurance, investments, etc, then that person passes away and their spouse has no clue because was not included and there is no central documentation in a safe/safety deposit box, or Will that includes all this information and the financial providers don't have the information about an alternate contact since the surviving spouse was likely not included in interactions with the provider.

That's a really good point the high commander is always after me because I do it all and she says the same thing "what happens if you die. I don't even know the pass words" bla bla bla I'm sure everyone knows the story - but it did make me think after the accident...? But you got to understand one thing the questions go on and on and on and on...lol so doing it over the phone is awesome in so many ways..hahaha

[5.4MarkVIII]

Email is communication, it's like the most currently prevalent form of it. Problem is it sounds like they communicated, put the ball in your court, then were told to find a completely different ball and resend it. Deadline happened between those terms and they did the best option given that



If you had a customer come in and describe a part they need, you order it and give it to the customer. They come back and say no that's not what I wanted order a different one. You oblige but the customer complains about you taking weeks to order a part even though you initially believed you both had the correct part coming who is to blame?



In this case you have it backwards. The customer ordered warranty work two weeks before the policy expires. However when you tell them the options they say they are unable to allow you to make repairs until the day before the warranty expires. When you arrive the customer tells you they're too busy and come back later. You go to make the repairs after the warranty is expired and get changed $500 in parts from the manufacturer plus your labour. You tell the customer since they caused the delay you're willing to eat the labour and most of the parts cost. They say no it's entirely on you since they "started" the process prior to warrenty.

I think maybe I’m miss construing or not explaining

A month ago ish we said I’m not sure it’s gonna come together before the deadline.

Just put us back to what we were and we will figure out from there (being the 5 year fixed just like we came out off)
He said sure and if you decide to do the Reno we can add on the home line after. I said perfect.

When my wife went to pick up the paper work to sign he had added the current loc to the home line.

She went back and said sorry no we want to just leave the 50 as it is and just do the mortgage as it was. He said okay he would re do the paper work and send it over for signing

I never heard anything back. Never got paper work never got a reminder

It wasn’t that we asked for something different. I was very clear about what I wanted he wrote up something different and then never sent the paper work to be signed.

That’s why I was upset (that and the 7.45% when they have other open rates far lower)

But ultimately if he did what i asked this would have been resolved weeks ago.

[92redragtop]

I assume the secured line of credit rate was still higher than 2.9, although you didn't state it.
So your "one" monthly payment was going to pay down the higher rate debt. What am I missing?

Yeah I'm confused as well - not sure how 5 years of payments would result in no principal paydown at the noted rates.

[5.4MarkVIII]

Sounds like your banker heard your desires to complete renovations from the mortgage funds and perhaps had knowledge of other lending/finance needs. Instead of
just increasing your mortgage principal by the desired balance and adjusting payment schedule to match, they were trying to keep your current mortgage balance the same and also add a home equity line of credit. So basically residual equity (home value minus current mortgage) would be available to you as a line of credit that would be at far less than any other lending product as it is secured by the home. It's also variable payment meaning you only "have" to pay down interest monthly plus fluctuate balance by certain % over a longer term. Meaning you can pay it all off in one shot if you can, or if things are tight make interest only for a bit.

That's what it sounds like anyway.

Okay that makes sense

Would there be a reason why they keep reverting my payment back though?

So I call and say I want you to up my payments to x# and after a couple months it goes back to the base payment or interest only?

Happens on my regular LOC as well

- - - Updated - - -

Yeah I'm confused as well - not sure how 5 years of payments would result in no principle paydown at the noted rates.

So is it a issue with how it was set up? Possibly the payment calculated wrong?

[Laffs]

Okay that makes sense

Would there be a reason why they keep reverting my payment back though?

So I call and say I want you to up my payments to x# and after a couple months it goes back to the base payment or interest only?

Happens on my regular LOC as well

- - - Updated - - -

So is it a issue with how it was set up? Possibly the payment calculated wrong?

Depending on your mortgage agreement repayment options perhaps you're only allowed to double regular scheduled payments or increase by a percentage periodically. Every bank handles prepayment options differently.

Secondly is your current mortgage an LOC or some form of variable product? How are you making interest only mortgage payments? It's literally impossible for you to be on a fixed rate term, with no addition to principal balance, making payments for 5 years and have 0 deduction to principal balance. Something doesn't make sense.

[92redragtop]

That's a really good point the high commander is always after me because I do it all and she says the same thing "what happens if you die. I don't even know the pass words" bla bla bla I'm sure everyone knows the story - but it did make me think after the accident...? But you got to understand one thing the questions go on and on and on and on...lol so doing it over the phone is awesome in so many ways..hahaha

Since I'm the one who typically manages all things financial in the house (it's usually one person in most households and the other person has less involvement), I have a password protected spreadsheet that has all retirement, life/home/car insurance, TFSA, margin accounts, bank/emergency accounts, account numbers, and net worth statements so my wife also knows where/what everything is if I get hit by the proverbial truck one day (hopefully not driven by her) and she needs to contact all the providers to get balances and survivor/beneficiary changes.

If you speak to planners/bankers it's quite common for surviving spouses to not have a clue about all the accounts at various FIs (across all the different types of products) and with e-statements (if opted in) now it's even more complicated as these spouses may not know websites, login IDs, and passwords so some financial assets may get frozen or go unclaimed.

[92redragtop]

Okay that makes sense

Would there be a reason why they keep reverting my payment back though?

So I call and say I want you to up my payments to x# and after a couple months it goes back to the base payment or interest only?

Happens on my regular LOC as well

- - - Updated - - -



So is it a issue with how it was set up? Possibly the payment calculated wrong?

I can't see the payment being calculated incorrectly - it would be based on the setup. I'm not sure what product(s) from what you've posted what products (and rates) you actually have, how they're structured, and what the rules/limits of those products are. As Laffs said, not sure how you can be in a five year term at a fix rate and not pay down any principal (unless you only have a LOC and have been paying interest only at $550 month)? Is that your whole/only payment? A $200K mortgage at 3% with P&I payments would be over $1000 month with a typical 25/30 year amortization I think.

[5.4MarkVIII]

Depending on your mortgage agreement repayment options perhaps you're only allowed to double regular scheduled payments or increase by a percentage periodically. Every bank handles prepayment options differently.

Secondly is your current mortgage an LOC or some form of variable product? How are you making interest only mortgage payments? It's literally impossible for you to be on a fixed rate term, with no addition to principal balance, making payments for 5 years and have 0 deduction to principal balance. Something doesn't make sense.

They way I understood it was the mortgage of 117000 at 2.9%
And then on top of that the home line of 25000 at (I think it was around 6%)
(House Appraised at 270000)

The way I thought it would work is we make the payment they set (300 something bi weekly)

And that payment would be split between both interests and both principals.

What happened instead is it was split between both interests but only the principal of the home line

So yes at first it made sense to pay as much to the higher interest loan but it was doing it at the expense of then mortgage principal. Which although is a lower interest is ammoratzed over 25 years

Dosnt seem like a win to me unless I’m figuring wrong