Credit Freeze - Who's Done This
18 days ago
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Who done it?
Comments (3)Hmmm, I checked mine just now, and my "favorite forums" were changed. My blurb was still there, but the favorite forums were not correct. Makes me wonder who's been messing with my information, and whether I'll be getting a bunch of junk in my mailbox soon. It's a good thing my DH keeps up with our credit card statement weekly - we had our credit info stolen last summer, so we're wary about that. Laurel...See MoreWarning on Home Equity lines of Credit
Comments (26)It'll take a bit of time for all institutions to get around to getting these letters out to everybody with a HELOC. But, sooner or later, everybody's going to get one if they're in a Designated Declining Market. stellar1: "I could max out the line and still be well below what my home is appraised at with the county." What your home is appraised at with the county is probably not relevant. Municipal tax assessments are, in the vast majority of jurisdictions, not representative of fair market value. Assessments are performed on some routine time frame...every 10 years, every 6 years, every 4 years, & a very few reappraise annually (expensive so most munincipalities don't do it frequently). So, depending on which direction the market is moving & when your last assessment was performed there can, and usually is, a large difference. Then, to further complicate the issue...the majority of jurisdictions do not tax on the full market value. The assessed value is usually some percentage of FMV. For example, here in CT it's 70% of FMV. Also, if you read your HELOC documents I'm certain you'll see that your lender has retained the right to pull the line of credit whenever there's a material change & a decrease in the value of the underlying collateral meets the definition of "material change". It's highly unlikely your lender has done anything illegal. Of course you have to pay for the appraisal. It's your loan & your property. I'm glad you got a another loan that meets your needs. Somewhere in the fees and/or rates you are paying for an appraisal for your credit union's use also. Again, it's not the lenders who are driving these HELCO pullbacks. It's the agencies' underwriting. But, the lender is in full agreement because they don't want to have a 110% LTV on a property located in a declining market. /tricia...See Morea warning about using credit union-issued credit cards
Comments (5)I am a merchant who accepts credit cards. On this end it's pretty cut and dry. I get a notice of a chargeback and I must produce my copy of the credit card receipt with their signature on it. It must be either imprinted or through a terminal. With online sales I must produce the hard copy of the order. I have 5 business days to either send or fax my copy proving the charge, or the money is automatically deducted from my bank. Plus a $25 fee. I get chargebacks because I'm an artist who does art and craft fairs throughout the northeast and there are times people in say, New Jersey see a charge from a company they never heard of in Vermont. "I've never been to Vermont!" So they challenge. I produce the receipt and a note they made a purchase at such and such craft fair, and it's done. Go to your credit Union in person and talk to someone who can actually help you. Have someone with some authority help you. You're finding out phone tag doesn't work. Go up the chain of command at the CU to get things done. You have 24 months from the date of the alleged charge to challenge it. The merchant has 5 business days to answer....See MoreCredit Union trying to make us pay twice for same check!
Comments (20)(I have deposited more-than-a-year-old checks and had them clear; I can understand why your DH did this, as well as him not noticing. Also, my next-door neighbors were getting old a senile, and didn't cash pension checks; they got a letter saying "did you get your check? it hasn't been cashed? but it was many months later, and it was several checks still on the DR table, not one check) when they took the money out of your savings account, did they give the "defective" check back to you? Shouldn't they have? Demand it be returned to you. (a lesson to us all--if we are giving a bank money back for a check, we should get the check physically returned to us) Unless they submitted it all over again? Here's what I think happened, if I understand this right. (some queries, though) 1. You give them a check, they give you cash. 2. They send the check to the central clearing house (the Federal Reserve?) to get their money. 3. The central clearing house gives the CU its money, and sends the check on to GM to get the money back from them. 4. GM sends the check--but no money--back to the central clearing house as "defective"'; the central clearing house is still in need of money. 5. The central clearing house sends the check back to the CU as "defective" and wants its money back from them. I would think the CU would have an account of money it would use to cover this; it pays the central clearing house, and the central clearing house is out of it. 6. the CU brings the check back to you, and says they want that money back; they take it out of your account. THEY SHOULD GIVE THE CHECK BACK TO YOU--it is your property, once they have their money back. At the very least, they should have destroyed it, but really they should have given it to you so YOU could destroy it. I'm thinking this is where the CU goofed, and I'd press this point. 7. You get a replacement check, and submit it, and the "you to the CU to the central clearing house to GM" chain works, this time. (can you get the folks at GM to send you a copy of their canceled check, the replacement one that supposedly worked just fine? Might be nice to have) Suddenly the old "defective" check is around. (Sometimes if a check is returned for "insufficient funds," the bank will resubmit it, just in case the money will turn up. They will bill the depositor $15, and then if it's returned twice, they'll bill another $15; the check-writer's account will get billed as well each time; this was unpopular, so some banks don't make a second attempt. I'm wondering if your "defective" check got slipped into the "insufficient funds" category and was REsubmitted? So, let's postulate: 8. The credit union resubmits the check to the central clearing house (Federal Reserve?) to get the money. BUT IF THIS IS THE CASE, then they should have RECREDITED your account when they RESUBMITTED the check. (because if they don't give you any money, then they shouldn't be getting any money from anyone else--it's not their money, it's yours, they're just the "pipe" to move it around) Did they? If you can get them to trace their records of when the check was submitted, can you insist that they DO credit your account w/ the money, on that day? 9. The clearing house (FR?) gives the CU the money, and sends the "defective" check on to GM. 10. GM marks the "defective" check w/ a confusing note that was *intended* to indicate that this check has been replaced w/another check, and sends it, but no money, to the clearing house (FR?) 11. The clearing house sends the check back to the CU, demanding its money back. 12. The CU comes to you demanding the money that it owes to the FR. So, did they "give you money" for that check twice (once in cash, once by crediting your account)? No, you say--but if this is what happened, then they should have. Or else someone put that check in the wrong stack somewhere--and I'd want to SEE that check, and I'd want to try to figure who where the "in lieu of" came from. So they should have given you money twice, and asked to get money back from you twice. Maybe if that's the chain of events, you can make them re-credit your savings account w/t he money they owe you from having resubmitted the check (treating it as though you deposited it all over again), and then they can take it back out again. Good luck!...See More- 18 days ago
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