Pissed Consumer - National City Bank unethical practices

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National City Bank unethical practices

May 3, 2008

National City Bank complaint by Tammybean

My husband and I refinanced our home in Nov. 06 and took out a line of credit with National City. We never used even half of it and paid most of it off when a business deal we used it for was finished. We currently have less than $30,000 on it and have never been late with a payment and have always paid much more than due. We have A credit - we got a letter on April 28, 2008 that was dated April 23, 2008. They said that they have closed our line of credit because their automated system said our house decreased in value from $435,000 to $386,500. No warning - our only credit cards are linked to this loc. We paid closing costs of a couple thousand dollars (normal fees) for a loc that we only used 18 months.

That is annoying and wrong I think - but it gets better. The letter also said that any charges against the loc made after TWO days of letter date (23rd) would not be honored. So....from the 25th on, National City would not honor any charges we made. But, we didn't get the letter until the 28th so that means that there are gas charges, a payment to pay off a small balance on a previous card, etc. are being refused!! Now I have to do damage control.

And the best part is today I get my statement from them for May and they have charged me a $30.00 fee for a check they refused! I am so angry that I can't even begin to figure out what we are going to do. We all know who wins when you sue - usually legal fees make it not worth it but I am tempted.

Do NOT use National City whatever you do - we are researching the banking regulatory thing but who knows -

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Comments (2)

1. Written by Brotha, on 14-06-2008 20:39

Check your contract, they can do it, sorry. Do you really think that you can sue a bank in small claims court and win? A contract's a contract, sorry to say.

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2. Written by Leigh, on 18-05-2008 20:41

They just terminated my equity line of credit also. The reason was they said my payments were late, but they were late because I called the customer service line to ask if there is a grace period after the due date and I was told yes I had 10 days after the due date to pay and my payment would not be considered late. I figured this was correct since that is how most mortgages work, due on the 1st late after the 15th. They did not send me a warning after my 1st late payment, it wasn't until after I made a second payment during the false 10 day grace period that I got a letter saying my account was terminated. I figured it had to be a mistake I called them and only got rude people who kept repeating that it states it in my contract. Anyway I just sent my second letter to the president of the company, but I doubt Ill get anywhere. I figured like you that they just used that excuse to terminate my account because property values have gone down. the worst part is im sure they have messed up my credit score now.

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