News 10/13/23: Israel updates, Bank rant Pt 2

Today, 10/13/23, my bank rant pt 2 will describe a frustrating end to a 29yr relationship. I am surprised by a random picture I posted that Google says has received 1,000,000 (1M) views, and some picture updates from Israel and examples in this country of those supporting Israel and Hamas.

Ending a 29yr bank relationship

When two couples started QDP Corp in 1984, we opened our business checking account with a local bank. About 10yrs later, wife and I established a Home Equity Line of Credit with that same bank. The Credit Line has been renewed twice and is up for renewal again….. well, it was.

At the peak of our business, the VP from that bank made visits to our offices and even took me out to lunch once to ensure we remained a happy and loyal customer. We maintained an always positive account, and when we borrowed money for cash crunch periods of our seasonal business, we paid everything back — usually early, never missing or late with a payment.

We activated the Line of Credit a few times, once to help make a bigger down payment on a car, but more often, to pay for a larger remodel project, never missing a repayment. Most of the time, the balance remained $0. The convenience of writing a check was the main attraction. The last time we used it was when we thought we would owe a contractor a balance due and transferred $10K to our personal account. As it turns out, because our contractor took longer and we were able to build up our checking account, we didn’t use it and put it all back, with interest.

When Bippus State Bank notified us that we needed to renew the credit line, I thought it would be another easy process … we liked the convenience, even though it meant they would continue to hold our house deed as ransom (lien, actually).

Here are some of the reasons I thought it would be easy:

Debt free. Home mortgage at $0 and worth 10x+ the value of the line of credit requested.
Two cars at $0 each.
Credit cards paid in full each month.
All three credit scores exceed 810

But I was wrong. Initially requested to send:

Four (4) bank statements, checking, savings x 2 months, including all pages (local bank)
Social Security Statement and Verification for each of our accounts (federal government)
Teacher Retirement Statement (state government)
Investment statements. 6 accounts over past 28 years.

Then I get notice that I must authorize a home evaluation at my expense ($4-500). I refused. They found what they needed from Courthouse records.

Next, they send documents to pre-sign electronically — TWELVE signatures. And the rest would be done at closing.

Nope. I surrender. Told them to cancel the account.

There is a $28.50 fee.

I will pay that and we are done.

Thanks. I feel better now.

1 Million Google Views

I am from the Cincinnati area and Cincy chili is a unique experience. The chain that has expanded most prominently is Skyline Chili. I was surprised when I found this one and just stopped in the parking lot to take a picture.