BB&T Bank / fees for paying loan ahead of time
I had a loan with BBT for about 3 years now and was told 3 years ago when I first got the loan that there were no penalties for prepayment. As soon as I got the loan down below $25, 000 I noticed a charge for $35. I called the bank and ask what this was about because they had told me they had no penalty for prepayment. They said it was a convenience fee. Convenient for them not for me. After telling them that I was assured there were no penalties for prepayment they insisted it wasn't a penalty. I was told I would be charged a convenience fee of $35 each month because I was now below $25, 000. MAKE ANY SENSE?
I depleted most of my savings account to pay off most of the loan and the remaining $7000 I paid with my credit card which I have a fixed 4.9 interest rate. Less than the interest BB&T had given me. My credit card company, Capital One, has been great. No hidden fees. I will be finished paying them off next month and have cancelled my account at BBT. Stay away from this bank. Very shady characters.
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