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BB&T / unauthorized transfer and major loan problems

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The bank uses "cross collateralization" for their loans. If you default on one loan or one comes due and they foreclose,
they will take all the collateral you have put up on any other loans. They used the property description for the
original real estate we bought as collateral rather than what we actually owned. They ended up with liens
against our neighbors' properties! Our attorney discovered all this when she looked at our paperwork.
When we met with them, they gave us a worksheet which was the basis from which they were advising us. Our
attorney told us even that was incorrect. She has been able to get it straightened out but it has been a nightmare dealing with them.
Literally, a nightmare. ( I had a heart attack in the middle of all this. I am sure it was from all the stress
as they threatened to take our home even though we had not defaulted on any loans.)

In a separate incident, they took money out of 1 account to put in an overdrawn account we shared with someone else.
That transaction was unauthorized.


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D  2nd of Jun, 2010 by 
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"In a separate incident, they took money out of 1 account to put in an overdrawn account we shared with someone else."

That is "right of offset." Think about it, if someone owed you money and you know they had it elsewhere wouldn't you try to get it? Especially if the other money was also in your posession?

ALL banks have that right. Anyone whose name is on an overdrawn account has their other accounts (with that bank) subject to right of offset. Even if you "share" that account with someone else, if YOU have other money and they (the "someone else") don't, they can take what's in your other accounts to make it right.

Had they not, you could have been reported to Chexsystems for not paying the overdraw, which is probably worse for you than them debiting your account.

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Branch Banking & Trust Company / BB&T Logo Branch Banking & Trust Company / BB&T
Customer Service
PO Box 632
North Carolina
United States - 28472
+1 800 226 5228
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