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National City Bank / cancellation of home equity loan

1 PA, United States Review updated:

My husband and I had a $60.000 line of credit with National City. Our home is paid off and worth approximately $175, 000. We currently owe about $6, 500 on this line of credit, have prepaid thousands of dollars ahead of schedule and are very conservative consumers with little additional debt. My husband forgot to make the May payment - we were 13 days late and National City cancelled the line of credit with a very nasty letter. My husband tried to call them (he is a relatively mild personality) - the first woman hung up on him. He called a second time and was told "Tough - you are delinquent". When he explained that he prepaid the loan and was actually ahead of scheduled payoff by thousands of dollars he was told that he did that for his benefit, not theirs.

We are not just customers of National City Bank, we are also shareholders. I can guarantee you that we will be neither in the near future. This company sucks and I hope they go bankrupt. What a stupid way to run a business.

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Comments

  • Da
      26th of Jul, 2008
    0 Votes

    I had the same exact situation on the frozen home equity line with the same explanation that values of homes in my zip code had dropped significantly.

    In addition, I always had a ten-day "grace period" in which to submit my HELOC payment. I just submitted one in July late but still within the grace period and received a letter that said my account privileges were terminated and my loan was revoked. I spoke with "Michelle" at the Default Mangement office and received the worst treatment I've ever received from any customer service rep in any business.

    I asked if my long-term relationship with NCM or my good payment history or excellent credit meant anything to them. She said that was all "irrelevant."

    Now I see at the Mortgage Lender "Implode-O-Meter" site
    (http://ml-implode.com/imploded/lender_NationalCityCorp.(Wholesale)_2007-12-31.html)
    that National City is going belly up...

    So that explains why they're trying to drive all their customers way and call in their notes...National City is no more.

    No wonder Michelle had such a bad attitude.

    Count me in on a class-action suit!

  • Da
      20th of Aug, 2008
    0 Votes

    Sub: To verify and to update all my loan particular’s in your system.

    This is for your information that I Mr. Daniel Mathai has taken personal loan from Citibank for amount BD 1400 (One thousand four Hundred Bahrain Dinar) in the month December 2005, the bank suggested to repay with interest Amount 2001.612 BD. (Two thousand one Dinar and six hundred fills). I started paying my loan amount 52 BD and 674 fills from month of December 2005 to till date regularly with any discrepancies.

    Here I want to bring to your notice that in spite of paying my regular Installments.
    Your staff is calling me every month and asking to pay my monthly installments. This I can accept as there duties they are reminding to pay my monthly installments. But in my regular payments there is one payment which your Bank has not updated in your system and showing one installment outstanding against to my regular installments. I visited to Citibank Manama centre in the month of February 2008 and had discussion with Mr.Hameed, Manager by carrying all my bills. He called one lady to assist me and to clarify and to update all the information. I explained very briefly the scenario by showing all my monthly bills. She agreed that in system for the month of March 2007 it was not updated and she assured that she will update and clear. Before I left from Citibank I requested Manager Mr.Hameed to look into the matter and do needful. He too assured that they will solve this issue and he himself said that he will call me back on my mobile, but there was no response from the Manager till date.

    But in the month of March 2008 again I got a call from Citibank and asking to pay me my one month outstanding Installment. I stated that lady very clearly about the things happened unfortunately the Lady I met in the bank only called me she recognized and apologized for giving call. I feel very ridiculous stating this that in such big organization this mistake is repeating still now, every month I’m receiving the call from Citibank and asking to pay my outstanding one month due. This shows that how better you are giving service to the customers.
    Hence I request to the higher authorities to clarify and to make sure that this erroneous mistake’s cannot be repeated in future to any customer’s and I request to give reply for my letter in order to make me assure that I can be happy in my future as a Customer to continue with Citibank services.
    I would appreciate if some body can reply for my mail.

    Best Regards. Account No. 1076385906
    Daniel Mathai.
    danielkallethu@yahoo.com (or) dankallethu@gmail.com Mobile No: +97336055852
    Manama, Kingdom of Bahrain.

  • Al
      16th of Oct, 2008
    0 Votes

    I agree that National City Bank is conducting itself in an unethical and dishonest manner in its effort to reduce the number of Home Equity Lines of Credit on its books. Last month National City Bank received and held my line of credit payment (without processing it) for 23 days so they could claim that I made a late payment and terminate my $100, 000 line of credit. In the 4+ years that I have held this line I have never made a late payment. I generally pay my bills twice a month. All checks that were mailed on the same day as the National City payment all cleared my account within a week, all except the National City payment. What happened to the National City check? On receiving National City's termination letter I immediately called National City and explained that my payment was mailed to them several weeks earlier. They claimed they did not receive it so I assumed my payment was lost in the mail. I immediately remitted another (large) payment. National City Bank received my new payment and immediately deposited BOTH the new check together with my old check that was mailed to them 23 days earlier. Over the last 4+ years all my National City payments have been processed within 7 days of mailing. Why did this one check take 23 days to process? Why did National City deposit both checks together? Is this simply an unfortunate coincidence or rather a dishonest tact by National City being used to reduce the number of Home Equity Lines of Credit on their books? Personally, I enjoyed an excellent low interest rate on my line of credit and never had any issues with National City, until now. I would like my line reinstated. I would be willing to take legal action if I could prove National City used this same unethical tactic to terminate other customers’ Home Equity Lines of Credit. Please email me at alex@sillmail.com if you had a similar experience with National City Bank. A class action lawsuit could conceivably restore the low interest Home Equity Lines of Credit that National City dishonestly took away from its customers.

  • Jo
      18th of Oct, 2009
    0 Votes

    I had the exact same thing happen with my equity line of credit. I was 9 days late in payment for the first time in 7 years. They terminated my account. My line is $60, 000 and I have $500, 000 equity in my home and excellent credit. Count me in on a class action suit!!!

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