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Regions Bank Complaint - Huge Fees For Equity Line - Home Equity Line
Home Equity Line - Complaint
GEORGIA -- Beware of Regions home equity line. The fine print says they can charge you $500.00 If you close the account. They conveniently don't tell you this at the closing and I would not have gotten any loan with them had I known about it.
Comments:
Posted by trmn8r on 2011-10-30:
The question of whether prematurely closing a home equity loan results in a fee is one of the ones that you need to ask when shopping for the loan.
Interest rate, term, loan amount, fees. These are the parameters of concern. You state it is in the fine print - therefore it was included in your contract when you signed it. You have to read all that "legal stuff".
Since an "early termination" fee is common, I don't see what the bank did wrong. Furthermore, if you think about it, you agreed to a loan for X months. It is your responsibility to educate yourself what happens if you pay off prior to X months.
Interest rate, term, loan amount, fees. These are the parameters of concern. You state it is in the fine print - therefore it was included in your contract when you signed it. You have to read all that "legal stuff".
Since an "early termination" fee is common, I don't see what the bank did wrong. Furthermore, if you think about it, you agreed to a loan for X months. It is your responsibility to educate yourself what happens if you pay off prior to X months.
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