How to deal with a really stupid Credit Union?

[Arc weld]

A little while ago I posted about wanting to finance a pole shed and I was dealing with a woman who didn't have much of a clue and told me something different every time I talked to her. She told me an interest rate and then it went up .34% because she didn't bother to look at my existing mortgage to see that there is no residence on the property. 2 weeks ago she said they need to do an appraisal at a cost of $400. Last week the appraiser they called said he doesn't go out of town(basically he was too lazy to do it). The woman at the Credit Union was going to get another appraiser to call me and that never happened so I called earlier this week only to get a message she was off until July 7. Argg!!! I talked to someone else and they agreed it shouldn't take this long and they were going to look into finding an appraiser. I finally got ahold of them and they're trying to tell me that because it's over 40 acres and considered commercial agriculture property, the appraisal will cost $2600!!!!!! and if I want to proceed. He-- no!!! I'm looking at adding about $30,000 to my existing mortgage over an 8 year term. I have excellent credit, 25% down and have been at this Credit Union since 1978. I think I need to go in and say, either do the financing like we talked about or don't do it but if you won't, I am closing my account effective immediately and want all my shares and bank account right now in cash, approx. the $30,000 I want to finance! No, I can't afford to pay for the whole pole shed at once and don't want to be broke trying to. That's what banks and credit unions are supposed to help you with. It's absolutely ridiculous. There a few people experienced in this area on here, what would you do? I'm fed up!

 

[KiotiKowboy]

At least they haven't asked for a survey - yet.

Granted, it can be difficult to get construction financing on empty land. The $2600 appraisal is WAYYYYYY out of line. Have you considered a home equity line of credit?

 

[Clint S]

Go some were else. In this day and age banks/credit unions are plentiful. Around here I know of at least two where all you need to do is live, worship or go to school in the area. $5 to start the account and apply for the loan.

 

[luvmexfood]

I would look around for a bank that does a lot of agriculture loans. This is probably out of the "norm" for your credit union and they don't have a clue what to do. Second I might go up the food chain a little with your credit union. Heck, I would probably go to the top and let it filter down. Tell them what you are looking to do. Maybe a letter or email summarizing your history with the credit union, how much you have been given the run around and what you are willing to do and pay and ask if they want to retain your business. Follew this up with a phone call after a couple of days.

Seems like anymore it is getting almost impossible to get anything done without jumping through so many hoops.

 

[newbury]

I understand your pain.
I'm in 2 credit unions. The first one I joined 40 years ago where I worked, the second about 20 years ago when I went to refi a house and saw the difference in rates. I'm only still in the first one because it's within walking distance.

Shop around.

 

[NewfieDan]

We have done like you want to. Our accounts(mine and wife) are no fee accounts. Went in for a certified cheque to buy something. We're told that there was a fee. Told the teller about our accounts and the no fee portion.

Long story, short, went to branch manager, fee was waived or accounts would be closed. At that time we had 2 PLC's. One secured, one non-secured, various investments, plus chequing and savings. Once they saw what they were losing, they waived the fee.

I would do the same as you. Go in, talk to them. Tell them exactly what you want or you will closing your accounts permanently. Because of what you have stated you have there you may have to wait to get it all. They may not have the cash readily on hand.

This was in Alberta when you are. This sounds like something ATB is pulling. Am I right?

I had issues with them 25yrs ago.

 

[LD1]

What the heck does the amount of land have to do with deciding if its commercial or not? Alot of people own 40 or more acres and are not commercial. And why is the appraisal SOOO much more just because its commercial? do they do something different for appraising 40 acres of commercial vs 40 acres non-comm?

Banks these days just make it so dang difficult to do anything. I just had an issue with my bank yesterday. With my mowing/bushhogging business, I usually just have people write the check out to me. But I am doing more and more commercial accounts, so I set up an EIN number So I dont have to put my SSN on the W9's I have to fill out. I simply named my business "my last name" services. No issues at all until yesterday I had the wife go to cash a check and they told her they couldnt that we need a business checking acct. :mur: They have cashed these checks before.:confused3:

this is a national bank, so we called the 1800 number and talked to someone from who knows where to ask about this. They said that with a business, they want you to have a business acct. And that Standard procedure is to deposit funds and then turn around and withdraw if you want cash. (Doesnt make any sense to me). But he also said that it is up to the discretion of the teller/branch/manager weather or not to cash the check. Depending on how well they know us. Well my wife worked at this branch for over a year. Yea, they know us:mur: Just happened to be one of the tellers that my wife didnt get along with when she was there is probably the only reason they wouldnt cash a dang $400 check.

 

[jaotguy]

sad to say ... it's quite common today ...

just try a certified mortgage broker .... he will know the best way to attack the problem ( and get the best rates )

no fee until he completes the transaction for you ( if he asks for a retainer up front walk away and find another )



heck even the banks can't keep up with their own changes ... my type of credit card was being phased out and I got a "letter" saying the account would go to their standard card at 19.9% .... called head office and was told that was correct , but they were offering another type that matched my old one exactly ( just a different name ) ... guess what I had them switch it to ....

or opened a commercial account and had to try 3 times to get them to get the spelling right on the account ( and wrong name on the cheques they sent me for the business after each correction ) ....

 

[TCJatko]

Vote with your feet. Find another outfit responsive to your needs.

 

[Deere Dude]

Can you even get a building permit with no residence on the property? Some places that is almost impossible.