Who am I? I have a happy little existence with my husband, my large yellow lab & my two kittens. My dog is 100 lbs of bouncy joy. My male cat is addicted to "Greenies", catnip & thinks he's a dog. My female cat looks like a sweet housecat, but is a serial killer.
I took up fencing after I turned 40 & wanted to find a sport that would keep me active and fit into my old age.
I spend my time coaching beginners, training, & working at our vintage autosound business.
Note: Some of my blog entries are only available to my "Blog Buddies". They are either private in nature or about coaching. I make my coaching entries private because public entries can be read by the general public. While I never use names, the descriptions of the events can reveal information and I want to respect the privacy of my students. If you would like to be on my list, please PM me and I will add you.
Recent Comments
Perspective:
It's also a gravy train for governments with or without decriminalization. ...
In a typical touchy-feely decision my Credit Union decided to not have a clause that allows it to make certain changes to our mortgage & loans without our consent so long as they provide adequate notice of the change. EVERY bank & credit union has this clause... except ours. How thoughtful of them.
Recently the banks got permission from the bank of Canada to alter all loans and mortgages by a percentage point or two because <GASP> they weren't making enough money due to the record low Bank of Canada rate (which is at 2.25%).
Well I can see why lending me money at .15% above prime would make slim profits... However, they not only signed the deal but created it!! When the B of C rate was at 2.25% no less!!! And now they're wanting to amend our agreement. Their letter left me with the impression that they needed my permission to implement this... yeah there was a veiled threat of calling the loan, but I decided to call their bluff and not sign.
I received a phone call as a reminder a week ago. I told the bank that I would like to discuss this in person first... partly as a stalling tactic, partly to see if perhaps they would back down.
Alright I appreciate that the rates are low. I also appreciate that my credit union is the only banking institution who's offered a choice rather than just notify their client.
What pisses me off is:
1) The letters come off as being a veiled threat of calling the loan if we don't comply. For a institution that self-promotes being ethical... this didn't seem in keeping with their marketing.
2) I suspect my bank wouldn't agree to amend the contract if I were requesting it. It seems a bit unfair.
3) They are making great profits, they just aren't when it comes to their loans and mortgages right now. The economy is bouncing back nicely. July posted record home sales in our area. Why not just ride out the storm a little?
4) If I agree to this term, so they can make more money off of me, during this "tough economic time" will they claw back this extra percentage when the economy recovers? I doubt it. This new rate will become the new normal and all the banks would proceed with making even more money.
I'm meeting with them this week. I'm willing to gamble that they might back away, if I push on them, as they've had a lot of complaints. <shrug> If they don't, I'll sign. The simple truth is the loans I have are likely to be the last loans I'll ever have. It'll be nice to ride them out on the terms we agreed to rather than the new terms that reach into my pocketbook.
08-06-2009 10:50 PM