Once again, I have been reminded why I need to work with more than one bank.
I was looking to move my HELOC back to the bank where I do most of my personal banking.
I moved the HELOC away from them because I found I had timed out, the cause for this was the banker handling the paperwork refused to answer or return a call during the whole process ignoring the paperwork I sent in.
So, I moved it to a different bank and was done within a month versus the three months initially wasted o the first bank.
This time I was told that it was because my business showed a tax loss. I am amortizing the goodwill from the three practices I purchased, thus the loss.
It’s strange at this point in my life to get a rejection. First, I thought it was a collateral based loan, tied to my home. I have no first mortgage, just the HELOC. Two I have other properties, which I also own outright, as well as other investments. I even have a money market with the bank for a significant percentage of the balance.
In reality, I could pay off the HELOC, I have other plans for the funds, so I haven’t.
This bank over the years has consistently dropped the ball.
I truly need to further develop my other banking relationships. One is not enough.
I met with a different bank representative, and they are doing a whole lot of things that were impressing me. In office check scanning for deposit, better administrative reports, uploading checks for approval and ACH debit block. So, I am seeing who offers what at what costs and fees, not to mention time commitment.
Hell, I stopped at my branch to get some answers and was told the business banker would get back to me. It’s been three days with no peep.
We all need a better bank.