Just got a disturbing letter from my bank yesterday.
We have an open equity account with about $60,000 we could access if we needed it. We opened it when purchased the home and it costs like $50 bucks a year to keep open.
Letter said the bank is closing all equity checking accounts that have not be utilized in the last two years. They also said, due to the home market value changes, I would have to get my home reappriasied to keep it open. Until that is done, my account is suspended. The appriasal is about $400 bucks in the letter
The only debt we have is a car payment of $280 per month and the mortgage.
Last month we paid off the balances on the remaining credit cards and now only use cash and a debit card.
Another thing with banks cutting future losses. Credit cards are next to be pulled back to reduce loss exposures.
We are just going to let them close the account. Its money that could tempt us into trouble.....
We have an open equity account with about $60,000 we could access if we needed it. We opened it when purchased the home and it costs like $50 bucks a year to keep open.
Letter said the bank is closing all equity checking accounts that have not be utilized in the last two years. They also said, due to the home market value changes, I would have to get my home reappriasied to keep it open. Until that is done, my account is suspended. The appriasal is about $400 bucks in the letter
The only debt we have is a car payment of $280 per month and the mortgage.
Last month we paid off the balances on the remaining credit cards and now only use cash and a debit card.
Another thing with banks cutting future losses. Credit cards are next to be pulled back to reduce loss exposures.
We are just going to let them close the account. Its money that could tempt us into trouble.....