The Land of Fees

When my wife and I were selling our house in New Mexico, the agent for the title company needed information about our mortgage so he could pay it off and close it down. But in checking on us, he discovered that we also had a home equity line of credit with the mortgage holder and he needed to close that account.

We had never drawn on the account. We paid $35 a year just to have the safety net. Fortunately, we never needed it. So imagine our surprise when we received an updated statement of closing costs hours before closing in which we were being charged $66 by Chase to end our home equity line of credit. The $66 is called the annual fee and lien release fee.

I found that unusual, given that we had paid more than $200 over the line of the line of credit just to have the line of credit and so I complained to Chase and demanded my money back. It took a couple of months, but eventually Chase turned me down and told me that it had been written into the contract we signed for the line of credit.

Who remembers what’s in a contract? Who understands them when you sign them?

Shame on me.

My new mortgage company has been after me to secure a line of credit and get one of its credit cards. Sorry, Wells Fargo, but I don’t trust you folks now that I’ve been burned by Chase.

I’m going to stick with my credit union—and this time I’m reading the fine print.

1 comment:

  1. By the way, in December I went to my credit union. No fees.