American Express Bank, FSB
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In 2010 bank united (prior ownership) sent me a letter to stop using my $371,000 credit line since my $550,000 home was now worth less ($350,000 to $400,000). The high $348,500 of credit line borrowing had been reduced to $200,000 by this time. I objected and accepted a $250,000 reduced home equity credit line amount. However,
in november 2011 a similiar notice (new bank owners) arrived. Again, i complained since value of home had actually gone up since 2010, (local property appraiser valued home at $355,000). Bank united wanted a $400 fee to obtain a appraisal, review my credit report, and income tax return. Unpaid credit line balance now about $160,000. I sent a copy of my credit report and score, plus form 1040, property tax assessment, and asked the $400 (insult) fee be waived. Bank united claimed they do not rely on local government assessment which was over 2 times credit loan amount, and again i was not to utilize my previously flexible credit line. I refused to pay the $400 fee so my credit line is frozen. Now, i am hesitant to pay sizable extra prinicipal since i cannot draw it back out if a investment oppertunity presented itself.. Note: i had always paid my (perhaps 6 plus year old) home equity credit line on time, and it fact had rountinely paid extra prinicipal on the debt. My appeal to the new president were never acknowledged. I closed my checking account with them and now consider bankunited, miami fl not to be trusted. Charles l gomes cpa
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