Early this year I bought a new car. After I bought it, I began to worry about the payments. I can make the payments with my pensions, but if I die, my wife will have to survive on her Social Security and one-half of just one of my pensions. I determined to pay off the car as soon as possible. A couple months after I bought the car, I sold my shares in a mutual fund that never had shown much growth. That was $1000 and I applied it to the car loan.
A month later, I received my State and Federal income tax refunds. I closed a bank account. Altogether, these amounted to $5000. I sent a check to the bank's auto loan department along with the stub they had provided for principal only payments. The stub had the account number for my auto loan, and I wrote the account number on my check. On April 9 the check was deducted on my checking account online. I waited and waited for it to show up on my auto loan account online.
When the $5000 had not appeared in my loan account by April 18, I called the bank's customer service. They told me (what I already knew) that my account did not show a payment of $5000. The woman told me politely that they could not take my word for it, that I would have to send them proof. She gave me a P O Box and a mail code for where to send the bank's documentation. I mailed the bank's document which showed both sides of the check and gave some routing information.
I have subsequently called the bank twice and sent them an email. The sum of what they tell me is that they are researching the matter. They told me to call back tomorrow if I want to speak to a manager because none of them were available today.
When my grandfather was a young man, everyone he knew buried their money someplace on their property, because they didn't trust the banks. Wonder why?
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