HELP!!!I think banco res.wants to screw me!

leeanna · #1 10-09-2009, 10:05 AM

I have a handsome CD in Banco reserva after selling a buisness years ago.I have taken a loan out for at least half of the value.The interest for the cd has been paying the loan.Now they called and told me that the interest rates on the cd droped a few months ago,and now I owe them.Can they do that.We had an agreement.I give my money promised for one year and they garantee me a certain interest rate until the cd expires.Help,i really relied on that interest.I need answers!!!!!!!!!

Hillbilly · #2 10-09-2009, 12:49 PM

Lawyer up!! Get your papers together and get a lawyer...no other way to do it...

HB..

JDJones · #3 10-15-2009, 04:56 PM

Quote:

Originally Posted by leeanna

I have a handsome CD in Banco reserva after selling a buisness years ago.I have taken a loan out for at least half of the value.The interest for the cd has been paying the loan.Now they called and told me that the interest rates on the cd droped a few months ago,and now I owe them.Can they do that.We had an agreement.I give my money promised for one year and they garantee me a certain interest rate until the cd expires.Help,i really relied on that interest.I need answers!!!!!!!!!

Hmmm, you say you bought the CD a couple of years ago. If the CD was for a year, the interest could change from one year to the next.

But I know that at least with my Central Bank CD's, the interest remains the same for the term of the CD. After, it has to be renewed at the current rate.

waytogo · #4 10-15-2009, 05:27 PM

Isn't the bank supposed to inform you of rate changes asap. Not months later.

Castellamonte · #5 10-15-2009, 08:04 PM

Quote:

Originally Posted by waytogo

Isn't the bank supposed to inform you of rate changes asap. Not months later.

Nope. Not their responsibility. It even happens on loans that if the interest rate changes then you don't find out unless you ask.

leeanna · #6 10-15-2009, 10:13 PM

Hey guys,
turns out,i am the idiot.My cd was supose to be for a year,but the bank manager only made it for 6 months.It still would have been nice to be notified,that the interest droppes from 12 to 7%,but it is true that they are not responsible to notify you.On another note,does anyone know where I can get a better secured loan rate,they are killing me with 19%.