I had a loan with BBT for about 3 years and was told 3 years ago, when I first got the loan, that there were no penalties for prepayment. As soon as I got the loan down below $25,000, I noticed a charge for $35. I called the bank and asked what this was about, because they had told me they had no penalty for prepayment. They said it was a convenience fee. Convenient for them, not for me. After I told them that I was assured there were no penalties for prepayment, they insisted it wasn't a penalty. I was told I would be charged a convenience fee of $35 each month because I was now below $25,000. Does that make any sense?
I depleted most of my savings account to pay off most of the loan, and the remaining $7000 I paid with my credit card, which has a fixed 4.9 interest rate. That is less than the interest BB&T had given me. My credit card company, Capital One, has been great, with no hidden fees. I will be finished paying them off next month and have cancelled my account at BBT. Stay away from this bank. Very shady characters.
0 comments