Can I Kill My Bank Now?

Alright, I try not to rant too much on this site. Yet over the last week I’ve managed to get such a good story together I had to share.

It started with the idea I would be better off with more life insurance rather than mortgage insurance. So when a good deal came into my lap I applied for some additional life insurance. That finally got finished last week. So I’m now ready to cancel my mortgage insurance with my bank. By the way, anyone wanting to make my wife exessively wealthy should kill me in the next few days.

The problem is when I want to cancel the mortgage insurance, I almost swear they are trying to be unhelpful at my bank. I first phoned in to talk to someone to confirm what they need to cancel the policy. They assure me that they require a signature and I can either write a letter or just drop into my local branch and sign a form there.

I had the day off, so I decided to just take a few minutes and stop in at my local branch. I tell the teller what I want to do. She gets this blank look on her face and says, “So you want to cancel your mortgage insurance?”

“Yes.” I replied, while thinking I just spent the last minute explaining that to you.

“I’ll have to go talk to someone.”

I managed to keep the smile on my face and reply “That’s fine.”

About fifteen minutes later she come back. “You will need to write a letter and also get your wife to sign since her name in on the mortgage.”

“Alright, but why didn’t the first person I talk to today from your bank mention that. I thought there was a form I could just sign.”

“Well I don’t know about any form, if you would like to just wait a minute?” As she indicates she needs to talk to someone again.

At this point I’ve taken all the run around I can stand in a day. “Nevermind, I’ll just write a letter. Thanks for your help.”

Perhaps it was just me, but I can’t stand the run around on anything.

8 thoughts on “Can I Kill My Bank Now?”

  1. Here’s what I learned the hard way.

    Don’t expect the person “at the counter” to understand anything except the most routine tasks.

    For important stuff…always put it in writing and confirm the receipt of your submission by calling after the fact and where appropriate, before the dead-line has passed. If an e-mail…keep a paper copy in your file.

    Its all “project management”.

  2. Working in a bank myself, I can only laugh.
    It is sad but sometimes, customer service rep are the worst people to deal with ever!
    Sorry to hear that story, but it still make me smile 😉
    Don’t worry, all banks are the same !
    Cheers,
    FB.

  3. I have a great working relationship with my bank (BMO) but it is a small town branch and everyone knows me, so they are more than happy to work with me on various requests.

    One thing I would do if you can manage it is I would keep your mortgage payments the same (as if the insurance fee was still there) to accelerate your mortgage paydown.

    Q

  4. CM & FB,

    Thanks for the tip. Now I know that the poor customer service rep knows just about nothing.

    Q,

    Actually I won’t be doing that. My property taxes went up and it just about equals my insurance payment. Besides I just added a lump sum payment to the mortgage that was worth enough to cover the payment increase for over three years.

    CD

  5. I have found that if you get to know the manager of the branch, you’ll get excellent service every time you come in. I just had to complain this one time and since then when i need something done, she welcomes me directly to her office and i get things settled asap!

    Goodluck

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