We have had loans with our bank for eight years and set up the account that hubby's pay and rents went into as an offset account against one particular loan. This loan (limit $100K) always fluctuated and the offset account never had a substantial amount in it for any length of time. The loan is interest only, so the interest fluctuated each month.
I had $50K sitting in this offset account for the full month of July and for the very first time in all those years I looked at the interest and thought "why isn't it substantially lower" for the month.
I called our bank, asked about which loan the offset account is linked to, saying it should be this particular loan. She said it clearly states on the original paperwork that this should have been the case but that it had NEVER been linked. She said she would send it away for investigation and get back to me.
We received a letter today (NO apology) stating we have been credited with just over $4000 for the eight years.
I'm posting this because until I had a large sum sitting there for a full month, I had never realised the account was not linked. Had the loan always been fully drawn I would have noticed earlier but it has been up and down over those eight years and the account balance of the linked account was never the same for two days in a row. There have been times when it has had thousands in it, but generally only for a day or so.
I would suggest others check with their bank that the offset account has actually been linked to the loan as per the paperwork.
I'm pleased to have this windfall, but it is long overdue and I would have appreciated an apology for the stuff up.
I had $50K sitting in this offset account for the full month of July and for the very first time in all those years I looked at the interest and thought "why isn't it substantially lower" for the month.
I called our bank, asked about which loan the offset account is linked to, saying it should be this particular loan. She said it clearly states on the original paperwork that this should have been the case but that it had NEVER been linked. She said she would send it away for investigation and get back to me.
We received a letter today (NO apology) stating we have been credited with just over $4000 for the eight years.
I'm posting this because until I had a large sum sitting there for a full month, I had never realised the account was not linked. Had the loan always been fully drawn I would have noticed earlier but it has been up and down over those eight years and the account balance of the linked account was never the same for two days in a row. There have been times when it has had thousands in it, but generally only for a day or so.
I would suggest others check with their bank that the offset account has actually been linked to the loan as per the paperwork.
I'm pleased to have this windfall, but it is long overdue and I would have appreciated an apology for the stuff up.