Conference 7.286::dcu

And when you think about the fact that had you gone to a bank....

1) your fees could have been less than $100, even $0 (last summer, 
Baybank and Hudson National were offering $0 total cost H.E. loans)

2) You could have kept an *unsecured* line of credit (CRT) attached to 
your checking account.  Now, all overdrafts become liens on your 
house.

.....

    I was told that they did not issue Certified Checks for under $1000.00.
    I simply told the clerk that was unacceptable and that I wanted
    it to be a certified check.  I continued to be assertive that I
    was the customer and that I needed a Certified check to conduct
    some business.   I got the check within 10 minutes although several
    phone calls were made.
    
    She was clearly following the rules she was given but the person
    making the rule can also modify of change it.
    
    As it turned out, the need was for a non-personal check and the
    Credit Union alternative was O.K.   

       The CU also issues money orders, but, I believe there is a charge.
                                                     Denny

    Things are going down to the wire, but I'm hoping I can uncross my 
    fingers real soon!

re: .1:
-------
    Yes, my brother-in-law has a HELofC that cost him $0 (Connecticut),
    my father-in-law has a HELofC that cost him $16 (New Jersey)

    I called some other places in NYC, for example, CITIBANK, with whom I 
    bank, where 

	2% origination fee / floating 1.25% above prime
	$200 origination fee / floating 1.75% above primt

	Plus (this is the stuff NOT mentioned in their brochure touting
	their low rates):

	$295	  	CITIBANK lawyers fee
	$287.50	  	same mortgage tax
	$some amount	recording fee (I think it's less than $50)

    so, $500 and change doesn't look too bad for a $25,000 line of credit 
    in NY

re: .2:
-------
    I was told only "treasurer's checks" were done. "Certified" means you 
    write a personal check made out to whomever you're going to pay, they 
    debit your account and put the money into a suspense account, put a 
    little label on the bottom of your check that takes the money out of 
    the suspense account when the check is cleared, and stamp it "CERTIFIED"
    and "DO NOT DESTROY" (a good idea, since your money is gone already)

    [i.e., they take your personal check, deface it, and return it to you :-) ]

    Is that what you got when you say you got a certified check?

    I am familiar with that process of certified check but no that was
    not what I got.
    
    I got a check made out to Me and the Company jointly and it was
    marked certified.   Been a long time ago but I seem to remember
    that they embossed it.

    Just to let you know - it's Wednesday, the Line of Credit was put
    through yesterday, the same day we signed all the papers at the 
    closing, money is there today, and wire transfer is being done, all 
    with at least a day to spare!

    It was slow going at the beginning, but everyone really pushed at the 
    end -- and I just got a call that the transfer's on its way!!!

    HOORAY! :-) :-) :-) :-) :-) :-) :-) :-) :-) :-) :-) :-) :-) :-) :-)

    /Peters

    This is an official response by John Tilley of the DCU. The portion of
    that response, dated 5-January-1988, that applies to this topic note is
    included below. See note 2.22 for more information. 
    
    Whether you agree or disagree with the response from the DCU,
    *PLEASE* remember I'm just the MESSENGER.
    
    Carl Leeber
******************************************************************************
    CERTIFIED CHECKS: "Certified" checks are frequently requested and
    seldom (actually) necessary. A certified check is guaranteed by
    the issuing bank (institution). It will be honored REGARDLESS of
    who presents it for payment. In other words it is CASH! There is
    no way to stop payment if it's lost or stolen. Many businesses (car
    dealers, attorneys, etc.) claim they need payment by certified check
    when they are actually asking for a "bank check" (teller's, cashier's,
    treasure's). DCU does offer certified treasure's checks in any amount
    for a fee of $3.00 per check. A word of caution...NEVER mail a
    certified check, deliver it in person.
******************************************************************************

    You did well at 6 weeks!  We (both DEC employees) went through the
    whole runaround you did ... after each 2 or 3 weeks, they needed
    something else.  
    
    They had the title search check in their folder all the time, but
    instead used one of our personal checking accounts 2 weeks after we 
    told them they already had the check for the title search.  (It
    had been drawn on a joint account we kept for household expenses.)
    We didn't know until an overdraft-protection account was dipped
    into, that they withdrew the money instead from one of our personal
    checking accounts instead.  
    
    They kept "losing" data and asking again.  
    
    The title search didn't get even asked for, until 11 weeks after
    the application.  13 weeks later, it finally closed.  
    
    They paid off a couple of low-interest car loans that I did not
    authorize.  They paid off (so they were telling me, and charging
    me interest for) a 15% credit card that I did not ask to be paid. 
    But the check for it sat in the DCU folder for 6 weeks and did 
    not get sent to the bank until I called to find out what happened
    to it.  The other bank charged me interest, but kindly removed the
    interest after they realized it was DCU's fault.  
    
    They did NOT pay off 3 accounts I asked them to pay off which had
    21% interest!  
    
    I F   O N L Y   I   H A D   G O N E   T O   A   
    L O C A L   B A N K ! ! ! ! ! ! ! 
    
    IT NEVER GOT FINISHED UNTIL OVER 4 MONTHS ! 
    
    I received a bill and