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Thursday, February 26, 2009

First American Bank has become First Un-american Bank. Calling in loan

Anonymous said...
First American Bank has become First Un-american Bank. We have two business checking accounts with them. In 2008 they offered a $10,000 line of credit for each account. We took them up on the offer. This year they audited us using tax returns from 2006, 2007 and 2008 and determined our business is now (in this economy, evidently) a risk. Now they are demanding payment in full.
First off, how and/or why would they use information prior to when the line of credit was granted to determine the risk.
Secondly, we have been paying down on what we've borrowed every month. Of the $20,000 available we have $8,000 out.
Finally. they gave us no options to pay them back except in full with a personal loan (not a business loan). This personal loan is at an average of 2 to 3 percent higher than what we're paying now.

February 26, 2009 3:05 AM

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