Posted by rdandersom on February 21, 2014 at 10:29:30 from (204.237.47.120):
This goes back many years but it has bothered me alot.My grandfather left me $10000 invested with one of the big Canadian banks.Every few years I renewed the investment with them and happily drew out the interest every 6 months.When I started feeding a few calves my assistant bank manager suggested that I consider taking a secured line of credit on the investment certificate.I did and it worked out very well for many years.I worked full time and we would have up to 40 calves on hand from week old when I bought them to 7 months when I sold them as corn fed red veal.I also rented 35 acres for crop.
Almost 20 years ago a new strain of Bovine Viral Diarhea came through the area and hit me really hard .I was using part of one of the barns at my families dairy farm and the vet wasn't optomistic about keeping the virulent form of BVD out of the dairy herd so I called deadstock and liquidated my herd.
I went to my bank and explained that I would be having trouble making my line of credit payments and wanted to surrender the Guaranteed Investment Certificate and close the line of credit.The credit line was less than the amount of the certificate sitting in thier vault so I figures they would manufacture enough service charges to eat the difference and call it even.At this point I just wanted to move on.I should also mention that the bank had changes managers by this point.
I was told that he couldn't just take the GIC and cancel the line of credit.My certificate had to go to the head office and be put on a bond auction but he wasn't optomistic about what it would bring because it was only 4 months to maturity.I struggled along until the maturity date on the GIC and paid off the bank then cancelled the line of credit.I had to borrow from relatives,sell everything I owned of value and max out my credit card but I survived until that maturity date.
Does anybody here know what normal banking procedures would be in a case like this?Almost 20 years have passed and I still wonder if that bank manager didn't want to help me because we had butted heads in a small way before,or if he was too lazy to do the paperwork of sending my proposal up the line for approval (A couple of local small businesspeople have told me he was bad for that) or was he following some kind of normal proceedure that makes no sense to me.It's all water under the bridge now but I still wonder every day.The loans I had to take to survive those 4 months took years to pay off and I never really got back on track.
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