Chase another scam bank?
Got my HELOC statement today and I noticed that the rate was still 8.25%. I called the bank and asked them why they did not lower my rate when prime changed mid September. After all, they raised the rate mid month when prime went up, I would expect at least the same on the way down. The answer they gave me just floored me.
According to the gentleman that I spoke to, the bank does adjust rates immediately when they go up, but when they go down they do not adjust the rate until the end of the next full billing cycle. This would be Oct 30th in my case. I told him that this sounds like a scam to me. He said alls he can do is open a complaint and they would put through a request to have the rate lowered immediately. He said the bank is working on a bunch of them right now.
So I guess it works like this. If you happen to read your loan statement and notice the rate and call and complain, they'll do the right thing, but if you don't catch them, they'll scam you out of an extra half point of interest for 45 days. Talk about unethical.