Jolt on loan spurs lawsuit by shocked...

Jolt on loan spurs lawsuit by shocked borrower

There are 58 comments on the Akron Beacon Journal story from Apr 29, 2008, titled Jolt on loan spurs lawsuit by shocked borrower. In it, Akron Beacon Journal reports that:

Dick Wright said he was numb with shock when he listened to his voice mail in the spring of 2005 and learned that his bank wanted a $300,000 business loan repaid in 90 days.

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Since: Mar 07

Ashtabula, OH

#1 Apr 30, 2008
Looks like I know what bank to stay away from.
Real Court Observer

Uniontown, OH

#2 Apr 30, 2008
If you have money with this bank take it out.
horningpjh1

Corry, PA

#3 Apr 30, 2008
Wright was not wronged. As a retired bank officer, he knew & knows what he signed.He needs to kick his memory for reality of the situation.
Yep

Akron, OH

#4 Apr 30, 2008
horningpjh1 wrote:
Wright was not wronged. As a retired bank officer, he knew & knows what he signed.He needs to kick his memory for reality of the situation.
You are Absolutely Right. An I am not a bank officer.
Anti American Bank

Xenia, OH

#5 Apr 30, 2008
The name of this bank should be ANTI-American Bank.

They must like the drug cartels cash more than legal American businesses who pay on time.

Money laundering pays better.
NotRight

Canton, OH

#6 Apr 30, 2008
Yep/horningpjh1 - that's just a bunch of bs. If he was making the payments, and not in default - it was just dumb dumb dumb of the bank. I hope I'm called to jury duty, because you don't treat your customers that way. I don't have an issue with the bank not renewing the credit line, but to call in the loan, and tack on those fees is NOT RIGHT. I don't think it's right for any company or person to get a judgement without any type of notification to the person who owes a debt, as well as garnish bank accounts. Sounds like US Bank is gonna lose lots of business over this.
Old Man Grump

Akron, OH

#7 Apr 30, 2008
He knew what he was signing when he took out that line of credit loan. The US Bank wasn't wrong calling the loan. It was within their rights. US Bank was only protecting their own interests. This is one of those lawsuits that should be thrown out of court before it ever gets there.
Concerned

Uniontown, OH

#8 Apr 30, 2008
Hey, US Bank...bye bye. Today I will find a new bank...heard 5th/3rd is GREAT. I have 4 mortgages and money in the 6 figures with you. Probably not the largest consumer customer but large enough. I hope anyone with funds there will pull them out and go to another bank. It is time we let US companies know we aren't going to take it anymore. We should be gone as customers if they move our jobs overseas, cheat on thier taxes, lie and cheat their customers. They better hope I don't get called for jury duty. It would be my pleasure to help Mr. Wright sink their dishonest, overly aggressive, cheating arses.

“Watch out, I might be angry...”

Since: Sep 07

North Ghetto Hill

#9 Apr 30, 2008
I don't know how he wasn't aware of the first court action, the court sends notices to all parties....why didn't they in that case? he could/should appeal that original judgment....

Since: Mar 07

Canton, OH

#10 Apr 30, 2008
As unfortunate as this is, this is how banks work. The key is to not enter into a contract, even with a bank, unless the documents are looked at by an attorney, to make sure ones interests are protected.

It's better to "not" be in business, than do business with a bank that wants ones personal assests as part of the deal.

I urge ever-buddy to get a loan from the City of Akron. Word has it, that iff'n y'all default, the debt will be forgiven.
AppleJack

Avon Lake, OH

#11 Apr 30, 2008
Based on the information in the article, it seems the bank overstepped it's boundaries. Although they may have had the right to call in the loan for no reason, it appears they did it for one reason - knowing he couldn't get the loan replaced in 90 days which would THEN put him in default.

Before some of you blow this off so easily, realize that many of your home mortgages can be called in the same way.

It'll be interesting to see if there's part of the story we haven't heard.
Justice Will Prevail

Canton, OH

#12 Apr 30, 2008
I guess he shouldn't have beat his EX-buddie on the golf course.
I hope he can clean their clock with a jury. The judge hopfully will see this as preditory and not just "the letter of the law".
Banks SUCK, but what can you do? You gotta play by THEIR rules or NO LOAN!
sick and tired

Elmhurst, IL

#13 Apr 30, 2008
Ohio should join the states that outlaws the use of the cognovit note. I hope this guy wins his case.
mad and madder

Ravenna, OH

#14 Apr 30, 2008
I know it angers me to read this article but I don't know if I'm more angry at US Bank or the jerk judge who so quickly sided with the bank against Mr Wright. When you have a business guy who is doing everything by the book what court is supposed to protect him? This is a matter of a very greedy bank with very unethical employees going to a judge who is making a handsome six figure salary and who just wants to keep a tidy docket so gets rid of cases as fast as possible without taking the time to review it properly. Mr. Wright has the right to be angry with several parties involved in this matter. Give him his day in court and let a jury decide.
City Worker

Dayton, OH

#15 Apr 30, 2008
Autocop wrote:
Looks like I know what bank to stay away from.
That was my first thought, but it wouldn't surprise me at all if Key,First Merit, Natl City, Chase, etc are equally as likely to do the same thing to their customers.

Probably could fill 100s of postings with bank horror stories.
City Worker

Dayton, OH

#16 Apr 30, 2008
Betamax wrote:
As unfortunate as this is, this is how banks work. The key is to not enter into a contract, even with a bank, unless the documents are looked at by an attorney, to make sure ones interests are protected.
It's better to "not" be in business, than do business with a bank that wants ones personal assests as part of the deal.
.
And that is the problem. Much like buying gas at a good price when every station is 3.659, all these banks are pretty much alike with rotten terms in the loan document you are forced to sign.

As for Grumps comment about the bank "being within their rights", maybe and maybe not. A husband is not legally required to stick around if his wife gets seriously ill, but he sure is morally. The bank is pulling a Newt Gingrinch and needs to be sued over it.

Now that's a jury I'd like to be on.
Something Wicked

Stow, OH

#18 Apr 30, 2008
I hope Wright gets every cent he paid them back, and then some. When a bank calls for all up front monies, with a good paying customer, it's time to fight back.
U.S. Bank wears eye patches and jumps on ships with booty on board. Pirates were hanged back in the day. Can't do that to an institution.

Since: Mar 07

Canton, OH

#19 Apr 30, 2008
City Worker wrote:
<quoted text>
And that is the problem. Much like buying gas at a good price when every station is 3.659, all these banks are pretty much alike with rotten terms in the loan document you are forced to sign.
As for Grumps comment about the bank "being within their rights", maybe and maybe not. A husband is not legally required to stick around if his wife gets seriously ill, but he sure is morally. The bank is pulling a Newt Gingrinch and needs to be sued over it.
Now that's a jury I'd like to be on.
I can agree with that. I find it humorous that the State is concerned about things like PayDay lendin', yet look the other way when our banks use these sort of business practices. It all amounts to the same thing.
Something Wicked

Stow, OH

#20 Apr 30, 2008
Betamax wrote:
<quoted text>
I can agree with that. I find it humorous that the State is concerned about things like PayDay lendin', yet look the other way when our banks use these sort of business practices. It all amounts to the same thing.
True words, Betamax. Banks are now the robbers and we are their victims with no Marshall to gather a posse.
ddd

Youngstown, OH

#21 Apr 30, 2008
AppleJack wrote:
It'll be interesting to see if there's part of the story we haven't heard.
I have to believe that we have not heard the whole story.

My experience is most banks will try to turn a bad loan into a good one before calling it completely, especially with this customer's history of servicing and satisfying a five year $300,000 term note.

And this chain of events started playing out long before the credit crunch we are experiencing now.

d

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