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In Response to Week 1 “Check Your Bills” Savings Challenge – ENTER HERE by JeffYeager
We recently took out a line of credit with a very low interest rate - primarily because we want to leave all our investments alone to grow for our retirement (they are growing at a higher rate than the HELOC). We used the money to pay off our mortgage, and in doing so saved two percentage points.
The bank with which we set up the loan requires that we have an interrelated checking/savings/line of credit account, which is fine. The bank manager told us we would have no fees involved, but as soon as I got the first statement, I saw a $10 statement fee listed. I called the bank and asked why....they checked into the matter and found that the accounts were not linked properly so they fixed it and refunded the fee! It pays to read account statements!