Deceptive Banking Practices
In March of 2022, I was given the terms and conditions of a paid off Home Equity Loan to Mortgage Loan conversion. I accepted the terms for a low interest fixed rate mortgage. What I found out a month later was that Machias Savings Bank had converted my financial commitment to a high interest variable rate mortgage. I was given the original conversion terms 4 times by a loan officer. The Machias Executive Vice President refused to acknowledge the Loan terms and conditions even though I was provided a written apology by his Loan officer. Extensive efforts with the banking commission resulted in nothing except to be told by one of their attorneys that I was a victim of poor customer service. No State of Maine agency or law firm will touch this case as it represents a Conflict of Interest to all organizations. Any reinvestment plans that I had were since abandoned. The public needs to know that this type of bank fraud is not unusual and that they will aggressively avoid Truth in Lending statutes.