How to avoid an eviction notice from a bank
It’s no secret that the US banking system is a mess.
And the lack of a simple way to resolve disputes over your bank account is causing problems for borrowers across the country.
But some banks are trying something different.
The Community Trust Bank of New York, a local bank with branches in New York City and Staten Island, has started a service that helps customers file complaints about their bank’s financial services, including mortgage and credit card debt.
“We’re not doing this for the purpose of getting people evicted,” said Sarah Vennochi, a vice president with the bank.
“There’s a huge need for us to be able to help these people.”
Vennohi said she believes the service could serve as a way to alleviate some of the stress and anger people feel when trying to resolve financial disputes with banks.
“If someone is having a dispute with a bank and they want to file a dispute, we can help them file a complaint with the local bank, the bank will get a complaint and the bank can respond to the complaint,” she said.
Vennos’ service is currently being used by several borrowers across New York and Staten Islanders, and she said she’s already heard from a few who have received an eviction order.
Vinson, the New York attorney who filed the lawsuit, said she was not surprised to see the service being used.
“People have been very angry with the banks for a long time, but people don’t really understand why the banks are acting this way,” she told Vice News.
“This is not about the bank getting out of paying the people, it’s about protecting people from financial harm.”
Vinson said the community trust bank’s service was initially conceived as a temporary solution.
“I’m not against it, but it’s an interim solution,” she added.
“They are trying to solve their issues in a way that is as effective as they can.
If this service works well, we will use it again.”
The Community Bank’s service is still in its early days, and there are still questions around its legality.
But according to Vinson and other experts, the program could be an important step for those who feel they’re being unfairly evicted by their bank.
Vannochi said there is currently no way to check a bank’s credit score, which could lead people to believe that a bank is charging higher interest rates, and could also discourage people from pursuing legal action.
“It could also have an effect on the banks,” she explained.
“The banks have been charging a lot of interest on people’s credit card debts and they’re getting a lot more credit card interest than they are charging people on mortgages.
If we can get people to pay more, then maybe they won’t do the evictions.”
Vannichi also said it was possible that the community bank’s efforts to assist borrowers could also be hurting the overall bank’s bottom line.
“When you see a lot and a lot happening, you wonder, how much of this is really happening?” she said, pointing to a recent study that found the average household debt in the US is $25,000.
“What happens to the bank if a lot is happening at once?
And what if the bank doesn’t have enough money to pay the debt, or people don.
What happens to that bank’s business?” she added, pointing out that the bank could face losses in the long run.
“At the end of the day, the banks need to make money.”