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In this issue: |
How to get a Real Person on the Line Bank Line of Credit adjustments (HELOC)
Increased Flexibility in 529 Plans
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| How to Get a Person on the Line |
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If you are like me, finding a person to talk to is so much better than most automated attendants. Below please find a listing of some common 800#s and how to get to a LIVE person.
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Amazon.com: 800-201-7575. Don't press or say anything.
American Express: 800-528-4800. Press 0 at prompts; ignore messages.
Apple: 800-275-2273. Press 0 at each prompt; ignore messages.
Bank of America: 877-231-9372. This number goes directly to an operator.
Capital One: 800-548-4593. Press 0.
Citibank: 800-756-7047. Press 0# at each prompt; ignore messages.
Dell Tech Support: 800-624-9896. Press 3, then say "agent" at each prompt; ignore messages.
Equifax: 866-640-2273. Press 3 at each prompt; ignore messages.
Mastercard: 800-622-7747. Press 000 at each prompt; ignore messages.
Wachovia: 800-922-4684. Press 00 at each prompt; ignore messages.
White House: 202-456-1414. This number goes directly to an operator.
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| Beware of Home Equity Line of Credit Cancellations |
Lenders may be reducing or canceling your home equity line of credit (HELOC)
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| Be aware that banks are reviewing their lines of credit, often called HELOC loans and making modifications to them, often without notifying the depositor.
Cancellations and reductions are being looked at closely by the federal Office of Thrift Supervision in the wake of consumer complaints. Only in certain circumstances (like when the borrower has committed fraud) can creditors terminate a HELOC and then accelerate repayment of any outstanding balance.
Lenders cannot reduce or suspend a line of credit unless the value of the property securing the line has significantly declined....or the borrower has defaulted on the HELOC agreement, or the borrower's financial situation has changed so much that the lender believes the borrower will not be able to make payments as agreed.
If you think your lender is treating you unfairly or illegally: Discuss your concerns with your lender. If that doesn't resolve the problem, submit a complaint to the government agency that oversees your lender. The Office of Thrift Supervision can take complaints about savings and loan institutions (800-842-6929) www.ots.treas.gov The Office of the Comptroller of the Currency takes complaints about banks 800-613-6743, www.occ.treas.gov
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| IRS Increases Flexibility of 529 Plans |
You may now change your allocation twice a year.
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| Effective this year, you can change your 529 plan investment strategy (i.e. the funds you are investing in) TWICE per year. Previously, you were limited to doing it once a year.
The "once per year" rule stung a lot of 529 plan participants in 2008. For example, consider someone whose kid was going to school in 2 years. In January 2008 they changed their investment allocation. Then the stock market started tanking and they wanted to move to safer investments to preserve capital given their short term investment horizon. Unfortunately, they couldn't do so because they had already changed their allocation during the year. Under the new rule they could have changed it again.
Although you can now change it twice per year, investors with a longer term horizon should be wary about shifting investments into lower risk assets just because the market is down.
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