Bank Mistake

Hi

Our bank was supposed to put us on a 3 year fixed rate last year, but we only just realised that they put us on the variable rate.

Can we get away with this or should we own up??

Look at the documentation relating to this change. Realistically, it is unlikely that they actually fixed the rate and failed to amend the loan itself. If your loan statement states that you are on a variable rate & you are happy with this arrangement I see no need to advise the Bank. They would have a poor case in retrospectively progressing against you for any loss suffered.

Hi 44brendan

Thanks for the reply. I was curious as we got our statement out and it says that we are on the variable rate, but we did sign a form saying we wanted the 3 year fixed(stupidly).

Can they come back in like 5 years if they realise the error and look for the refund?

Very little liklihood of that. You will have a good legal case against any error on their part. Good to see that a Bank eror worked out in your favour

Excellent! Thanks!