@Disregard wrote:
I was successfully able to open a $10,000 SSL @ 120 months with SSFCU.
I paid the loan down to $890 (8.9%) and the next payment was successfully pushed back to 2029.
Unfortunately, no funds were unfrozen. The entire $10,000 amount is still being held in the savings account even though $9,110 was paid off on the loan.
Everything I've seen here indicated that whatever you pay off on an SSL should have been unfrozen from the account the SSL was started from. My understanding was that after paying $9,110 of the SSL off, $9,110 should have been unfrozen in the savings account.
This did not happen. I'm not sure I'm a huge fan of SSFCU holding my $10,000 for the next 10 years.
I was thinking about calling in but I don't want to risk them taking action on the loan because I used this method.
Does anyone have experience with SSFCU and their SSLs?
I just went on their website and read this review about their SSL:
I started a secured installment loan ten months ago, only two payments and the loan is paid in full. I barrowed my own money and set-up auto withdrawl from my saving account to make payments on time. SSfcu explained that once a payment is made, the same amount would be applied back into your account in a few days. After reveiwing my loan, I notice for ten months no funds were ever credit my account. So I called SSFCU again only to find out a different story."
