I need your advice please -
Can a California Commercial Bank -Financial Institutuion- have their loan rep(s) BACKDATE , "Notorized Revolving Commercial Line of Credit document's", to a Maturaty Date on Loan Documents-------- long after the Maturity date passed?
History *** -For the last 13 years+-, our bank has backdated our loc documents and have us sign like we have signed on our maturaty date, which we didnt - we always went past our maturaty date-sometimes for months & during this period of time- the bank would let us continue to let us use the line of credit- both DEBITING the LOC, and Crediting the LOC-like it was normal,which we thought it was...
(it was Normal Business
Protocol for us and our relationship(s) with our bank since the 90's )
Also-sometimes 20+- transactions(hundreds of thousands of credits/debits) transpired before we agreed on terms and signed.
At the time "we we eventually signed the New Loan Agreement" -the bank reps would debit our account for all Total interest payments due & or or we would write a check(thats dated with right date)--------- for the interest due plus loan fees.
(sometimes 2+- interest payments or more would be in this payment to the bank -)
A new bank took over-several months before our loan maturaty date, and this bank kept all our OUR same Bank Reps that we have delt with for years -Business continued as usual like years past, transactions transpired after maturaty date, as usual - we were using the loc like we had for years-
Even down to to the bank " Collecting payment for any interest due on the day we agreed to our new terms"
The bank ruined our business credit took it from a 89% to a 3%- Right away I emailed our bank rep that for years handled-all of our banking/loan stuff - past and current ... she stated it was a mistake and she would fix it-
Never did- but eventually brought current- but by this time it was to late our business was ruined:(