The Garrett State Bank

Shady definitely, illegal I would think
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by RealtyQueen, Nov. 09, 2023

I went in and paid off 2 loans after the sale of business equipment and the remainder toward a third loan.  We are selling off as much equipment to pay off as many creditors as possible and salvage as many relationships as we can.  We are a small business doing the best we can, but covid caused a lot of issues and then one of our machines was pirated of all the electronics while sitting on a job site and of course insurance paid $20k of the $85k worth of damage done.
 Limping along for over a year, down a large piece of equipment,  We just could not recover.  We have followed the advice of our attorney to sell off equipment and pay off as many debtors as possible and then file bankruptcy on the remainder because if we just file bankruptcy, they won't sell the equipment for nearly as much and we wouldn't be able to pay anyone off or salvage any relationships.  We took in this payment to pay off what we could and common sense and wisdom says to pay off loans to reduce late fees and interest, so we did.  Mike Tullis, the president of the bank then backed out the payment and reallocated the funds as he saw fit between the total loans we have there.  I cannot see how this is legal, but it is 1000% shady!!!  I can't find who to go to above him.  I went in to the bank to ask for copies of the statement including when the payment was posted (I have a receipt that shows it was paid off) and when it was backed out as well as loan documentation that allowed him to do this.  The teller would not give it to me (I believe Mike flagged the account or locked it so no one could) and then I was told I had to speak to him directly for anything I wanted (he wasn't even in the branch to give me what I asked for).  Then he emailed it, a tiny little thumbprint view that isn't viewable and I can't blow it up to read it without it being blurry.  What do I do?  Then I have 5 mortgages with them on rental properties we own, separate from the construction business, and I logged into my account today and something told me to just check them, so I did.  I pulled up all the details and each one is weird.  A normal mortgage your payment is divided into sections where each month the principle portion gets larger and the interest portion gets smaller.  Yet somehow, that is not the case.  It's not because of the day either, these are all on autopay with the money coming out on the same day each month.  For instance, one of the loans, here is the principle/interest amount paid the 22nd of each month...
March - P-534.62/I-739.37
April - P-405.77/I-868.22
May - P-539.37/I-734.62
June - P-463.68/I-810.31
July - P-440-22/I-833.77
August - P-520.69/I-753.30
September - P-471.66/I-802.33
October - P-474.30/I-799.69
Every single loan I have is like that and I have the statements to prove it.

I'm left with nothing I can do except share my experience so no one else is subject to this institutions shenanigans.  I will let everyone know that I possibly can until it is corrected and Mike puts the money back.  Preferably he loses his job because he is bad news.

* this reviewer has be with this bank for 3 - 10 years
* this reviewer had 1 - 2 banks before.
* this review was made on The Garrett State Bank, SOUTH BRANCH at Garrett, IN
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