Posted on 10/12/2011 6:50:27 AM PDT by estrogen
Banks dunning people who pay their bills....what about the deadbeats !!!
I am furious that today the 12th that PNC hasn't posted it yet and felt the need to call me. I haven't been called by a bill collector in my whole life. I have a 805 credit score and just last year paid down my mortgage by over $100,00.
Has anyone else experienced this from their banks? They should spend their time calling the deadbeats !!!!
Robo calls I’m sure. I would deal with them over their failure to post the payment. The 9th was Sunday, but it should have been posted on Monday. According to my cousin who works for a large national bank, not all of the “collection” divisions have real time data. Maybe the case for this bank. Since it is set up to electronically pay, I’d bend the ear of customer service big time.
I deal with a small local Credit Union.. first name basis with all the major players. I ask for a loan and I get it, no hassles, no BS etc and eveything is about when is it convienient for me. They held my mortgage to and didn’t sell it off. Auto Loans or whatever, the paperwork is always filled out and I just sign. You won’t see that at any big bank where you’re just an account number.
I accidentally made a $260,000 payment to a BofA credit card when I meant to pay $2,600. It was amazingly ugly when my wife called them. But I had her plant some seeds that I knew would get logged at the call center. I called back a day later and they undid everything very apologetically.
But yeah. They are out to get money from those they know have money.
And there are fewer and fewer of us.
So your payment is due on the 1st and you choose to wait until the 9th to pay it and you are upset because during this grace period offered by the bank they give you a call asking for the payment? How about just making the payment when it is due?
Well if it’s due on the 1st, you should probably pay it on the 1st. Just sayin.
I just got a call from PNC bank asking me if i paid my mortgage payment. I electronically pay my mtg. every month around the 9th......the payment is due on the first and delinquent on the 16th..........
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You are using electronic bill pay. What that (typically) does is debit the payment immediately from your checking account and your bank moves that to one of there clearing accounts. In other words - the bank now has your money. Then - usually the next day - they issue a paper check (from their clearing account) and mail it to your creditor. The normal processing time is at least 5 business days. If you submitted the disbursement on the 9th, there is little to no chance your mortgage company will have it by the 12th. You need to dial back the disbursement date. Maybe to the 5th.
Go back to your bank’s website and see if you put in the correct date for the payment to be made.
This happened to me a couple of months ago. My electric bill was due on August 30. I made a payment on the 22nd and when it still hadn’t been deducted from my account after 5 days, I went back to see if maybe I hadn’t completed the transaction. I noticed that the date for payment was automatically set at August 30 and I had forgotten to change it.
Hear hear! What people also don't realize is they are being charged interest for all those days they are late. Just because there's a grace period doesn't mean the payment isn't due on the due date. That's why when you call for your payoff amount, it's always higher--all that interest accumulates (I know, it's not usually THAT much, but it does add up).
But yeah. They are out to get money from those they know have money.
Huh? No bank, not BoA or any other, wants to have to deal with such errors. They don't get to keep the money. If you'd said nothing they'd have to spend time trying to refund you the money. They'd probably end up sending you a check. The bank does not benefit from this sort of mistake you made.
Banks are out to make money just like any other business. They want you to buy their products and get loans through them. Nothing wrong with that. The bank does not benefit when you screw up making a payment. They don't keep the money and actually have to spend resources correcting it.
Capital One Bank turned us over to a collection agency over a $30 charge created by their error. This action was taken despite our speaking with “customer service reps” and internal collectors who promised to “look into the problem”. I refused to pay charge as a matter of principle. Once judgment was threatened, I sent certified letters to agency and bank chairman (cost almost as much as the amount they were trying to collect). Next step was going to be a letter to banking commission. I can’t believe they would waste all this time and money on a non-cash charge, especially one created by their error and clearly evident in the bank records. If this is cost efficiency, no wonder our banking system is in trouble. Finally got a call from them agreeing to waive charge with no admission that it was their error and no offer to reimburse me for funds spent. Irony is that we’re both retired bankers with almost 80 years of combined experience and excellent credit records. I now have a major dislike of large banks and will move all accounts to a local bank or two.
I've found that if you set up the automatic payment with the mortgage company (giving them the routing and account number of your checking account), they initiate the payment about the 7th of the month.
But, be sure you have the money in the account on the 1st, or have overdraft protection. If the mortgage company can't make the payment due to insufficient funds, they will cancel the automatic payment and require you to make it manually.
Monday was a bank holiday.
Monday was a bank holiday.
mortgage interest is collected in arrears, when you make your Oct. payment it is for interest in Sept. so when they get your payment it is not additional interest. You will still pay the interest in Nov. for the Oct. payment
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