I’ll Glady Trade You $1,200 Today for $10.17 Tomorrow
Recently, I noticed my checking account balance was significantly higher than expected.
Woo-Hoo! We have more money to spend for the holidays!, said irrational Single Ma.
Girl, please! Sit yo azz down cuz you know this can’t be right!, said rational Single Ma.
Yea, I have two personalities when it comes to spending money. They battle with each other often, but 9x out of 10, the rational side wins. Thank goodness.
I logged into my bank account and noticed an extra $1,000 plus and change. Wish I could say it was an early gift from a loved one, but I haven’t been so fortunate. Yet. 
Although I wanted to rejoice and think I made an accounting error in my favor, the actual number was peculiar because it wasn’t a nice round figure. Instead, it was a specific amount with change to the penny. A number that looked awfully familiar. You know, something very similar to my mortgage payment. Hmm…interesting.
::pause::
Hol’up, wait. WTF…
MY MORTGAGE PAYMENT????????!!!!!!!!!
…the following took place in a span of 30 seconds.
—————————————————-
[scanning the screen]
Yep, two payments posted on the 3rd.
One for the first loan and one for the second.
But the payment for the first loan was returned on the 6th.
What the fugg??????????
[check previous payment history]
Amount correct.
[check online billpay confirmation page]
Everything processed as usual.
[check email history for lender's confirmation of payment received]
Nada.
[keep looking, scroll through page 2]
Nada.
*thinking* Hmm…
[logon to mortgage website]
*poking around* Doody doo…
[check to see if account had been sold]
Nope.
[check payment history]
Last payment posted on 5 November 2007.
Screeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeech….
[check today's date]
7 December 2007.
[irrational Single Ma butts in, ready to open a can of whoop azz]
- it’s Friday night after 10pm
- need to talk to mortgage company
- need to talk to bank
- somebody betta ‘xplain!
- late payment = late fee
- late fee = credit report
- incompetent customer service will take over an hour to resolve problem
- f*ck!
[rational Single Ma]
*smack* Didn’t I say sit yo azz down?! Geez!
[continues to search mortgage website]
Same payment since December 2006. Everything looks normal.
::pause::
*thinking* December 2006. December 2007…
[search for November 2006 payment]
Well I’ll be damn!
—————————————————-
You might recall the lovely, yet unexpected surprise I received in November 2006. An escrow refund and a mortgage reduction. Very nice…and timely might I add. Then, exactly one year later, it happened again in November 2007. Another escrow refund but this letter made no mention of a mortgage adjustment. I think any reasonable person could put 2 + 2 together and assume, previous refund = mortgage reduction, subsequent (but smaller) refund = subsequent (but smaller) mortgage reduction. Right?
With that logic, I erred on the side of caution and assumed there was no mortgage reduction at all. I scheduled December’s payment for the first business day of the month, recorded the payment date and confirmation number in MS Money, noted the payment when it posted to my checking account, and continued with life as usual. That is, until I noticed this extra money.
A little more digging on my bank’s website revealed a message from customer service:
Date: 12/6/2007
To: xx
From: Customer Service
Subject: Online Message
Message:
Dear Ms. Single Ma,This email is to inform you the payment to xx Bank was returned to us. The details of the transaction are as follows:
- Returned Due To: Incorrect Payment Amount
- Payee Name: xx Bank
- Amount: $1,xxx.xx
- Date: 12/3/2007Our records indicate this payment was returned by the payee indicating they will not accept partial or over payments; therefore, your funding account will be credited for this payment amount within 2-5 business days.
We recommend you verify the account information with the payee, and update your payee list prior to scheduling future payments.
Please note: You may have to schedule a new payment or make alternate arrangements.
If you need further assistance, please contact us by e-mail using the ‘Contact Us’ feature at usaa.com.
Sincerely,
xx
Electronic Banking Bill Payment Specialist
USAA Federal Savings Bank
Then a little more digging on my mortgage company’s website revealed the payment amount, effective 1 December, had INCREASED. And guess by how much? $10.17. Yep, you saw that right. Although my payment history clearly shows the same amount for the past year that has always been paid ON TIME, these fuggas returned a twelve hunnid dollar payment for $10.17!!
::about to be dead::
[recap]
- mortgage company sends escrow refund to customer
- escrow refunds are processed due to OVER payments
- despite escrow REFUND, mortgage company INCREASES mortgage payment
- mortgage company does not notify customer of change
- customer processes monthly payment as usual
- same payment made for past 11 months
- mortgage company receives payment on the 3rd
- mortgage company returns payment on the 6th
- customer notices returned payment on the 7th
- customer confused
- after research, mortgage company notifies bank that neither partial payments NOR overpayments are acceptable
- customer really confused
- customer discovers escrow adjustment increased payment by $10.17
- customer must reschedule payment (+$10.17)
- any payments rec’d after __ will incur a late fee
- via online bill pay, new payment will not be received until 11th
- potential late fee is $____
Remind me again. All of this is over how much?
TEN DOLLARS AND SEVENTEEN CENTS.
You have GOT to be fuggin kidding me!
~*~*~*~*~*~Work to achieve, not to acquire.
And as always, BE FABULOUS!
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15 comments:
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Say “no” to auto pay!!! (at least in December) LOL
Oh my, I would be having a cow. Escrow is…well..not by bag baby.
@ moneymonk - I never ‘auto’ pay. Only thing I have automatic is insurance. My checking balance is usually low so I have to maintain control of the payment date to avoid over drafts.
@ nofear - I delivered TWO cows. LOL
I think this is awful! I currently have my mortgage company take payments out of my account - which I don’t LOVE - but I felt like I could ensure that it was done on time that way - however I have had them take out to months worth of payments before!!!!!
So I’m not sure how to protect yourself completely. I did get them to give me the money back and thankfully there weren’t any returned items as I have setup this account for the sole purpose of my mortgage but it’s irritating!
I wish you had posted what bank that is. I’m shopping for a mortgage and would prefer not to deal with fools.
I’m sorry to hear that happened SingleMa but reading your description of the events had me lauging my a** off.
That IS crazy. I’ve never heard of a company not accepting partial payments or overpayments. This is just another example of why it’s so important to stay vigilant over your finances.
Your mortgage payment is not late… you have until the 15th to pay before the mortgage company reports it as a late payment to the credit bureaus. I have always paid mines on the 10th and have yet to see a “late payment” on my credit report.
First, your reaction was so me - whadya mean no one is available at 10 pm on a Friday to explain what’s going on?? At least you were able to figure it out on your own without having to deal with a 1-800 outsourced customer service line where the rep says “hi my name is Bob” when you can clearly tell by his accent that it’s not his real name.
Tip for new home buyers: It doesn’t matter which mortgage company you use; the minute the deal is done they will sell your mortgage to whomever they wish.
Question for single ma: do you prefer Money to Quicken? I’m using Q and thinking of changing.
Actually, your payment is only reported to the credit bureaus if it is over 30 days late, late charges are not charged until the 16th day, i.e. you can pay on the 15th and not be charged.
No fight to NOT pay the late fee? No threats to keep negative reporting at bay.
It seems like no matter how organized you are, something or someone tries to throw a wrench into the plan.
I’ll have to re-read to make sure I didnt miss pertinent details.
Your description of the events had me LMAO.
The mortgage company is irresponsible for not accepting the payment and for not informing you of the change. Sounds crazy, that they did not notice it was the same payment as before and take the amount and then contact you for the difference.
@ tally - I prefer MSM.
@ J - Girl, you KNOW I don’t just give money away. So I’m sure you know the answer to your questions.
@ tired and singleguy- I had to re-read this post to get a good laugh. Sometimes I crack myself up too. LOL
girl I am still laughing.. OMG wait that’s the best thing for me today LOL hahahaaa
but seriously why didn’t they notify you? sounds like there’s gone be HELL IN DA CITY