How are banks allowed to get away with this? - Page 4

[heymama1plus1]

Wow.... Wells Fargo set me up on a payment plan FOR FREE where I can pay weekly. DH and I get paid on alternating Fridays, so we set it up where every Friday a quarter payment gets paid (still comes out to an extra payment a year). Plus on their website I can send an extra payment and indicate what I want it to go to (principle, escrow). All for no fee.

Never knew how lucky I was to get that deal! Not that I like big national banks all that much, but it sounds pretty sweet compared to all the crud you guys are going through.

[magster]

Originally Posted by aniT

I don't know anyone who does anything even remotely similar to that.

And when DH and I first got together he bought a computer shop. The old guy was shady. DH tried to honor his warranties but gave up after awhile. People kept filing complaints with the BBB against him claiming he was the same company and just lying.

I don't trust them. As I said.. any Joe Smoe can file any complaint they want.

This story does not discredit the BBB, IMO.

When you buy a business, you take on the responsability of honoring what the business has previously promised. So, the clients were entitled to complain about your husband not fullfilling the business obligations. By buying the business (perhaps without duly checking out the practices of the seller), he accepted that responsability. To the costumer, it is irrelevant whether the owner behind the business is John, Joe or Jimmy.

[aniT]

Originally Posted by magster

This story does not discredit the BBB, IMO.

When you buy a business, you take on the responsability of honoring what the business has previously promised. So, the clients were entitled to complain about your husband not fullfilling the business obligations. By buying the business (perhaps without duly checking out the practices of the seller), he accepted that responsability. To the costumer, it is irrelevant whether the owner behind the business is John, Joe or Jimmy.

Yea.. nice try but no. The name was changed and everything. These people were reporting to the BBB that DH was the old owner and just changed his name to try to get out of honoring warranties. Big fat pack of lies. The name was changed. It was no longer XYZ business but ABC.

[littleplum]

Originally Posted by lolar2

You can figure out HOW to do it, but as the OP shows, that doesn't mean the bank will post the extra payment.

You simply write in the extra amount on your payment slip as principle. If you divide your regular payment by 12, and add that amount each month, it's almost the same as paying biweekly.

[MamaMonica]

Originally Posted by littleplum

You simply write in the extra amount on your payment slip as principle. If you divide your regular payment by 12, and add that amount each month, it's almost the same as paying biweekly.

Yes, but from what I understand, the OP is doing it for cash flow reasons not to save interest interest over the life of the loan.

[littleplum]

Originally Posted by MamaMonica

Yes, but from what I understand, the OP is doing it for cash flow reasons not to save interest interest over the life of the loan.

In that case, all she needs to do is put 50% of her mortgage payment into savings each pay period, then make one payment per month.