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They ARE Sneaks!!!

August 9th, 2007 at 08:55 pm

So, I got the results of my

Text is little experiment and Link is http://schadenfreude.savingadvice.com/2007/08/04/experiment-sneaky-bank_28891/
little experiment. Verdict? Charter One Loans are bastardly! Yes, I'm sure that's a real word. It is now.

I sent $100 to the home equity loan AFTER my normal payment, and they cheerfully applied the entire amount to interest only, even though I specified principal. I called and she's having the charge moved to principal but the only way to ensure that extra payments make it to my balance is to send them in with my regular monthly payment. So I can't send 2 a month without having to call and reiterate where the second one should go. This daily interest accrual stinks.

Posted in loan, musings | 4 Comments »

4 Responses to “They ARE Sneaks!!!”

  1. Ima saver Says:
    August 9th, 2007 at 08:58 pm 1186693131
    1186693131

    That is terrible. That is why I keep any loans I make at a local bank and ask they not sell my loan. I can make my payment in person and make sure my extra principal payments are applied correctly. I paid off $62,000 (land payment) in two years!

  2. LuckyRobin Says:
    August 9th, 2007 at 10:07 pm 1186697259
    1186697259

    Yep, that's why I go with my local credit union for my mortgage. None of this kind of nonsense. Do you enclose a letter stating where the payment is to go or just write it on the memo line on the check?

  3. Stein Says:
    August 9th, 2007 at 11:31 pm 1186702311
    1186702311

    Yep, same for us with student loans at Wells Fargo. They do everything in their power to apply it to the next payment instead of principal. We can't make a payment through their website since there is no place to request it go to principal.

  4. MarthaAnn Says:
    August 10th, 2007 at 02:35 am 1186713301
    1186713301

    I am pretty sure it is a word and It should be applied to them.

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