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The bank screwed up my extra payment

February 25th, 2014 at 09:17 am

I'm pretty irritated at the moment. I went ahead and sent in that giant payment to my car loan and they processed it all messed up. They did it as a regular payment and added a late fee even though if it were actually a regular payment it would be processed early and I had not paid late on my last payment as it is an auto payment that processed already.

Has anything this crazy happened to any of you? Guess this is just a good sign that I am right to pay off this loan and be done with this bank. Back in December of last year I when I knew I couldn't do the payment on time I asked them to postpone the auto payment a week. They told me no problem not an issue. I logged in a month later and thinking everything had gone fine and not only had they not processed it but they slapped me with a late fee. I called to tell them the last rep said it was fine and they told me that person was mistaken and to just send in the payment by mail. They didn't apologize or anything.

Now this big payment is in and its over a year after the botched payment with the late fee, they said they are processing that late fee now because I had sent into extra money. I told the woman on the phone first of all that shouldn't have happened as I had received misinformation and secondly if that were true wouldn't you have processed it out of my first principal only payment that I almost made almost a year ago? The woman said everything should be fixed in 24 hours. I will wait 48 and call again if its still all messed up.

What craziness!

3 Responses to “The bank screwed up my extra payment”

  1. MonkeyMama Says:

    UGH!!

    "Guess this is just a good sign that I am right to pay off this loan and be done with this bank."

    Yup, sounds like a good motivator to be done with it!

  2. snafu Says:

    All the banks seem to be gouging. They are charging fees for services that had been free and slap on penalties when they've made there the mistake. It's all customer beware, check and re-check transactions to verify all is correct. It's likely in your interest to visit a brick & mortar in person with written details [date/by phone/request/response] for ranking loans officer to review. Have you noticed they do debits first and credits later in hopes it results in NSF fees? Worse yet is that it is reflected on your credit score. The consumer is required to be polite but firm, it's not in your interest to show any anger. Are you willing to play actress for a bit?

    If you plan to make extra payments to apply directly to principle, you will need to include instructions that details the sum to go to principle and follow up until you see it done every single time. If you're a day late there are fees, if they hold your payment it results in a few more dollars in interest for the bank. It's a paltry sum but when multiplied by their millions of clients it gets substantial.

  3. Permanent Temp Says:

    Funny thing is I've only ever had these two problems with them. They did fix the error within 24 hours. I can't visit the bank in person because I have moved across the country since securing the loan, but if I do get a car loan in the next few years and have issues I will follow this advice.

    I am excited about being done with this loan this year. It will make it much easier to deal with this assignment ending knowing that there will be some relief should I remain underemployed for more than 7 months again. Fingers crossed that nothing happens to car. The last thing I need is to pay it off only to end up with another loan. I'd much rather keep my car and start paying off my darn student loan in chunks even if its just bite size ones.

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