I just bought a house and was happy to have SunTrust service my loan. Big mistake.
Two days before the first of the month, I paid online. Mind you, I am paying from a SunTrust bank. SunTrust Mortgage will not take electronic payments, so the bank had to cut a check. The check went missing.
Twelve days later, I went to my local branch. The branch put a "stop payment" on the missing paper check, and I paid again.
This time, I made my regular payment and about $300 extra toward my principal. I was told it would post overnight.
Wrong!
Here is how badly SunTrust handled this:
1) They deposited the first check the same day I put a stop-payment on it.
2) My payment did not post overnight. I found out later that, yet again, the bank had to send a paper check to its own subsidiary, SunTrust Mortgage, rather than sending the payment electronically.
Three days after this, I talked with SunTrust Mortgage by phone. They assured me payment #1 would be reversed and payment #2 would be applied.
Wrong, yet again!
I have since received three statements from SunTrust. The first accepted both payments. The second accepted the original check (the cancelled one) but not the second check. And to top it off, the third letter from SunTrust says my payment of $312.20 (the extra principal payment) is not enough to cover my mortgage, it has been put "in suspense," and my case has been sent to the collections department.
Unbelievable! And this is just the first month that I have had this mortgage. Who knows what is next.
The only way I can pay electronically is to let these people have access to my checking account. If I will not let them into my checking account, I have to pay with a paper check and hope they get it right.
I have had accounts with Bank of America, Chase and CitiMortgage and have never had a problem. If you want a convenient way to make your mortgage payment with no hassles, do not choose SunTrust Mortgage!
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