I have tracked my bank's automatic payments sent to this company for a year now. It appears that this company has a policy of floating the money from mortgage payments until the very last day of a grace period. Thereby squeezing a small amount of interest from carrying the cash in their accounts. Regardless of when a payment is sent to them, it is never credited until the next to last, or last day of the loan's grace period.
Occasionally because of this, they apparently get jammed up in processing payments, and when they do they will try to tack a late charge onto the next statement. If you call to complain about this and to explain that they should have received and processed the payment in plenty of time, you are given a standard b.S. Line or else turned over to one of their arrogant "managers", who will try to intimidate you into believing that you're crazy and it's all your fault. This is either a company with an active policy of ripping off it's clients for small amounts of interest from carrying cash for several days to a week on the mortgage payments it processes, or else it is an inefficiently and badly run farce. I and my bank's conclusion is that the former is the fact.
0 comments