CitiMortgage
Biweekly Mortgage Drafts Taken Early but Posted Monthly

CitiMortgage is very slyly skimming interest from its customers by signing them up for bi-weekly payments. They draft your account every other week, but they only post it to your mortgage monthly. That means you are paying interest on money in their account!

They do make the yearly extra payment toward your principal (26 bi-weekly payments equal 13 "monthly" payments per year). That does help in paying off the loan sooner. But if the payments were posted as received, as required by law, you would save many thousands more dollars in interest. Most people don't know they are being ripped off.

CitiMortgage Biweekly Advantage works toward their advantage. Can you imagine how many millions of consumer dollars they keep on account by delaying the payments? I feel really stupid for letting them trick me. I double-checked my accounts after 3 months of the Advantage and discovered their game.

Company: CitiMortgage
Country: USA
State: Missouri
City: St. Louis
Address: 12855 N Outer Forty Rd
Phone: 6362612484

  <     >