Complaint / Review
Citi Mortgage And Citibank N.A
Mailed Mortgage Payment Cleared Almost 50 Days Late With Fees

Some banks are holding and/or shredding checks so they can collect the late fees. I have heard about this from a few friends, and then it happened to me.

First, the 2nd mortgage Citi Bank payment didn't show. They called to let me know. We were stuck with a $38.00 late fee, an $18.00 phone-in fee and a $10.00 credit card processing fee. As soon as this cleared, a couple of days later the earlier payment cleared the checking account almost 50 days after it was mailed.

This then happened with the 1st mortgage the next month with Citi Mortgage.

The way you beat them at their game is to send the payment by email or signature certified mail. This forces them to deposit the payment upon receipt, and they can't sit on it to earn the interest. You make back more than the cost of the mail in saved interest across the life of the mortgage.