I made our mortgage payment on June 4 with the deadline of June 15. When the check have not cleared my checking account on the 18th, I got worried and called. First Horizon said that they received the payment on June 16 and therefore charge me late fees, and since I always add extra $50.00 towards the principal, they said they applied a portion of that towards the late fees.
First, I was not late. I have delivery confirmation through USPS that it was received in their office on Junce 6. I started doing the delivery confirmation at my expense because the same thing happen last year and I could not trust them anymore. After telling their CS that I have proof of delivery, she put us on hold for 1/2 hour to check and came back that yes, we are right, it was received in their office on the 6th but for whatever reason (?) it was not posted immediately. Therefore, they will reapply the payment, & waive (?) the late charges. I said it is not waiving the late charges, it was applied erroneously and therefore removing the late charges is the correct thing to do. To me, waiving means giving me forgiving my errors. Whatever.
Then, instead of reapplying the extra principal as my original instruction indicated, they decided to put it on escrow and on top of that, subracted our original principal payment & put it in escrow too. Well, I keep track of how much my loan balance is every month. So we have to call again and have it corrected. Of course, it took talking to a manager to get it straight.
Therefore, for anyone who have a loan with First Horizon, you need to keep track of your payment & how it is applied to make sure it is applied correctly. Twice it happens to us. It seems to common of a bookkeeping error.
I shouldn't be wasting two hours trying to correct a problem that shouldn't be happening in the first place. Also I shouldn't be spending $ on delivery confirmation if I could only trust them. But not after being charged late fees last year because someone decided to hold the check in their desk for two weeks & didn't deposit it right away at my expense. But now, I'd rather spent $3.00 extra a month on delivery confirmation than spend more hours on the phone trying to teach them how to do bookkeeping.
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