Am I wrong here?

[cKGunslinger]

I just got an email from CHASE stating that I was assessed a fee for my mortgage payment being late. I scheduled the payment (transfer) on the 16th, and my account shows that it was process and completed on December 16th, 2010.

Their website states:

To avoid a $49.98 late fee, we must receive your payment by the 16th day of the month it's due.

I shot them a message via the web and they responded:

Thank you for contacting us regarding a late fee on your
mortgage account and I am sorry that this has happened.

Your payments are due on the first of each month with a
grace period until the 15th. After the 15th, there will
be a late fee.

If I can be of further assistance, please reply back to
this email or you may contact our Internet Service Center
at ....

I was going to argue that isn't what the payment page states, but maybe I'm not reading it correctly? But even the paper bills states:

Late fees may apply after if received after December 16, 2010.

So is a payment ON the 16th the same as AFTER the 16th?

I guess this is what I get for trying to squeeze another paycheck cycle in before paying my mortgage.

 

[OCGuy]

Mortgages are late after the 15th. End of story.

You can pull out your note and this will be clearly explained to you on page 2.

 

[moshquerade]

That reads to me that if your payment is received ON the 16th you are ok.

Weird.

Give 'em a call. Explain like you did here, and they should waive it.

 

[Brovane]

I just got an email from CHASE stating that I was assessed a fee for my mortgage payment being late. I scheduled the payment (transfer) on the 16th, and my account shows that it was process and completed on December 16th, 2010.

Their website states:



I shot them a message via the web and they responded:



I was going to argue that isn't what the payment page states, but maybe I'm not reading it correctly? But even the paper bills states:



So is a payment ON the 16th the same as AFTER the 16th?

I guess this is what I get for trying to squeeze another paycheck cycle in before paying my mortgage.

I would shoot them a scanned copy of the paper bill stating that late fees may apply if payment is received after the 16th.

 

[Ns1]

That reads to me that if your payment is received ON the 16th you are ok.

it's clearly labeled as such.

 

[Gibson486]

did they receive the payment by the 16th? Yes. So, I think you are in the right.

 

[OCGuy]

Unfortuantely what it says on the website means nothing, because they have a piece of paper signed by you that says the 15th.

 

[highland145]

If you can afford it, don't "squeeze" another cycle in. One month you may have to do it and you're already on the line.

 

[Tweak155]

Chase is pretty good about waving fees when you call them. Do it.

 

[kranky]

"we must receive your payment BY the 16th" = not late if they get it on the 16th
"late fees may apply if received AFTER the 16th" = not late if they get it on the 16th.

I know they meant they have to have it in the hands by the 15th, but that's not what they said. I would push for a refund of the late fee.

 

[OCGuy]

Is your payment ~999?

$180-200K mortgage?

 

[cKGunslinger]

I'll call them and ask about it, obviously (navigating menus now.) I can understand that they want it by the 15th, but they are sending mixed signals.

 

[waffleironhead]

Edit:
Nevermind, I read wrong

 

[rcpratt]

Why don't you just pay it by the actual due date so there's no way this happens.

 

[cKGunslinger]

OK - since I paid from an external account, even though they say the payment was processed and completed on the 16th, it take an additional day to "actually receive the money."

They apologized that this wasn't readily apparent on my payment status page and waived the fee this time.

Crisis averted. Resume your normal schedule.

 

[Blieb]

I schedule mine to go on the 10th or so for this very reason ... that way I can check it by the 13th and send a quickie if something went haywire.

 

[cKGunslinger]

I schedule mine to go on the 10th or so for this very reason ... that way I can check it by the 13th and send a quickie if something went haywire.

Yeah, I usually do this as well, but it just seemed so tempting to wait a bit longer this time. :sneaky: