I hate banks

[Noob]

Ok, hate is a strong word, but I really dislike having to deal with them.

I have been carrying a small mortgage on some property that I own. The mortgage was sold to Chase a few years ago. Now I have to deal with mega-stupidity and monster-fee-screw-the-customer mentality.

Since I can find no where to park my money that is safe and won’t get eaten up by inflation, I decided to pay off this mortgage.

After a quick look on the Chase website, I saw that I needed to get a ‘pay off’ quote. So, I popped over to the ‘request a pay off quote’ page and started filling in the web form. I then saw that they wanted me to pay them a fee of $50 for this service. Rather than finishing the form, I just closed the browser and forgot about it.

Today, my statement arrives and it has a $50 fee for the pay off quote I never got; nor wanted after learning about the cost.

Has anyone just payed off a mortgage without a pay off quote? Is it really necessary to pay the bank to have them tell me how much money I owe them?

…no wonder these clowns are going broke.

[EconProf]

They can legally require a payoff quote only if it is in the original loan documents.
Some lenders ask for it even though it is not in the loan docs. Best to check all the fine print.

[EconProf]

They can legally require a payoff quote only if it is in the original loan documents.
Some lenders ask for it even though it is not in the loan docs. Best to check all the fine print.

[EconProf]

They can legally require a payoff quote only if it is in the original loan documents.
Some lenders ask for it even though it is not in the loan docs. Best to check all the fine print.

[EconProf]

They can legally require a payoff quote only if it is in the original loan documents.
Some lenders ask for it even though it is not in the loan docs. Best to check all the fine print.

[EconProf]

They can legally require a payoff quote only if it is in the original loan documents.
Some lenders ask for it even though it is not in the loan docs. Best to check all the fine print.

[bsrsharma]

I don’t know about “pay off quote” charges, but many institutions charge a small fee ($50 seems OK) to actually close down a mortgage. I remember SDCCU used to have that next to the mortgage balance.

But if you are getting rid of a large mortgage, it is better to swallow a little bitterness like this and come out ahead by saving hundreds of $ per month in interest payments that you save.

In future, remember to stay away from banks and use credit unions where they don’t have this moneylender mentality.

[bsrsharma]

I don’t know about “pay off quote” charges, but many institutions charge a small fee ($50 seems OK) to actually close down a mortgage. I remember SDCCU used to have that next to the mortgage balance.

But if you are getting rid of a large mortgage, it is better to swallow a little bitterness like this and come out ahead by saving hundreds of $ per month in interest payments that you save.

In future, remember to stay away from banks and use credit unions where they don’t have this moneylender mentality.

[bsrsharma]

I don’t know about “pay off quote” charges, but many institutions charge a small fee ($50 seems OK) to actually close down a mortgage. I remember SDCCU used to have that next to the mortgage balance.

But if you are getting rid of a large mortgage, it is better to swallow a little bitterness like this and come out ahead by saving hundreds of $ per month in interest payments that you save.

In future, remember to stay away from banks and use credit unions where they don’t have this moneylender mentality.

[bsrsharma]

I don’t know about “pay off quote” charges, but many institutions charge a small fee ($50 seems OK) to actually close down a mortgage. I remember SDCCU used to have that next to the mortgage balance.

But if you are getting rid of a large mortgage, it is better to swallow a little bitterness like this and come out ahead by saving hundreds of $ per month in interest payments that you save.

In future, remember to stay away from banks and use credit unions where they don’t have this moneylender mentality.

[bsrsharma]

I don’t know about “pay off quote” charges, but many institutions charge a small fee ($50 seems OK) to actually close down a mortgage. I remember SDCCU used to have that next to the mortgage balance.

But if you are getting rid of a large mortgage, it is better to swallow a little bitterness like this and come out ahead by saving hundreds of $ per month in interest payments that you save.

In future, remember to stay away from banks and use credit unions where they don’t have this moneylender mentality.

[XBoxBoy]

[quote=Noob]
Has anyone just payed off a mortgage without a pay off quote? Is it really necessary to pay the bank to have them tell me how much money I owe them?[/quote]

Noob, I share your pain. I had a loan with Wamu about five years ago. I wanted to pay it off, and it had a balance of about $175k. I called them and likewise they told me I would have to go through this whole payout process. (Complete with cashier’s check, yada yada) So rather than do that, when it was time to send in my payment, I sent them a check for $174k. (A grand short of payoff)

To my anger and amazement, they sent it back to me with a letter saying that I would have to go through the payout process. I called customer service and explained that it wasn’t a payout, but just an additional payment to principal. The service rep was so lacking in knowledge that they just didn’t even understand what I was doing after I explained it to them. All they could tell me was that clearly a check this big was a payoff and I would need to go through the payoff process. Finally I got a supervisor, and when I asked her how much could I send in and not have a payoff, she said, “Any amount as long as it’s not the complete amount.” So, I said, “Okay, can I send $174500?” And she said, “Yes, that would be fine” Then I asked, why my check for $174k was returned. She couldn’t figure that out. Finally we agreed I would resend the check to her and she would process it.

The next month I got my statement, it had the $174k applied, but a late charge was applied as well. (Since by the time they sent the check to me, and I sent it back two weeks had passed. Originally the check had been on time) I called and got the late charge removed, after much haggling on the phone and sent in my last payment of about a grand.

Two weeks later I got a refund from Wamu for about two grand. Why I have no idea, but I cashed it and considered it payment for dealing with incompentence.

XboxBoy

[XBoxBoy]

[quote=Noob]
Has anyone just payed off a mortgage without a pay off quote? Is it really necessary to pay the bank to have them tell me how much money I owe them?[/quote]

Noob, I share your pain. I had a loan with Wamu about five years ago. I wanted to pay it off, and it had a balance of about $175k. I called them and likewise they told me I would have to go through this whole payout process. (Complete with cashier’s check, yada yada) So rather than do that, when it was time to send in my payment, I sent them a check for $174k. (A grand short of payoff)

To my anger and amazement, they sent it back to me with a letter saying that I would have to go through the payout process. I called customer service and explained that it wasn’t a payout, but just an additional payment to principal. The service rep was so lacking in knowledge that they just didn’t even understand what I was doing after I explained it to them. All they could tell me was that clearly a check this big was a payoff and I would need to go through the payoff process. Finally I got a supervisor, and when I asked her how much could I send in and not have a payoff, she said, “Any amount as long as it’s not the complete amount.” So, I said, “Okay, can I send $174500?” And she said, “Yes, that would be fine” Then I asked, why my check for $174k was returned. She couldn’t figure that out. Finally we agreed I would resend the check to her and she would process it.

The next month I got my statement, it had the $174k applied, but a late charge was applied as well. (Since by the time they sent the check to me, and I sent it back two weeks had passed. Originally the check had been on time) I called and got the late charge removed, after much haggling on the phone and sent in my last payment of about a grand.

Two weeks later I got a refund from Wamu for about two grand. Why I have no idea, but I cashed it and considered it payment for dealing with incompentence.

XboxBoy

[XBoxBoy]

[quote=Noob]
Has anyone just payed off a mortgage without a pay off quote? Is it really necessary to pay the bank to have them tell me how much money I owe them?[/quote]

Noob, I share your pain. I had a loan with Wamu about five years ago. I wanted to pay it off, and it had a balance of about $175k. I called them and likewise they told me I would have to go through this whole payout process. (Complete with cashier’s check, yada yada) So rather than do that, when it was time to send in my payment, I sent them a check for $174k. (A grand short of payoff)

To my anger and amazement, they sent it back to me with a letter saying that I would have to go through the payout process. I called customer service and explained that it wasn’t a payout, but just an additional payment to principal. The service rep was so lacking in knowledge that they just didn’t even understand what I was doing after I explained it to them. All they could tell me was that clearly a check this big was a payoff and I would need to go through the payoff process. Finally I got a supervisor, and when I asked her how much could I send in and not have a payoff, she said, “Any amount as long as it’s not the complete amount.” So, I said, “Okay, can I send $174500?” And she said, “Yes, that would be fine” Then I asked, why my check for $174k was returned. She couldn’t figure that out. Finally we agreed I would resend the check to her and she would process it.

The next month I got my statement, it had the $174k applied, but a late charge was applied as well. (Since by the time they sent the check to me, and I sent it back two weeks had passed. Originally the check had been on time) I called and got the late charge removed, after much haggling on the phone and sent in my last payment of about a grand.

Two weeks later I got a refund from Wamu for about two grand. Why I have no idea, but I cashed it and considered it payment for dealing with incompentence.

XboxBoy

[XBoxBoy]

[quote=Noob]
Has anyone just payed off a mortgage without a pay off quote? Is it really necessary to pay the bank to have them tell me how much money I owe them?[/quote]

Noob, I share your pain. I had a loan with Wamu about five years ago. I wanted to pay it off, and it had a balance of about $175k. I called them and likewise they told me I would have to go through this whole payout process. (Complete with cashier’s check, yada yada) So rather than do that, when it was time to send in my payment, I sent them a check for $174k. (A grand short of payoff)

To my anger and amazement, they sent it back to me with a letter saying that I would have to go through the payout process. I called customer service and explained that it wasn’t a payout, but just an additional payment to principal. The service rep was so lacking in knowledge that they just didn’t even understand what I was doing after I explained it to them. All they could tell me was that clearly a check this big was a payoff and I would need to go through the payoff process. Finally I got a supervisor, and when I asked her how much could I send in and not have a payoff, she said, “Any amount as long as it’s not the complete amount.” So, I said, “Okay, can I send $174500?” And she said, “Yes, that would be fine” Then I asked, why my check for $174k was returned. She couldn’t figure that out. Finally we agreed I would resend the check to her and she would process it.

The next month I got my statement, it had the $174k applied, but a late charge was applied as well. (Since by the time they sent the check to me, and I sent it back two weeks had passed. Originally the check had been on time) I called and got the late charge removed, after much haggling on the phone and sent in my last payment of about a grand.

Two weeks later I got a refund from Wamu for about two grand. Why I have no idea, but I cashed it and considered it payment for dealing with incompentence.

XboxBoy

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