Do banks intentionally hope you can't pay - PeachParts Mercedes-Benz Forum

Plantman · #1 10-13-2003, 06:54 PM

I got a call from Washiungton Mutal HomeLoans today, wondering when I would make my September mtge payment.

I explained that I payed it electronically on or about 9/20/2003. They told me that my bank rejected the payment(bank closed today, will find out why tomorrow. Have funds).

I came to the conclusion that perhaps I entered incorrect routing numbers, etc....

Anyway, I told them I would give them a check over the phone, or pay by internet and they told me that since I owe September and currently owe October(I pay around the 20th) that they do not accept partial payments.

I have the money to pay both and will. My question is this; Why would the bank not accept the past due month without the current month?

I do not understand the policy, do they want customers to default? Logic should indicate if a customer does not have one month due to "circumstances" How would they get two payments? Never mind 3.

Seems like the banks policy manipulates people towards losing their houses.

Thanks

#2 10-13-2003, 07:36 PM

When I started my business, I thought the ask first, pay bills later theory was a good one, until I found out that even if they are partially wrong they can still trash your credit.

Since then I have learned a few things.

1. Pay first ask questions later, it will help your credit and give you some credibility.

2. After you make an important payment ie. House, car ECT. Call or check the account to make sure it’s posted to your account, if not refer to rule number 1.

I feel your pain but as long as we accept credit we invite them to make errors as well, that's the way the square ball skids.

G-Benz · #3 10-14-2003, 10:37 AM

Quote:

Originally posted by MedMech
I feel your pain but as long as we accept credit we invite them to make errors as well, that's the way the square ball skids.

But, in the event of an error, YOU will ALWAYS be guilty until proven innocent.

I can't count how many times I've gotten urgent calls from some company with the caller speaking in a harsh tone, only to later discover that it was an accounting error on their part.

Botnst · #4 10-14-2003, 10:45 AM

My daughter paid by check at Sam's Club for about $30.

The check reader trashed the check and failed to register the payment.

The computer read the non-payment as NSF.

Sam's wouldn't accept a second check, remember the NSF?

Daughter came back with the full amount in cash and they had tacked-on a penalty. She paid the bill but not the penalty.

Called the bank to find out why her check bounced.

Bank said she had plenty of cash.

Daughter took the mangled check to the bank.

Daughter wrote check to local pharmacy--which rejected check due to bad credit.

Daughter and bank called Sam's and went up the foodchain until somebody could make a (grudging) acknowledgement. Still wanted the NSF fee but finally relented. Grudgingly agreed to enter correction into credit system.

Daughter still has occasional problems with check acceptance.

F*** Sam's.

Botnst

#5 10-14-2003, 11:23 AM

Quote:

Originally posted by G-Benz
But, in the event of an error, YOU will ALWAYS be guilty until proven innocent.

I can't count how many times I've gotten urgent calls from some company with the caller speaking in a harsh tone, only to later discover that it was an accounting error on their part.

I agree it's too bad that consumers get reamed so badly. If a corporation does screw you, like verizon for example you have to file in their home state or go to federal court and if your case is under 35k it won't see the light of day.

I hope someday there will be a better system for balancing the scale between consumers and Mega-Corps.

dmorrison · #6 10-14-2003, 11:33 AM

Wa Mu is under investigation here in Texas by the State Attorney General. And If I recall at a lot of states. Get to the bottom and leave Wa Mu. The bank has some real problems.

Dave

http://money.cnn.com/2003/10/03/news/companies/wash_mutual.reut/

http://www.corp.ca.gov/pressrel/pl101201sacbee.htm

http://biz.yahoo.com/rc/031002/financial_washingtonmutual_probe_3.html

http://www.consumeraffairs.com/finance/washington_mutual_bank.htm

http://eastbay.bizjournals.com/eastbay/stories/2002/03/04/story7.html

To many headlines for a bank

The Warden · #7 10-14-2003, 03:24 PM

OMG...

I'm not a financial expert by any means, so I didn't quite understand the articles. Do they in any way pertain to WaMu's personal checking/savings accounts?

I've had a checking account with them for about 3 years now (basically, they have all my $$), and am now wondering if I should switch banks. If I do, any suggestions on a bank to go with?

Thanks!

G-Benz · #8 10-14-2003, 03:24 PM

Quote:

Originally posted by narwhal
Wa Mu is being sued for breach of fiduciary duties, fraudulent misrepresentation, lying, stealing, cheating and many, many other torts in at least ten states right now. they are evil. how do I know? my wife represents them here

I saw a piece in the news a few weeks ago about Wa Mu...specifically in the way they handle mortgage transactions...what a nightmare!

mikemover · #9 10-15-2003, 10:04 PM

My personal accounts, all of my band's business accounts, and all my band members' accounts are with Bank of America. They are evil and moronic as well...but travelling as much as we do, the convenience of their branches/ATMs/etc. being practially EVERYWHERE outweighs the inconveniences.

Mike

Plantman · #10 10-15-2003, 10:45 PM

Forgot to mention the WAMU is both my personal bank and mortgage company.

I am still waitnig for a response as to why the payment was reversed.

Botnst · #11 10-15-2003, 11:24 PM

Quote:

Originally posted by narwhal
F*** Sam's.

Botnst

Botnst: same thing happened to my wife. Someone stole a box of checks when she moved. the account was closed (bank of winnfield) and the theif kited a check at wal-mart. bank calls wife and informs her not to worry, they knew the account was closed and they would call wal-mart and explain. wal mart nor sam's would not accept a payment from my wife via debit card or check for six years and they screwed up her credit, despite an affidavit from the bank president. we settled out of court for a confidential amount, but it would be enough to purchase your daughter a 1996 E300 non turbo with about 80K on the clock

D [/B][/QUOTE]

I'm glad you & spousette reverse-screwed those as*h**es. If, through their arrogance and negligence, they buy us little slobs enough nice Mercedes maybe they'll learn something about customers.

My kid's check was small--$50 or so, I think. I never thought to burn'em. As much as Sam's screwed around, knowing that the evidence was wildly in our favor, really pi**ed me off. If they'd just apologized at the beginning and made a good faith effort to correct it, it wouldn't have greatly bothered me. Mistakes happen.

But after the tone they took...f**k'em. I'll never go back to one of those stores and I'll tell everybody about it in hopes of influencing others to my sentiment.

Botnst

Botnst · #12 10-16-2003, 11:20 AM

Wow Narwhal, I hadn't thought of that.

I'll get her to run a credit check and see what comes-up.

Plantman · #13 10-16-2003, 03:41 PM

whiel I understand the agreement, also understand if person B can't make one payment due to poor health,large home repair, etc..there is also a chance they don't have TWO payments at the same time. Before you know it it will be three, then four then foreclosure.

In essence, the banks inflexibility to accept a partial payment, will at some point cause the property to be placed in default.

Are you trying to tell me that a bank, with all of it's resources doesn't have some sort of formula to accept a partial payment, that would calculate additional interest? that's what they do for a living....add/subtract/divide.

When you purchase a car, they give you a coupon book whcih tells you the day your payment is due, when and how much a late fee will be. After 9/11 I made car payments 2 months late and never had a bank NOT take money. After I thought I had paid the car off, I got a letter saying I owed an additional $60 or so due to those two months. They calculated. I paid. End of story.

I don't see the difference.

#14 10-16-2003, 04:04 PM

I am awaiting my day in court with Airtouch Cellular which is now verizon over a cell phone account that was paid in full while under protest. When Airtouch was bought by Verizon I got caught in the corporate loop and was forced to get a sub-prime mortgage due to a late payment on my credit report. It's has been removed but I am suing for damages relating to that mortgage ie higher interest closing cost and loss of leverage because financing was delayed. Verizon offered a dinky settlement but I think my case is strong enough to go all the way and my lawyer is free (so to speak) because he has had a similar situation with them and he's doing it for sport.

I would think with all these big corporations that are not paying attention to the legitimate consumer problems, aggressive young attorneys would bird dog some class action suits.

Narwhal, good job on your Sam's deal I love to hear these things

However I would much rather not go through any of this, that is why I have adopted the pay first ask questions later philosophy.