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Stop Bank of America from charging $6 to pay mortgage online

This petition had 12 supporters


Consumers who use the bank's online payment tool, Mortgage Pay, will risk a $6 fee if they fund payments using another bank's checking account and the payment falls during the final six days of the traditional 15-day grace period. Consumers who make payments from Bank of America accounts are not subject to the fee.

This is absurb, paying money to pay money! They already charge a $59 late fee if you pay after the 15th of the month, and now they are charging an additional $6!

The current state of things is really not any better. From the BoA website after login (formatted slightly for ease of viewing):

New fee structure for Mortgage Pay on the Web and external bank accounts

In an effort to streamline our Mortgage Pay on the Web service, we’re changing the fee structure for customers who make mortgage payments with external bank accounts (non-Bank of America).

Currently, customers using external bank accounts to pay their mortgage via Mortgage Pay on the Web are not charged a fee for the first third of their grace period. There is a $3 fee if the payment is made during the middle third of the grace period and a $6 fee is assessed if the payment is made during the final third of the grace period.

Beginning February 14, 2011, customers scheduling their mortgage payment using external bank accounts via Mortgage Pay on the Web will not be charged a fee for payments made within the first half of the loan’s grace period. A $6 fee will be assessed for the second half of the loan’s grace period. When you sign in on or after February 14, 2011, you will be required to accept these changes to the terms and conditions before you can make your payment. You will be required to do this only once.

Please note, any payments made with a Bank of America checking or savings account will not be charged fees throughout the grace period. However, late fees may still apply if the payment is not made within the grace period.

Mortgage Pay on the Web fee changes when using external accounts

Current fees
$0 – First third of grace period
$3 – Middle third of grace period
$6 – Final third of grace period

Fees as of February 14, 2011
$0 – First half of grace period
$6 – Second half of grace period

 



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