Author Topic: Mortgage Question  (Read 945 times)

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Online Desert Fox

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Mortgage Question
« on: January 25, 2019, 07:57:35 PM »
I have gone to sending my checks to the mortgage company via registered mail.
They are due on or before the 16th of each month.
According to the US Postal Service, they received the check on the 16th.
It has not cleared and they claim to have not received it.
I checked in the check book and there is the check carbon in the check book

Any suggestions on how I should go with it?
I am loathe to cut them a new check just in case they suddenly find this one and double bill me.
It would cost me $30 to cancel the check however.

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Offline Billzbub

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Re: Mortgage Question
« Reply #1 on: January 25, 2019, 08:24:27 PM »
It probably takes a day or two to get from the mail room to the person who cashes it and puts it into the system.  I bet the mail room received it on the 16th, but the rest of the company won't know about it until the 17th or 18th.
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Offline Tassie Dave

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Re: Mortgage Question
« Reply #2 on: January 25, 2019, 08:47:28 PM »
Wow, people still use cheques  ??? 

I thought they'd all but disappeared over 10 years ago. Almost no-one uses them in Australia anymore.  They are supposedly going to disappear entirely sometime this year.

Can't you pay online? Most banks will allow you to set up automatically paid regular bills. Saves worrying about whether you paid it or not each month.


Online Desert Fox

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Re: Mortgage Question
« Reply #3 on: January 25, 2019, 11:10:00 PM »
Once you pay online, they can use that information to decide when they want to take the money
"Give me the storm and tempest of thought and action, rather than the dead calm of ignorance and faith. Banish me from Eden when you will; but first let me eat of the fruit of the tree of knowledge."
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Offline Tassie Dave

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Re: Mortgage Question
« Reply #4 on: January 26, 2019, 12:02:31 AM »
Once you pay online, they can use that information to decide when they want to take the money

It shouldn't work that way. You, the account holder decides when and how much is paid to the biller. The biller has no power to receive the money earlier than the date you set for it to be paid.

Offline CarbShark

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Re: Mortgage Question
« Reply #5 on: January 26, 2019, 01:03:31 AM »
There are two online payment options. One is you provide them your account info and they takevtgecscheduked payment. The other is you give their info to your banks bill paying system and they transfer the money.

The first is vulnerable to abuse. The second isn’t.


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Offline Tassie Dave

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Re: Mortgage Question
« Reply #6 on: January 26, 2019, 01:52:48 AM »
There are two online payment options. One is you provide them your account info and they takevtgecscheduked payment. The other is you give their info to your banks bill paying system and they transfer the money.

The first is vulnerable to abuse. The second isn’t.


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I'd never give any business the right to take money out of my account.

My bank (CBA) has 2 options (I use), neither gives the biller the option to take the money when they want.

I either schedule a regular payment to be paid on the due date of the bill (or the date that I nominate)

or I do it manually and the bill is paid straight away. (I use this for one-off or irregular bills)
« Last Edit: January 26, 2019, 01:55:39 AM by Tassie Dave »

Offline kvuo75

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Re: Mortgage Question
« Reply #7 on: January 26, 2019, 06:31:20 AM »
There are two online payment options. One is you provide them your account info and they takevtgecscheduked payment. The other is you give their info to your banks bill paying system and they transfer the money.

The first is vulnerable to abuse. The second isn’t.


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exactly. in addition. when you use your bank's bill paying system, THEY will back up any mistakes/loss and cover any late fees

I had a rent payment once get lost.. they were on the phone to my apt complex immediately and were sending a new check overnight.


Offline Belgarath

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Re: Mortgage Question
« Reply #8 on: January 26, 2019, 09:02:40 AM »
There are two online payment options. One is you provide them your account info and they takevtgecscheduked payment. The other is you give their info to your banks bill paying system and they transfer the money.

The first is vulnerable to abuse. The second isn’t.


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exactly. in addition. when you use your bank's bill paying system, THEY will back up any mistakes/loss and cover any late fees

I had a rent payment once get lost.. they were on the phone to my apt complex immediately and were sending a new check overnight.

Yep, the rule is ALWAYS do it through the bank, NEVER do it through the vendor's site.

You CAN use PayPal if you want a 3rd option because you can always cut that off, but PayPal certainly doesn't make it easy to find.

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Offline daniel1948

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Re: Mortgage Question
« Reply #9 on: January 26, 2019, 09:39:42 AM »
I let utilities take the money from my account because the bill is different every month, and I don’t want to have to schedule a payment every month. I set it up once and forget it. Yes, there’s the possibility of abuse, but there are some things that seem unlikely enough that I just don’t want to worry myself with.

For a mortgage payment, I’d set up the payments through the bank, not the mortgage company. I write checks for my rent here because the rental agent’s office is five minutes walk from my condo and I can just hand it to them. The check image in my bank statement is proof I paid.

I trust my bank to steal from me only in the legal ways they admit to, all aboveboard. Same for the public utilities.
Daniel
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Offline Tassie Dave

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Re: Mortgage Question
« Reply #10 on: January 26, 2019, 02:35:58 PM »
I let utilities take the money from my account because the bill is different every month, and I don’t want to have to schedule a payment every month. I set it up once and forget it. Yes, there’s the possibility of abuse, but there are some things that seem unlikely enough that I just don’t want to worry myself with.

Even those bills can be set up from the account holders end.

I have my account set up to pay utility bills (monthly, quarterly, yearly etc) for whatever amount it is, on the due date. I give biller the right to bill my account (Through Bpay)
But I get advance notice of the bills (a few weeks) and could stop the payment anytime before the due date if there was a problem. It hasn't happened, but I do have that ability if required.
The biller has no power to get the money if I or the bank refuse to release it.

Bpay is an Australian system, but I'm sure their are US equivalents
https://www.bpay.com.au/Personal/overview.aspx

Offline daniel1948

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Re: Mortgage Question
« Reply #11 on: January 26, 2019, 03:23:18 PM »
I let utilities take the money from my account because the bill is different every month, and I don’t want to have to schedule a payment every month. I set it up once and forget it. Yes, there’s the possibility of abuse, but there are some things that seem unlikely enough that I just don’t want to worry myself with.

Even those bills can be set up from the account holders end.

I have my account set up to pay utility bills (monthly, quarterly, yearly etc) for whatever amount it is, on the due date. I give biller the right to bill my account (Through Bpay)
But I get advance notice of the bills (a few weeks) and could stop the payment anytime before the due date if there was a problem. It hasn't happened, but I do have that ability if required.
The biller has no power to get the money if I or the bank refuse to release it.

Bpay is an Australian system, but I'm sure their are US equivalents
https://www.bpay.com.au/Personal/overview.aspx


For utility bills, I get an email from the utility telling me how much the bill is and when they will take the money. I could tell the bank not to release the money. I am not aware of a system at my bank where the utility would send a bill to the bank rather than just taking the money from my account or charging my credit card (different utilities use different systems).

I think in actual fact, they are sending a withdrawal request to the bank, but I’m very unclear on this. I can always dispute a charge if I feel it is wrong or fraudulent. But as noted, I trust the utilities sufficiently to not worry about it or make things harder on myself. It took me a while to come to this attitude. When I first started using on-line payments I did each one manually.
Daniel
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Offline gcason

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Re: Mortgage Question
« Reply #12 on: January 27, 2019, 10:01:28 AM »
I let utilities take the money from my account because the bill is different every month, and I don’t want to have to schedule a payment every month. I set it up once and forget it. Yes, there’s the possibility of abuse, but there are some things that seem unlikely enough that I just don’t want to worry myself with.


My utility company let's me average out the year's payments so I pay the same amount each month. Of course, it's adjusted each year to make up for any overages or underages.
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Offline Ah.hell

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Re: Mortgage Question
« Reply #13 on: January 28, 2019, 09:55:08 AM »
I let utilities take the money from my account because the bill is different every month, and I don’t want to have to schedule a payment every month. I set it up once and forget it. Yes, there’s the possibility of abuse, but there are some things that seem unlikely enough that I just don’t want to worry myself with.


My utility company let's me average out the year's payments so I pay the same amount each month. Of course, it's adjusted each year to make up for any overages or underages.
In a meta way this probably a bad idea.  Not for you but for society.  It disconnects the user from there use a bit. Makes it harder to realize when your using the most energy and adjust appropriately.  Probably on a hypothetical concern rather than real.

Anyrate, some of this thread reads as a bit paranoid.  I've set up my credit card, mortgage and utilities to automatically withdraw from my bank account.  They all let me choose the day so long as its before the due date.  I have literally no fear that they''re going to trick me and take it early or take it twice.  That's all pretty easy to notice.   

Checks are for people that hate trees only. 

Online Desert Fox

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Re: Mortgage Question
« Reply #14 on: January 31, 2019, 03:45:10 PM »
Well, the found it and it cleared
"Give me the storm and tempest of thought and action, rather than the dead calm of ignorance and faith. Banish me from Eden when you will; but first let me eat of the fruit of the tree of knowledge."
— Robert G. Ingersoll