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New Fee For Those With Bank Of America Mortgages

Wednesday, January 19, 2011 - 3:10 PMBank of America - Details
From MSNBC's Red Tape Chronicles blog:
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.

Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708
1. Wednesday, January 19, 2011 - 11:38 PM
What's next? A $5 fee for using online banking? 12 bucks if you write a check?

darkdreamer4udarkdreamer4u178 posts since
Jun 11, 2010
Rep Points: 638
2. Sunday, January 23, 2011 - 10:09 PM
WIth BoA if you hold a mortgage you are entitled to a premium checking account with no monthly fees, rate bonuses, safety deposit box, free checks and the list goes on.  Just for the convienance of being able to pay a mortgage why wouldn't one want to have their bank account where they hold their mortgage?  I am sure the news left the perks out.
ker314ker3141 posts since
Jan 23, 2011
Rep Points: 2
3. Tuesday, January 25, 2011 - 9:48 PM
What's next? A $5 fee for using online banking? 12 bucks if you write a check?
Honestly, I ponder how much longer it'll be before a major bank begins charging paper check processing fees (waived for senior accounts, perhaps) and online bill pay (no reason to reward the consumer for electronic payments when they're being penalized for paper, right?) But I bet we'll see a major bank charge for paper statement first.

Nonetheless, the new Bank of America fee can be avoided by using your bank's online bill payment system. Just be careful; I began using online bill payment to avoid my mortgage server's $12 online payment fee but they applied my payment entirely to interest, claiming online bill payments don't specify how funds should be appropriated (even though I indicated such in the comments). Thus, I now mail a paper check.
SouthwesternSouthwestern23 posts since
Jan 25, 2011
Rep Points: 98