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My fight with the bank

August 5th, 2007 at 01:59 pm

Ok as you all know I am nickeling and diming my car payment (by paying extra) any how I do this through my electric orange account (checking) I opened this account so that I can pay my car payment and any extra online. So to make a long story short I have been paying on line now for a while.I check the balance on my car account to compare the numbers and nothing has change the bank (lovely BoA) applied it to the interest (?) I was so mad because the rep I spoke to over the phone informed me any extra payments are applied to the principal, well she was wrong. It took me almost an hour at the branch to straighten it out (and he had to call some place else because he could not fix it at the branch). I can't pay online and have it applied to the principal because I do not have a checking account with them but I have a $5k CD which has been there now for about 3 years and a joint checking with my mom with about $10K (mom's money not mine but my name is on the account) I guess that really deosn't matter since they have $15k of our money in which they use to invest to make money and yet can't won't allow me to pay online and have all extra funds applied to the principal
So my options are to open a checking account in which there is a minimum balance unless I have direct deposit (why would I when ING pays more)or there will be a fee or go into the branch make payments or mail it in (cost .41 cents vs free online ) So I beat them at there own game (not really) I was on line and read if you open a CC you get free checking, no minimum payment no direct deposit required plus I get 0% interest until 2008. So I opened the account and will link my ING account with the bank's and transfer funds that way and then make my principal payments

sorry just needed to vent

Posted in Auto | 6 Comments »

6 Responses to “My fight with the bank”

  1. schadenfreude Says:
    August 5th, 2007 at 02:04 pm 1186322657
    1186322657

    That is such baloney. What does it matter to them where the money comes from? Seriously?

  2. Amber Says:
    August 5th, 2007 at 02:32 pm 1186324341
    1186324341

    That is what I said

  3. scfr Says:
    August 5th, 2007 at 02:52 pm 1186325550
    1186325550

    Oh brother ... Well, good for you for being persistent. Keep on checking on them!

  4. Dedicated Says:
    August 5th, 2007 at 03:16 pm 1186326962
    1186326962

    As far as I know, they are wrong. When I first made "extra" payments to my ABN Amro mortgage, they too applied the funds to interest. I had to call to adjust, and never got an answer when I asked "why anyone would pay extra interest?"

    My question would be for you.. When you initiate a payment through ING, is there a memo section or anywhere you can type PRINCIPal PAYMENT ONLY?

    Look in to this before getting more accounts. By law, they must apply noted funds to the principal first, when instructed by the payer - if that payer has already made due payments and in good standing with the bank.

  5. Amber Says:
    August 5th, 2007 at 03:56 pm 1186329394
    1186329394

    Thanks for the tip, if I send a paper check through ING the mem0 section only has room for the account number and the word principal, I tried this to see what happens unfortunately I can't add "principal only"

  6. Ima saver Says:
    August 5th, 2007 at 04:34 pm 1186331672
    1186331672

    Good for you!!

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