We’ve been paying down our mortgage like crazy. First, we got a 12 year note the last time we refinanced to take advantage of dropping interest rates. Second, we pay extra on the principal every month.
We pay on-line and we pay a couple of days before the payment is due. I check a few days later so I can update our spreadsheets with new totals and the extra principal has always posted with our payment effective on the payment due date (which is the first of each month).
Until now that it is.
I checked our totals and the extra principal for February isn’t going to be effective until March 1.
I’m ticked off. This is the same bank I wrote about here and now I’m just going to say it. If you bank with Regions, you better check how your payments are being applied.
I’m uploading a screen shot and apologize for its size. I don’t want to shrink it down so you can see what I’m talking about. Seriously check your records and don’t let your bank do this to you. I’m calling tomorrow and I hope to have a good update.
By the way, if I pull up previous transactions, the extra principal is effective on the same day as the payment. This is new and it really makes me angry.