BankoH new "service"

[Kimo]

If you have a mortage with Bank of Hawaii and had not made your January payment by 1/10/2011 you likely got a recorded call from the bank reminding you that your payment is overdue and may be subject to late charges if made after the 15th.
The bank's real policy is that payments may be made up to and including the 15th without being considered "late."
I got one of those calls yesterday (the "service" started yesterday) and when I was informed by a recorded voice that I was late on my mortgage payment, several hairs turned whiter.
I called 'em to clarify, and suggested that they might consider re-wording their message - that customers might bridle at being told they're "late" on paying, when they're clearly not.
Sigh of relief . . .

[tutusue]

Re: BankoH new "service"

I really dislike tactics like that! I used to have a mortgage with a lender who didn't offer automatic deductions. They started appearing all over Ripoffreport.com for not posting customers' payments and not advising them they were "late". The first these customers knew anything was wrong was when they got a foreclosure notice. It was at that point that I began mailing my checks via certified mail, return receipt requested!

Auto deduction is the way to go. If the payment is considered late then it's their own damn fault!

[acousticlady]

Re: BankoH new "service"

I believe the mortgage payment is due on the 1st, with a 2 week grace period. So technically, on the 10th it is considered late. They just don't charge a late fee until the 15th. At least that is how it is set up with mine. Not that I appreciate phone calls telling me that.