[mollymay]

I have a Mortgage with Chase. Years ago I enrolled in every other week automatic payments. On their web site it still shows my monthly payments. The statement I just received from them showing in green highlight in 2 places the monthly amount due on the 1st. of the month and explained the $40 late fee that could be accessed after the 16th. I have reach out to them last year with my concern over the confusion and received a lame answer. A bank deals with money and numbers and they should be accurate. Any suggestions??

[charlieo1126@gmail.com]

All my auto payments for everything will show the date you are billed and they will also say that about late fee sometimes the language is a little confusing , and all of them will usually say some the like this is not a bill

[tcxr750]

I would go to a local Chase branch and have someone there explain.

[retiredguy123]

Is it possible that the biweekly payment arrangement is being handled by a third party service and not by Chase? If so, that may explain why your Chase statements are not in sync with your biweekly payments. I would ask that question, but I agree that Chase should clarify their statements.

[retiredguy123]

It also occurs to me that your mortgage with Chase is a contract that was most likely not altered by your decision to make biweekly payments. So, even though you are making biweekly payments, the payments need to provide sufficient funds on a monthly basis to avoid the penalties and default provisions that are spelled out in the original mortgage document. Chase is probably required to structure their statements to provide you with the required legal notices.

[CWGUY]

Originally Posted by mollymay

I have a Mortgage with Chase. Years ago I enrolled in every other week automatic payments. On their web site it still shows my monthly payments. The statement I just received from them showing in green highlight in 2 places the monthly amount due on the 1st. of the month and explained the $40 late fee that could be accessed after the 16th. I have reach out to them last year with my concern over the confusion and received a lame answer. A bank deals with money and numbers and they should be accurate. Any suggestions??

Why not do a refinance...... I would think the rates are pretty low now. Go with a bank that is a little more responsive to your wishes.

[blueash]

Originally Posted by retiredguy123

It also occurs to me that your mortgage with Chase is a contract that was most likely not altered by your decision to make biweekly payments. So, even though you are making biweekly payments, the payments need to provide sufficient funds on a monthly basis to avoid the penalties and default provisions that are spelled out in the original mortgage document. Chase is probably required to structure their statements to provide you with the required legal notices.

Yes, exactly right. The original mortgage specified monthly payments and how late that payment could be before a penalty was added. So every statement will forever use the language of the mortgage as it was written.

[Jayhawk]

Originally Posted by retiredguy123

It also occurs to me that your mortgage with Chase is a contract that was most likely not altered by your decision to make biweekly payments. So, even though you are making biweekly payments, the payments need to provide sufficient funds on a monthly basis to avoid the penalties and default provisions that are spelled out in the original mortgage document. Chase is probably required to structure their statements to provide you with the required legal notices.

This is the correct answer.