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I would like to send my mortgage payment to Wells Fargo bi-weekly. And was told by Wells Fargo that it was unacceptable and that I would have to let Wells Fargo process the payment. This is the issue, why can't I send my payment bi-weekly and Wells Fargo process. If we both are doing the same identical process (bi-weekly payment), why can't my payment be processed? The only difference is Wells Fargo is not taking the money from my checking account bi-weekly. I will be submitting the payment. To me it sounds like Wells Fargo wants to CONTROL MY MONEY, if they can't take the bi-weekly payment from my checking account, they don't want me to send it, but they want my business...that's a crock of CRAP !
I have been through pure hell with Wells Fargo since May when I attempted to change from once a month to bi-weekly payments. I was told by the Well Fargo representative to set it up through my bank directly which I did. First statement I get after that I have late payment fees while showing that I have paid the two bi-weekly payments. I call, and am told that I was not set up on biweekly payment schedule and the only way to do that was to authorize them to withdraw the fund directly which like the first writer, I am totally opposed to anyone having direct access to my money but being a too trusting person, I did it anyway. What happens next should hopefully never happen to anyone else ever again so heed my warning and do not let Wells Fargo have access to your accounts! They started withdrawing the full MONTHLY payment amount bi-weekly rather than 1/2 payments. This went on for two months before I opened a statement so follow the math here, they withdrew 4 full months of payments from my account in two months! I have made numerous phone calls to Wells Fargo and while they finally got my payments reduced down to the proper amount, they refuse to refund me the over payments and put them to principal! So gee golly I will have my mortgage paid off that much sooner and think of all that interest it will save me, but I don't think my kids will care at all when there is little to nothing under our tree next month. Thanks Wells Fargo! Customer service at its worst.
True, did not explain well. The point remains the program while saving you tens of thousands is still a fraud.
of course they want a preauthorized debit from your account that is the only way they can guarantee the payment will be made unless there is a nsf in the account. Hmmm biweekly payments for the year is 26 not 13 payments
Bi-weekly payment offering are designed for the gullible. No offense. but if you bi-weekly you simply make 13 payment a year instead of 12. However the reason it is an absolutely stupid thing to do is because the 13th payment contains the same amount of interest as the rest of the payments. If you were to divide your normal payment by 12 and send that much extra a month you would come out way ahead and the loan would be paid off faster with you paying less interest.