I made a few online principal payments to a rental mortgage from a checking account to the mortgage serviced by the same bank. It took 1 week for the payment to be sent, received, and posted to my mortgage account.
I then made 2 principal payments from a competitor bank to the mortgage account. It was executed, and posted to my mortgage account in 2 days.
The monthly mortgage payments are automatically deducted from my checking account with the same bank. Since I planned to pay the mortgage off on 8/1 with the auto payment on 8/3, I made the calculation of the proper amount due. We then went on our trip.
When going through the onslaught of 10 days of mail, a notice of nonpayment was given by the bank holding the mortgage. They never took the auto payment on 8/3! So I get on the phone to the mortgage customer service on Friday, but because of the "high volume of calls" they will return a call to me on Thursday next week, between 8-12, 10-2, or 12-4, my choice. WHAT!!!!!
So I call the Bank Customer Servive to find out why the auto payment wasn't made. After a 10 minute wait, they tell me they have no access to the mortgage side of things. So I ask them if they have access to my checking account, which they confirmed. Normally, I make two auto payments to two mortgages, so they confirm that one payment was made, the other was not. When asked why it wasn't taken out, they said they didn't have the access to that information.
On Saturday, I get my monthly statement, saying a $162.70 payment is due by 9/1. Why didn't you take it on 8/3? You could have issued a refund if there was an over payment.
I promptly paid the $162.70 with the competitor's bank online, with 17 days of interest.
We are doomed.