Thursday, May 26, 2011

It pays to check your accounts

We are currently in the process of redoing our mortgage as the fixed rate expires in a week. We have opted to go on a package which gives a discounted rate plus waives any and all fees, including application fees etc. But with a higher yearly fee.

I checked my acct balance today only to notice that my loan was $500 dearer. I was baffled as I knew interest was charged last week so where has the extra charge come from? I checked the history and to our horror the bank had charged us a $500 switch fee!

I rang them up and the guy was really helpful. It was very obvious he was frustrated at the operator who took my call last week and dealt with the loan, as apparently she has made an error in how she's doing the loan. She told me it'll be a 2-3 step process, but he said it should only be one and has emailed her and told her to waive the fee!

I'm happy with how it was handled and will be checking regularly in case this happens again. I'm not happy with being charged the extra interest for their stuff up though.

Let's hope the rest of it goes smoothly!


  1. Very good! It is frustrating when you see fees, especially huge ones like that. It's also annoying when different people from the same companies tell you different things.

    Glad you got your fee waived! :)

  2. Thanks :) Yep it is frustrating, I had to ring back twice today as they still weren't doing their job properly (every day they promise they'll email me the required paperwork, every day I'm waiting) I finally recieved it this afternoon.
    I bet they were stalling intentionally, as this way I'm still on a higher interest rate so they get more money outa me.