Bank of America has recently (and quietly) redefined their “grace period”.
When is a grace period not really a grace period? When you have to pay a $6 fee for using it. In a nutshell, you’ll have 6 fewer days of the old grace period to make your payment without being charged additional fees.
Consumers who use the bank's online payment tool, Mortgage Pay, will be subject to a $6 fee if they fund payments using another bank's checking account and the payment falls during the final six days of the traditional 15-day grace period. Consumers who make payments from Bank of America accounts are not subject to the fee.
"Let me get this straight. They tell you that you have a grace period, (then) they say, 'Oops, you only have half of it if you don’t bank with us,'” said Gail Hillebrand, a lawyer for Consumers Union who specializes in banking issues. "That doesn't seem fair. ... This looks like a new ‘gotcha,’ and we have enough of those already."
Some consumers who are being hit with the change didn't apply for a mortgage with Bank of America. Instead, the bank inherited their mortgage later by acquiring it as part of an investment portfolio purchase.
This is just another sneaky tactic form one of the TBTF banks that received billions of taxpayer dollars. basically, it’s either switch your account to a BofA account that has a bunch of garbage fees or pay us garbage fees directly for the privilege of paying us!
Nice.
