Bank of America recently acquired our mortgage from Everhome. We refinanced with Everhome in July from VHDA. Both VHDA and Everhome let me setup automatic recurring payments and they let me pay until the 15th of the month without any problems.
Here is the table of payment options from Bank of America:
Mortgage Pay on the Web Bill Pay Transfers Who it’s for Anyone with a Bank of America mortgage Bank of America mortgage customers with a Bank of America personal checking or savings account Bank of America mortgage customers with a Bank of America personal checking or savings account Fees per transaction $0 – $6.00, depending on payment date (never a fee if paying from a Bank of America checking or savings account) None None Payment cycle One-time payments Make both one-time and recurring payments Make both one-time and recurring payments Payment date(s) Same day1, up to 30 days in advance Set up same-day, future-dated or recurring payments Set up same-day, future-dated or recurring payments Pay From account Checking or savings account at any financial institution Bank of America checking or savings account Bank of America checking or savings account Payment flexibility Must make at least the minimum payment due2
You can also add additional principal, escrow or other fees to your payment
Must make at least the minimum payment due2 Must make at least the minimum payment due2
If you notice the above table says that recurring payments are only available if you use a Bank of America checking account, which I do not have and have no intentions of opening another account to complicate my life.
Also to make matter worse, Bank of America does not let me schedule multiple payments at the same time. Since I have one pending payment now, I cannot schedule my next payment. I cannot also modify my current payment without cancelling it and rescheduling it.
The table also implies that there might be a fee for paying from your regular non-BOA checking account depending on your payment date. Here is the fee schedule:
If you are paying from an account at a bank other than Bank of America, this service is available at no charge when scheduling your payment to be deducted on available draft dates during the first 1/3 of your grace period or before. When scheduling your payment to be drafted during the second 1/3 of your grace period, you will be charged a $3.00 fee that will be included at the time of your deduction. For the last 1/3 of your grace period or after, you will be charged a $6.00 fee that will be included at the time of your deduction.
This is provided in a table when I try to schedule a payment:
So in short, Bank of America Mortgage Sucks. I don’t want a Bank of America checking account and I want to be able to pay on the 15th like I always have before and I want to be able to schedule these payments automatically like I always have.