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:

Payment Table

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.

5 thoughts on “Bank of America Mortgage Sucks!”

  1. I don’t disagree with you – Bank of America sucks for not allowing recurring payments from a non BofA account. I have had multiple mortgages and ALL have allowed this. I also just had a mortgage bought by BofA and found your blog post after having a similar reaction to their ‘one-time payment only’ option.

    That being said – here are some comments to your post:
    – BofA sucks for not allowing scheduled recurring payments, but you are a moron for ‘demanding’ to be able to pay on the 15th. I can tell from the posting that your mortgage is due on the 1st of each month. Pay it on the first and don’t complain that BofA won’t let you schedule a two-week late payment. Keep in mind, all you are doing by paying on the 15th instead of the first is paying MORE INTEREST on your loan + risking a late fee. Make the adjustment to the first (you know – WHEN IT’S DUE) and quit complaining about the 15th!!

    – All banks offer online billpay now. If you want to make your payment to BofA recurring, all you have to do is log into your (whatever bank) checking account, and set them up as a monthly recurring payment. This will do one of two things – either BofA will receive a file/automated posting of your payment which will be very fast (possibly same day) which will effectively be the same as if BofA had allowed you to schedule the payment on their site. Alternately, BofA will receive a paper check with your payment to their lockbox (where they receive payments). This may take a couple of extra days to post BUT it comes with the added benefit of requiring manual processing at BofA (since it doesn’t have your payment coupon attached) so that little extra work they have to do should give you some joy!!

    This is what I did – I just setup BofA using my bank’s online billpay and schedule a monthly payment to them to occur on the 27th of each month (my payment is also due the 1st).

  2. Well, both the other companies I dealt with let me pay on the 15th. I see no reason to pay anything earlier than required. So if you pay earlier than you have to, you are the moron.

    That’s what I’ll do. I want to figure out whats the latest I can pay Bank of America. It was the 6th this month. So I think they give you 5 business days to pay. I’ll schedule the payment to reach them on the absolute last day that doesn’t have any fees.

  3. BOA calls me and harasses me and my husband every single day until the mortgage is paid when its not even late. I even had a BOA caller hang up on me when i told them that calling 5 times in one day is harassment especially considering the payment IS NOT LATE YET. i hate BOA so much.

  4. To whom it may concern; I have a Bank of America Mortgage and think it sucks also who do you think you are? you had to be bailed out your so crooked. I have never been late on a payment to you people and your not going to Rob me of$60.00 a year of your stupid fees screw you all Robert G Checketts

  5. So, several months after this post here is my experience with Bank of America after opening a checking account with them. Wells Fargo was about to start nickel and diming old Wachovia customers and removing benefits. We discovered that if you have a bank of america mortgage, you get their fanciest checking account free. So we switched to Bank of America from Wells Fargo.

    Also even though you don’t see the option of using an external account for automatic payments on the BoA website, you can call them up and they will set it up for you.

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