Wednesday, January 26, 2011

I see your true colors shining through

I'm about to get a little bossy. Sorry, I can't help it - first child syndrome. This isn't really about a DIY project as much as making sure you're not taken advantage of when spending money on DIY things. Like your home.

Here's the back story: We have a 30-year fixed mortgage which I understand to mean we have the same payment for 30 long years. You can imagine my surprise when the mortgage bill came this month and it was 20 bucks more! Now 20 bucks isn't a lot but 20 x 12 x 29(years to go)... well now that's a lotta dough. So I called not-so-good old BofA and asked why the charge increased. "Well Ms. Newcomb, your county taxes went down this year. In order to give you a little cushion since this may be a mistake, we've added a reserve charge to your mortgage." So, after a little back and forth the service rep assured me that my ears were working correctly and yes, when a bill of ours (like property taxes) goes down, it is indeed BofAs policy to charge us more. Sure, the money sits in escrow but we never see it! The woman on the phone happily changed it back to the way it was but what a racket! BofA does this so they have more money of yours to play with, I'm sure. What if you're a busy working parent and don't have time to call? Such shenanigans.

So the moral of my long-winded story is, if something on your bill doesn't look right, it probably isn't. Its worth it to call and figure it out. This goes for mortgages, cable bills, etc. I also got two activation fees removed from simply calling Verizon and asking them to remove them. If your nice and pay your bills on time, they'll usually remove unnecessary charges.

Go advocate for yourself! Okay, I'm done bossing.

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1 comment:

  1. I'm looking at refinancing in part because I do not like B of A.


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