I have a Wells Fargo mortgage that I pay through their website. If my February payment is received after 2-16-09, it will be late and I’ll have to pay a $95 late charge.
I plan to make a payment on 2-14-09 but that’s a weekend and 2-16-09 is a holiday. Methinks that they want their money and will accept it on the 14th although their website states that weekend transactions may not post until the next business day.
I’d call them today and ask them to put a note in your account about your plan. I’d think they’d be okay with it, assuming you aren’t chronically late.
You might want to poke around their website. My Citibank credit card payment site explicitly states that if I initiate a payment on their website by 4:00 PM the day the payment is due, it is considered to be paid that day. But the money is not removed from my bank account for 1-2 days. Wells Fargo may work the same way, they may also be happy you are at least making a payment.
My payments (Countrywide) are usually due on the 16th as well, but when that falls on a holiday, they extend the deadline to the 17th. I think they do this when the 16th falls on a Sunday as well, but not if it falls on a Saturday, IIRC. So my Feb. payment is only due on Tuesday. Says so right there on the bill. Is it possible you have a similar arrangement?
Is there a branch near you? You might be best off just writing out a check and handing it to a teller on the 16th.
Wait, it’s a holiday, read the mortagage statement you got. On mine, the due date is the 31st, the ‘cut off date’ is the 16th (after which a penalty is due also), but in the fine print it states
“payments due on a weekend or legal holiday will not be assessed a late charge if the received by the cutoff time (5:00pm) the following business day”
This is for US Bank.
Also, is the money drawn from Wells Fargo?
No, money is not drawn from Wells Fargo. It’s drawn from a checking account at another bank.
If you have a Visa/Master Card or Check card you can use that to pay it on their website on the 14th and you will be credited with paying it on the 14th.
I’d call them today, verify that if you pay it on Tuesday it won’t be late (perhaps have them make a not that they told you that in their file) and then just drop by local branch on Tuesday with a check.
And you have no way to initiate the payment today or on Friday? I don’t have any expectations that a payment initiated via a different bank on a weekend will be able to post to your mortgage account on the next business day.
You still have a little time on your side. Call WFHM now and explain that you were going to send off a payment on Saturday, but are concerned that it might be late since Monday is a holiday. I’m guessing they’ll either ask if you can drop off a check at your local branch on Saturday, or they’ll note your account so as not to ding you for being a day late while the payment shuffles along between banks.
Another vote for calling and asking their advice on it. A late payment can/will show up on your credit report.
Most mortage are due on the 1st, with a grace period to the 15th. If you pay every month on the 14th most banks will report that you pay late, even if you are not being charge a late fee.
I called and the rep I talked to must be new. She didn’t know how long an internet transaction would take. She suggested making a phone transfer on Saturday. I said "Isn’t there a $15 fee? She said “No it’s $20”.
I asked her to find out how long an internet transaction takes and after putting meon hold she came back and said that because Monday’s a holiday, late fees don’t apply until the 17th anyway (I knew that) and she doesn’t actually know how long the internet transaction would take.
It gets on my nerves that they don’t know how long the internet transactions will take. You authorize them to take the money directly out of your bank account, how is it your problem how long it takes them to get around to it? :mad:
The problem is that we’re dealing with two banks here. The OP is sending money to Wells Fargo from some other bank. Generally, ACH transfers or the SWIFT system is well, swift, but it’s not guaranteed to post same-day, next day or whenever.
My like experience: Even if you go to a teller on 9am Saturday, Bank of America will actually date the your computerized receipt Feb 16th. (Or possibly the 17th in your case of the holiday). And they will hit you with the late charge. And a call center may call you and ask you why you were late.
This happened to me last month.
I would expect the same rotten behavior from Wells Fargo.
Is that still true? I’ve had… (counting)… 7 mortgages in my life, and they’ve all had due dates that were the same as the original closing date, not one of which had ever been on the first.