OT Wells Fargo's online banking sucks

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Been there. This time SWMBO demanded a new house. Guess what? There is more work to be done on a new house than any I've had before. :-(

Yes, our last mortgage was with WF (bought the mortgage from Prudential). They were pretty good about servicing the loan. Not as good as Prudential, but a *lot* better than the thieves who owned our first mortgage. The only real boo-boo they made was paying our taxes late. Well, it wasn't *late*, but only because SWMBO is on top of such things.
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It took alot of complaining to get WaMu to even read the coupon. I doubt they cared what was on the check beyond the amount.
After the penultimate payment they (now Chase) sent a payoff quote. They want a cashier's check, a new and onerous requirement, which I imagine was so they'd have an instrument that couldn't be reversed after they file the reconveyance. But they also say that they'll make up any shortage from the escrow acount which turns out has a balance of at least twice the payoff amount. I failed to convince them to just take what they needed from the escrow acount and refund the rest. Not even pretending I paid them $0. Instead it had to be done the extra stupid way. For the final months payment I sent them a regular personal check for $X and they sent a check back for $2X.
m
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snipped-for-privacy@sonic.net (Fake ID) wrote:

FWIW, generally they can't legally do that. Escrow accounts are things put into the custody of a third party for delivery to the bank, etc. only under the specific terms in the contract. Since the escrow account was most likely for things like insurance and taxes, the money couldn't be released for that purpose.
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Right, the escrow account was for paying taxes and insurance. Because they specifically said they would use escrow account to make up any underpayment of the payoff I thought they'd be willing to take the whole amount.
m
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snipped-for-privacy@sonic.net (Fake ID) wrote:

Silly boy, the account was to protect THEM, not make your life easier (grin). Thus it makes perfect sense.
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There's always been something fishy about Washington Mutual. As recently as 5 yrs ago, you couldn't get a credit card from them. What? You can get a Harley-Davidson or a Hello Kitty credit card, but not your local bank? When they finally phoned to notify me they were now offering cards, I passed.
nb
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Back in the day, we couldn't/didn't pay ahead (stupid). I "retired" five years ago and we sold the house and moved a couple of times for a new job (once was a contracting position) and ended up buying again in 2008. We rolled the proceeds from the previous house in when we bought this one (half of the $300K). We learned our lesson. This house will be paid off in three years. Yes, after the kids are gone there is a lot more money in the pot. SWMBO wants a new car but the one she has now (an '00) drives fine. ;-)
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Many people have no idea about how mortgages work. As you say, the bi=weekly is a scam to get you to send estra money. All you have to do is send some extra every month and it goes to the principal and saves a ton of money.
I used a spreadsheet to track my payments and every month I'd see the big savings at the end when I made the entry. It was a good incentive to send a few bucks more. Check here for one http://www.mtgprofessor.com/spreadsheets.htm
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On 6/5/2011 9:30 PM, Ed Pawlowski wrote:

Thanks
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wrote:

Anyone you've ever written a check to has the "keys to your bank account" already -- the routing number for the bank and the account number. The vendor doesn't send anything beyond that (and the amount, of course) to the ACH system; they keep your authorizations on file, of course, but that doesn't prevent unauthorized transactions until it's done, you complain and your bank investigates.

I always receive a bill to review showing the amount to be pulled, either online or paper -- the "pull" doesn't happen until the due date a few weeks later. If the amount isn't correct, there's time to get the utility etc to correct it, or to call the bank to get them to block that specific ACH attempt (or just empty your account :-)
Josh
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Indeed.
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On 6/4/2011 11:56 AM, Josh wrote:

I trust you have told your bank to NOT link that account to your other accounts, so if a fubar'd or fraudulent transaction comes through, it can't snatch ALL your money? Don't laugh- it has happened- bank tries to be helpful, and ends up aiding a crook.
I am glad it works for you, but the only way I would trust letting outsiders tap my account on their own, is via a sacrificial account in a separate bank, and never keep more in the account than I can afford to lose. Rationally I know you are correct, and it works 99.999% of the time with no problem. But I seem to be a lightning rod for that 0.001%. Besides, writing those checks reminds me it is real money, and I need to be frugal so I don't outlive it. Automatic payment is worse than using plastic- it doesn't FEEL like spending money at all.
And unless you have your account set up for pull payments, how can anyone remotely tap it? Isn't that a flag on the account? And don't the pull payment orders have to be from specific banks/accounts/IDs?, with the vendor presenting YOUR bank with an image of one of your checks and some sort of an authorization audit trail, at least the first time? That is what all the vendors I deal with imply, in their incessant pleas to get me to start using auto-pay.
Yeah, I'm a luddite- I'd rather use cash for everything. But that isn't really possible any more, no matter what the law says.
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wrote:

Our checking account is linked to a savings account that has some money; I agree that we probably shouldn't have them that way, but it's not all of our savings.

All "outsiders" need to tap your account is the information on one of your checks -- the routing number and account number. If you write someone a check, you're giving them all the info they need.

Nope, you don't set anything up on your account beforehand -- all the vendor needs is your bank's routing number (the first set of numbers on your check), the account number (the second set), and the amount they want to debit.
You do submit a signed authorization to the vendor, but all they do is keep that on file (most used to require a voided check just to make sure the numbers are correct, but many don't require that anymore). If you had a dispute, the bank would ask the vendor for their documents, but that's after the fact. I'm sure the banks have some fraud detection, and would start blocking "Josh's SuperDuper Service" charges after a few complaints, but that's a different issue.
Josh
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