By Rowan Wolf
This is a heads up for those of you who may have a mortgage with Washington Mutual. Those mortgages are in the process of transition to Chase. I accidentally found this issue, and there was no warning from either Wamu or Chase. I discovered by checking my mortgage online that the payment date of my mortgage had been changed from the 6th of the month to the 1st of the month.
Since my mortgage is paid automatically from my account, this is a big deal. Since I get paid between the 1st and the 4th of the month depending on weekends and holidays, it is entirely possible that the automatic payment of my mortgage could overdraw my account. If this date change also effects people who mail in their payments, then if you are not paying attention, you could potentially be late on your payment.
I attempted to talk to Chase about this (good luck trying to figure out how to get to their mortgage folks - try this number 1-800-848-9136). I was informed that they could not find my mortgage in their system, but I should not worry about the date change.
When I asked what would happen on 6/1, the representative said "I don't know." I asked what would happen if the automatic payment of the mortgage from my account overdrew my account. She said "I wouldn't worry." I asked if I would be charged an over draft fee, and she said "I don't think so." I asked, Why wouldn't I be charged and overdraft fee, Her response, "I don't know."
So I tried a different approach. I asked her WHO would get the mortgage payment on 6/1. Get this "I don't know."
Failing there, I tried my Wamu branch again. (I had originally asked there and they sent me to Chase). The tried to find my mortgage. They couldn't find it either. After explaining the situation, the branch Rep said she would try to find out and call me back. I am still waiting.
I figure a lot of folks could get their tails caught in a ringer on this one. Late fees, overdraft fees, and the various consequences thereof.
Another possible complication. I also have an Amazon credit card - which is issued through Chase. Guess what. It is now showing up on my BANKING accounts. Since all of that is in the same system now, there is a potential for folks who have mortgages and credit accounts with Chase that a late mortgage payment could directly result in a change to your credit card interest. Realistically, that rate hike could happen with non-Chase accounts.
I will update this when and if I get any further information.
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