• Report: #170663

Complaint Review: Nationwide Biweekly Administration, Nationwide Mortgage Protection

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  • Submitted: Fri, January 06, 2006
  • Updated: Tue, December 20, 2011

  • Reported By:glendale California
Nationwide Biweekly Administration, Nationwide Mortgage Protection
855 Lower Bellbrook Rd. Xenia, Ohio U.S.A.

Nationwide Biweekly Administration, Nationwide Mortgage Protection, Ripoff Lies & Deceptive Advertising Practises Refuse to Refund Monies Paid Xenia Ohio

*Consumer Comment: Nationwide biweekly bad image

*Author of original report: Resolution Reached, Rip-off Report, Attorney General & B B B got me 100% Refund!

*Author of original report: Complaint Filed: Ohio State Consumer Protection Section of the Attorney General's Office

*Author of original report: AKA NBA

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The sales representative who I spoke with in June of 2005 regarding their "interest minimizer program" told me that my financial institution would be paid twice a month rather then just once as it turns out they are doing. I was not aware of this fact until 2 months after they started removing money from my bank account in October 2005 when I happened to contact my lender. They rely on lies and deceptive advertising practises to make sales of useless services which actually cost more to the consumer. If the consumer sent in payments to the lender on their own they would save money over using Nationwide Bi-Weekly Administration but the sales people are trained in denying this fact.

I cancelled my membership on December 13, 2005 and right before I did I spoke with a new NBA sales person to ask questions as if I was a new client regarding how much I would save by using their service and she told me the same thing the man who signed me up did i.e. that I would be saving money with NBA over doing it on my own which by now I know is a complete lie. The facts are clear that my mortgage lender and most all other lenders will not accept bi-weekly payments yet the sales representatives of NBA I spoke with both went out of their way to deceive and avoid informing me of the truth. Furthermore the contract they send titled "Nationwide Biweekly Administration Interest Minimizer Program Agreement" insinuates that the lenders are paid bi-weekly just as the sales representative informed me of. In fact nowhere on the first page of the contract does it mention that this is not the case and unless you manage to find the small print on the back of the contract in section 8 line 3 where they say the loan will only be paid once a month you are lead to believe by their sales people that their program is unique and will save you money by being able to make bi-weekly payments to the lender. The program they offer is a farce and a scam which costs the consumer more not less which is contrary to what their sales representatives preach on the phone.

When I canceled the program December 13, 2005 I asked for a refund from a supervisor but they said they would have to check the phone record of when I called in to see if the sales representative who sold me the service did indeed misrepresent the program as I claimed and get back to me. They also said that the last two payments they took from my bank account November 25, & December 9, 2005 which they had not forwarded to my lender would be reversed and sent back to my bank account. I was told that this would take no more than 10 days yet as of today (25 days) they have not done so nor have they ever called back regarding the recorded phone conversation they told me they'd check.

This excerpt was taken directly from their web site:

Weekly, Bi-Weekly, or Semi-monthly payments for your home mortgage loan are scheduled around your budget and pay schedule.

Through the Interest Minimizer program, you can schedule your mortgage payments from monthly to: 1/4 weekly, 1/2 bi-weekly, or semi-monthly in order to simplify your budgeting around the way you get paid.

This is an Absolute LIE!

It should say "you can schedule how often we withdraw funds from your bank account 1/4 weekly, 1/2 bi-weekly, or semi-monthly in order to simplify your budgeting around the way you get paid but we Always Pay Just Once A Month to Your Mortgage Lender"

They guard the truth like the plague because they do not want to expose the fact that really what they do is earn lot's of money from the interest they get by holding the money in their bank account before forwarding to the mortgage holder. Even in their FAQ of the web site there is NO Mention of this but they are quick to expand upon how "Bi-Weekley payment plans have been around for over 20 years, but they've been a fairly well kept secret".

The ONLY Secret is one extra payment per year which anyone can do on their own and save all the fees they charge to handle the money.

They Scam Artists and have been reported to the Better Business Bureau & to the state of Ohio:

The Bureau processed a total of 147 complaints about this company in the last 36 months, our standard reporting period. Of the total of 147 complaints closed in 36 months, 29 were closed in the last year.
dayton.bbb.org/commonreport.html?bid=39000380

Government Actions

April 29, 2005 Nationwide Biweekly Administration, Inc. entered into an Assurance of Voluntary Compliance with the State of Ohio Office of the Attorney General, Consumer Protection Section.

The Assurance in writing by Nationwide Biweekly is of its intent to conduct itself in a manner designed to comply with the provisions of the Ohio Consumer Sales Practices Act and the Ohio Home Solicitation Sales Act. By accepting the written Assurance, the Attorney General agrees to terminate the current investigation of Nationwide Biweekly's business practices conducted before the date of the signing of the Assurance. The Assurance is not evidence of an admission of Nationwide Biweekly's violation of Ohio Revised Codes 1345.01, any administrative rule adopted under RC 1345.01 or RC 1345.21.

I will file a copy of this report with the attorney generals office as well as they have clearly conducted themselves in a manner contrary to the assurances they gave on April 29, 2005.

Cary
glendale, California
U.S.A.

This report was posted on Ripoff Report on 01/06/2006 03:46 AM and is a permanent record located here: http://www.ripoffreport.com/r/Nationwide-Biweekly-Administration-Nationwide-Mortgage-Protection/Xenia-Ohio-45385/Nationwide-Biweekly-Administration-Nationwide-Mortgage-Protection-Ripoff-Lies-Deceptiv-170663. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

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Updates & Rebuttals

#1 Consumer Comment

Nationwide biweekly bad image

AUTHOR: Sinclaair - (United States of America)

I trashed Nationwide biweekly, when I called to drop them and mentioned to the customer service rep. that I will have Chase bank making my payments.  The rep. commented that Chase banks are Crooks.

I called back and asked for supervisor, who stated that it was just an opinion from that person.  What kind of company is this, does not the person who called Chase crooks represent Nationwide company. Nationwide does not care about what they say about anyone, what kind of customer service is this.  An for a supervisor backing up there people saying that it is just an opinion.  Bunk! this company has no right to say bad things about anyone, and trying to cover up by saying that it was just an opinion.

To me that is slanderous toward and major company and a slap in my face for me confronting the issue to Nationwide.  Supervisor said that he would look into it and that is the only result that would come out of it and he did not need to call me back.  I insisted that he call me and he said that he cannot let me know what action would be taken toward the employee.  He treated me like I have no rights and I have to take it, since it was an opinion.   I take this thing very seriously, this is a big reflection on this company that I believe should not be in business.  I will  report this to the state of Ohio and other organizations.   Beware of this company, they have no respect for anyone.
S
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#2 Author of original report

Resolution Reached, Rip-off Report, Attorney General & B B B got me 100% Refund!

AUTHOR: Cary - (U.S.A.)

NBA of course admited no wrong doing but gave me a full refund.

It pays to complain when you have been taken advatage of and lied to as this happy ending proves.

Thank You
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#3 Author of original report

Complaint Filed: Ohio State Consumer Protection Section of the Attorney General's Office

AUTHOR: Cary - (U.S.A.)

See: http://www2.ag.state.oh.us/sections/Consumer/Ccapsplus/Status.asp?Key=91300130205

Excerpt from faxed follow-up letter:

Attached are copies of the original 2 page advertisement received in May 2005.
There are numerous references to weekly and bi-weekly mortgage payments which in reality they do not offer unless you count the fact that they only debit your money on this schedule but on the phone they do not tell you that.
The savings that they talk about has nothing to do with weekly or bi-weekly mortgage payments but is rather due to one additional mortgage payment made per year that goes toward the principal. It is split in half and added to two regular monthly mortgage payments i.e. two months out of the year require a 33.33% higher mortgage payment.

The attached Authorization of Change also shows my biweekly payment amount of $1002.56. The attached contract shows what I missed because I had no reason to suspect that what I had read up to that point and what they told me on the phone would be any different. It says NBA will remit a payment on the loan once each month on or before the loan's monthly payment due date but on the May 2005 advertisement it conveniently makes no mention of once each month but rather says your funds are mailed from the administrator directly to Suntrust Mortgage Inc (my lender) on or before the due date. Which can be easily taken that weekly and bi-weekly payments will be made before the due date. If they put once a month in plain site in the first place the true nature of what is really taking place would be exposed and their sales would dwindle. Thus the reason for not mentioning it until they get you to sign the contract.

In a nut shell this company goes out of their way to double talk and confuse one into thinking that you're getting something that you're not in order to make a sale.
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#4 Author of original report

AKA NBA

AUTHOR: Cary - (U.S.A.)

This is the acronym they also use.
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