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Report: #366871

Complaint Review: CitiMortgage - St. Louis Missouri

  • Submitted:
  • Updated:
  • Reported By: Palacios Texas
  • CitiMortgage 12855 N Outer Forty Rd St. Louis, Missouri U.S.A.

CitiMortgage - FNC Insurance Agency Bi-weekly payment posted monthly, CitiMortgage is collecting interest on money already in their possesion St. Louis Missouri

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CitiMortgage is very slyly skimming interest from it's customers by signing them up for bi-weekly payments. They draft your account every other week, but they only post it to your mortgage monthly. That means you are paying interest on money in their account!

They do make the yearly extra payment toward your principle (26 bi-weekly payments equals 13 "monthly" payments per year). That does help in paying off the loan sooner. But, if posted as recieved, and required by law, you would save many thousands of more dollars in interest. Most people don't know they are being ripped off.

CitiMortage Biweekly Advantage works toward their advantage. Can you imagine how many millions of consumer dollars they keep on account by delaying the payments? I feel real stupid for letting them trick me. I double checked my accounts after 3 months of the Advantage and discovered their game.

Russell
Palacios, Texas
U.S.A.

This report was posted on Ripoff Report on 08/25/2008 08:26 PM and is a permanent record located here: https://www.ripoffreport.com/reports/citimortgage/st-louis-missouri-63141/citimortgage-fnc-insurance-agency-bi-weekly-payment-posted-monthly-citimortgage-is-coll-366871. 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. READ: Foreign websites steal our content

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