Bob Sullivan over at the Red Tape Chronicles put out a great piece today on Bank of America and the “sort of” grace period.
When is a grace period not really a grace period? When you have to pay a $6 fee for using it.
Some Bank of America mortgage customers will receive an unwelcome Valentine’s Day gift when the bank’s policy for grace period mortgage payments changes on Feb. 14. Essentially, it means those customers will have six fewer days to pay their mortgage each month without facing additional fees.
Consumers who use the bank’s online payment tool, Mortgage Pay, will risk a $6 fee if they fund payments using another bank’s checking account and the payment falls during the final six days of the traditional 15-day grace period. Consumers who make payments from Bank of America accounts are not subject to the fee.
Please read the full article here. It’s worth the time.