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Posts Tagged ‘applying’

How can banks get away with applying extra principal payments to future payments not yet due?

13 Mar

This is happening to me and several friends. Payments made to principal on a current loan get applied to future payments instead of going to principal. This way the bank not only has your money but is charging you interest on the loan. If you call the bank they say they can’t do anything about it once it gets into the computer. This has happened with my credit union and several friends banks. They are all different companies.

 
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