Bank of America customers can look ahead to more than just chocolates and roses this Valentine’s Day. As the bank prepares to roll out a new fee structure to their mortgage payments.
The bank will showcase a new late fee schedule for its mortgage customers on Feb. 14. The new fee schedule will be applied to mortgage payments made online through the bank’s Mortgage Pay on the Web feature.
Here’s a table reflecting the bank’s current and upcoming fee structure for Mortgage Pay on the Web users:
|Amount of Fee||Before Feb. 14||After Feb. 14|
|No Fee||Payments made on or before due date, or within five days after||Payment made on or before due date, or within eight days after|
|$3 fee||Payments made within second five days of grace period||N/A|
|$6 fee||Payments made within during final five days of grace period||Payment made during last seven days of grace period|
“Customers have been provided advance notification of the changes and have control of when they make their payment,s” said Bank of America spokesman Richard G. Simon.
When making a payment through the Mortgage Pay on the Web, a color-coded pop-up tool will appear that shows customers what days they can make a payment without incurring the maximum $6 fee during the grace period, according to Simon. Payments made after the 15-day grace period are subject o additional fees, he added.
Mortgage Pay on the Web was integrated into Bank of America’s payment system when it acquired loan origination company Countrywide Financial Corp. in 2007. Customers can also make online mortgage payments through Bank of America’s Online Bill Pay service or through direct online transfers. The new fee structure will not affect customers making mortgage payments thorough these payment programs.
Trouble Making Your Mortgage Payments?
If you are struggling to meet your mortgage obligations make you know what options are available to you. Check out the loan assistance section of Bank of America’s website if you’ve missed a mortgage payment or think you may.