Monday, August 15, 2005

Just in Time Fee

My mortgage was recently switched from Flagstar Mortgage Company to Net Bank. I fully comprehend that this sort of thing in normal in the course of mortgages and have no problem with it. My issue comes with Net Bank and their idea of convenience and just in time. I pay as many of my bills online as possible for two reasons.

  1. I'm bad at remembering to mail a letter.
  2. I like paying a bill and have the money disappear instantly rather than hanging out in my checking account deceptively.
With Flagstar, it was never an issue. I could schedule a payment for any time I liked for free. I repeat: FOR FREE. Pardon the rudeness, but let's review the facts. I schedule a payment online, saving me time and stamp money. The institution receiving the payment saves processing time and the related costs to pay someone to process. I'm happy; the bank saved money. Saving money by automated payments is not enough for the folks at Net Bank. I have to pay them a "Just in Time (JIT)" fee to make my payment on line. If I schedule my payment (due on the first of the month, as is yours, I'm sure) on the 2nd of the current month for the payment of the following month, they will charge me a "just in time" fee of $2.99. What the f--- is their idea of just in time??? I'm scheduling as early as their set-up will allow, yet it is just in time? This fee continues until the due date, at which time it switches to $9.99 for paying during "grace." After that additional fees apply for actually being late. If I was honestly going to be late, I'd pay $10 to avoid a late payment and the credit report ding. But if I'm going to schedule my payment up to one month early and to come out of my checking account with a process that is known to save you money, I sure as hell am not going to pay for it. Just in time, my foot. Just in time for the post man more like it. End rant. End rudeness.

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