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As I declared here recently, my husband and I have made the new goal to pay off our home by the end of 2013.  What I didn’t say is that my personal goal is to really kill off the mortgage by the end of 2012 (we bought our house in 2007).  No matter what, paying it off early for us means making extra payments towards principal.

The First Problem

Making a principal payment should be pretty simple, right?  Nope.  At least not with Chase.  They made the monthly payment incredibly easy – that $900 payment is taken care of automatically without fail with $515 going towards our regular payment and $385 going towards the principal of the loan.  BUT, I have to babysit any other principal payments or they screw it all up!

I mentioned the first fiasco before…I tried to make an additional principal payment of $900 after we refinanced since they skipped a month while the new mortgage was being set up so we decided to pay it anyway, but all towards principal.  Well, that didn’t happen.  They took the extra $900 as an early payment instead.  I called twice about it, but it wasn’t corrected, and I finally just blew it off and waited for our automatic payments to catch up.  We invested the extra $900 instead using the best way to invest money short term that we know of using a micro investing app that has great reviews.

My Most Recent Experience

Well, if I am serious about our new pay off goal, I knew I’d be making additional principal payments and couldn’t blow it off.  So I drove to a Chase bank, asked how to make a pure principal payment, withdrew $7000 as they requested, and applied it as an extra principal payment.  But when I checked the balance when I got home, the $7000 was withdrawn from our checking account, but there was no credit to our mortgage account.  So I called and was told not to worry, the extra payment would take 2-3 days to show up, but it would be applied as of the day I did it.

Okay, so I wait 3 business days, login to my account online again, and see that the $7000 payment is indeed there but it hasn’t been applied to anything!  It’s just sitting there like $7000 in cash on the sidelines!  So I call again, explain the problem, and am told that the rep is submitting a work order to have the payment applied to principal as I originally requested and it would be applied retroactively as well.

I logged in 2 days later and woot – the payment has finally been applied and it is dated correctly!  Yay!

Why I am Still Annoyed

Great, my payment is finally right.  But why did I have to babysit it to make sure?  Why bother driving to the bank if they can’t do something like this correctly the first time?  I would have done it online, but they said that would mess up the automatic payment thing we already are participating in.  Grrrr…  I am worried that I will be babysitting every extra payment I plan to make each month, but at least it is pushing me harder than ever to get this house paid off!

But the key part to this post is – be persistent when it comes to your money.  Be stubborn.  Be politely aggressive.  Because no one cares about your finances more than you do.  It’s a lesson I’ve learned a hundred times, but it is worth repeating. My next battle will be reducing dental insurance cost for my hubby’s teeth issues. I blew off expensive coverage before and was never happy about it.  Not again.

Have you ever had to really dig in money-wise for any reason?  Ever babysit a payment or something similar?