[GregR]

I've noticed that my bank has been pulling my automatic mortgage payment a few days early for some time. An example is my May 19 payment came out yesterday morning May 15 from our account.

I'm not sure if there should be a corresponding reduction in interest paid as the payment is coming out early or if it would be an amount worth looking into.

We have $73,000 remaining at 5.31% fixed and pay $303 bi-weekly locked in for another 7.8 years.

I will be calling the bank Tuesday morning and any input in the mean time would be appreciated.

Thanks.

 

[refutor]

i can't imagine it would be worth pursuing.

if it's supposed to be pulled out on the 19th and had been pulled out on the 15th for "some time" the only advantage would be the first month because you would still be paying a month's worth of interest for every month after that.

 

[DAvid]

But it would be a problem if your account goes into overdraft because the mortgage was withdrawn 3 days before your paycheque was deposited.......

I'd ask the bank why the change, and ask for it to be adjusted simply on principle.

 

[lb71]

But it would be a problem if your account goes into overdraft because the mortgage was withdrawn 3 days before your paycheque was deposited.......

If you mortgage payment is timed with your pay, you should get it fixed asap.