Having a REALLY bad day!!!

[MaryUK]

One of our savings plan matured a couple of weeks ago so we decided to use part to pay off the mortgage. Did the deed Thursday evening on internet bank and took the family out Friday evening for a celebration meal! Mortgage free after 41 years and various house moves!!!
So far so good! Went on my account this morning and the payment isn't showing so rang the bank - they have no record of it - rang the bank where the savings was and they said it definitely went Thursday!! Have had to open an investigation to find the money. I know it is definitely somewhere and the savings bank say they can recall the payment but it has definitely upset my day!!!

[DeniseSm]

Re: Having a REALLY bad day!!!

That sounds dreadful. Hope it gets cleared up quickly.

[Bubby]

Re: Having a REALLY bad day!!!

Oh my, a bit worrisome. I'm sure it will be resolved. Surely you got a receipt for the payment?

[Judy, USMC]

Re: Having a REALLY bad day!!!

I know from past experience that here in the United States there is, in some instances, a processing delay of 1 to 3 Business Days. Hopefully this is what is happening. It's good to know that your savings bank would be able to recall the payment and that your money is safe.

Please let us know when it gets resolved.

[jjkaiser]

Re: Having a REALLY bad day!!!

Are you crazy paying off your mortgage online? What were you thinking? Some things you need to do in an actual bank with paper receipts, real people and real signatures. Paying off a mortgage in the U.S. is a pretty big deal, as it represents a substantial debt. I really hope you get this straightened out.

[songbird857]

Re: Having a REALLY bad day!!!

Oh boy!! I hope it is resolved soon

[Hulamoon]

Re: Having a REALLY bad day!!!

I agree with Judy, it's the banks delay. I had something similar happen, but not a mortgage. The bank said they know it's there but the paperwork is missing, just like yours. It is a little nerve wracking. The banks I use are all Hawaii based, not national. I figure it's what they call Hawaiian time. lol

[Mary Lynn]

Re: Having a REALLY bad day!!!

I am sure it will get sorted out quickly. I know it is an extra stress.

[Monique]

Re: Having a REALLY bad day!!!

I hope it gets 'found'.

[tesspug]

Re: Having a REALLY bad day!!!

Are you crazy paying off your mortgage online? What were you thinking? Some things you need to do in an actual bank with paper receipts, real people and real signatures. Paying off a mortgage in the U.S. is a pretty big deal, as it represents a substantial debt. I really hope you get this straightened out.

How do you think International banks do business? I paid off my mortgage 10 years ago online. Everything is done online now. If she walked into her bank the payment from the savings would be done online anyway.

[JCY]

Re: Having a REALLY bad day!!!

I don't do any banking on line. Nor do I pay any bills on line.

[jjkaiser]

Re: Having a REALLY bad day!!!

I did not mean to be insulting or disrespectful or anything. I guess I am old fashioned. If it was me I would have gone into the bank, mostly because there was so much at stake with a pay off like this. Possibly I am the only one on the Forum that would have handled it differently. I apologize if anyone was offended.

[Hulamoon]

Re: Having a REALLY bad day!!!

I sold two pieces of junk Arizona property online without meeting the realtor (in person) online and rented my Calif house twice doing the paperwork online. They have these cool Documents where you just use your little mouse to sign on the dotted line. lol

I'm more afraid of the credit card fraud. I got caught up in one of those.

[Caroline T.]

Re: Having a REALLY bad day!!!

One of our savings plan matured a couple of weeks ago so we decided to use part to pay off the mortgage. Did the deed Thursday evening on internet bank and took the family out Friday evening for a celebration meal! Mortgage free after 41 years and various house moves!!!
So far so good! Went on my account this morning and the payment isn't showing so rang the bank - they have no record of it - rang the bank where the savings was and they said it definitely went Thursday!! Have had to open an investigation to find the money. I know it is definitely somewhere and the savings bank say they can recall the payment but it has definitely upset my day!!!

Well, actually, looking at the time line, if things are handled similarly in your part of the world as here in the U.S. then I'm not surprised the mortgage holder hadn't received payment yet by Monday morning.

1. You did the online transaction Thursday Evening, which means your bank didn't get the request to send monies until Friday. In the U.S. many banks won't process this type of transaction after a certain time of day (my bank the cutoff is 2pm), and that's a phone in request. If it's an online transaction it wouldn't be done that same day either, for my, it's always two business days later (unless I pay a special fee, then it's next day)

2. If your bank was lickety split quick, then if they wired or electronically sent the funds on Friday, the mortgage lenders may not receive the confirmation until Monday (again that time of day thing). But if your bank mailed a check to the lender, then the mortgage lenders are still waiting on the postal service to deliver the check.

So yes, I can understand the delay, so try to be a bit more patient, but definitely follow up with the lenders!

[snippet]

Re: Having a REALLY bad day!!!

Congratulations on paying off your mortgage! That's a wonderful feeling.

I'm sure the mortgage company will get the wire shortly. It will take a day or two. Don't worry too much, but yeah, keep on top of it.