Banking Late Fee's

[wjnwjn]

I need help regarding the understanding of late fee's imposed by Wells Fargo Home Mortgage.

I have automatic payment from my credit union which post marks every letter that they send out. I was told by an attorney several years ago that the Bank has to accept that post mark on when the letter was received to protect the consumer from being charged late fee's. What prevents Banks from not opening anything until after the 15 days grass period so they can charge a late fee? In speaking with Wells Fargo, they claim they are not regulated by anyone and can charge whatever late fee they want regardless when they receive it.

I need help here, can anyone direct me to any law or periodical?

Thanks,

Bill

 

[Michael Wechsler]

Originally posted by wjnwjn
I need help regarding the understanding of late fee's imposed by Wells Fargo Home Mortgage.

I have automatic payment from my credit union which post marks every letter that they send out. I was told by an attorney several years ago that the Bank has to accept that post mark on when the letter was received to protect the consumer from being charged late fee's. What prevents Banks from not opening anything until after the 15 days grass period so they can charge a late fee? In speaking with Wells Fargo, they claim they are not regulated by anyone and can charge whatever late fee they want regardless when they receive it.

Whether or not they are regulated isn't so much the issue here (although I understand that the bank probably claims federal preemption from state consumer protection laws.) It is untrue, though, that they can charge a late fee whenever they want. I'm not sure what the dispute is here and assume that Wells Fargo received your payment late. What was the date stamp on your payment and when was it due? How often have you been late in the past?

 

[wjnwjn]

Banking fee

I have automatic pay from my checking account at my credit union. It has always been my understanding that the post date on the envelope is the date the institution is to accept. I also understand post dating the check is not acceptable. It's has to do with the post date on the envelope.

I am looking for something in writing so I can send it to Wells Fargo.

 

[Michael Wechsler]

Re: Banking fee

Originally posted by wjnwjn
I have automatic pay from my checking account at my credit union. It has always been my understanding that the post date on the envelope is the date the institution is to accept. I also understand post dating the check is not acceptable. It's has to do with the post date on the envelope.

I am looking for something in writing so I can send it to Wells Fargo.

What is Wells Fargo's claim with regard to the reason why you were charged a late fee? Are they claiming that it arrived late? This is critical to know.

 

[wjnwjn]

Late Fee

They are claiming they received it late even though my credit Union sends it out the first week of every month (Post Marked on the envelope. They refuse to say anything else other then they have a right to charge the fee if they receive it after the 15th of the month. What prevent s them from opening up their mail for 20 days?

Again they refused to respond?

 

[chessmastertrey]

having the same problem

I am kind of in the same boat -- recently received a late fee for a payment that was mailed on 1/22/05 -- the got it (so they say) 2/5/2005. it was due on 2/4 -- cost me $30

I have no way on knowing when they received it, just when I mailed it. The post office is slow but not that slow.

Do they have to go by the post mark of the envelope or the date when they say the get it?

 

[wjnwjn]

Late Fee

I called a lawyer who handles banking issue and according to him, if you can show the date the check was post marked through the post office (envelop), it is enough to show you sent the check before a late fee imposed.

Now the bigger problem, try collecting that from the bank, because if you do not pay it, they will place the late notice on your credit report and to fight that and the bank will cost you more then the $30.00.

If it happens again and you have proof of the postmark, send the bank a letter and see what they say.


I did receive credit for my late fee, but it cost me time, which was not worth it, and the Bank knew it.