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
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