ComplaintsforMerchants National Bank
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Complaint Details
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Initial Complaint
08/10/2023
- Complaint Type:
- Billing Issues
- Status:
- Resolved
Every single month we make lump sum payments towards our mortgage principal balance. We always have issues with them not applying the payment as "principal only", which causes us to pay more daily interest. When we phone the bank to have this solved the employees give us attitude and they are pretty rude towards me. I'm just trying to payoff my loan as fast as I can and I just wish they apply correctly my principal only payment. Today 08/10/2023 I made a $2900 principal only payment and was applied as regular payment.Business response
08/18/2023
This is the first notice that I have seen sent to my e-mail, however I am only working on a part time basis due to surgery.
I have printed the information and will transfer this to the appropriate person to respond.
Thank you,
Business response
08/25/2023
Out of 85 principal only payments paid 3 payments were applied as a principal and interest payment versus principal only. One misapplication of payment happened in February 2021 , another in May 2023 and again in August 2023. All three payments were corrected the next day. The corrected payment was applied as a principal only payment on the date of the original payment, therefore, no additional interest was charged.
The issue is being addressed with the appropriate parties involved and additional training is being provided in both areas of payment application and customer service.
Due to the corrected payment being backdated to the date the payment was paid, the system automatically makes the interest adjustment, therefore, no adjustment is necessary at this time.Linda S****
VP Head of Credit Administration
###-###-####
Customer response
08/27/2023
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
Regards,
**** *********
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Customer Complaints Summary
1 total complaints in the last 3 years.
0 complaints closed in the last 12 months.