Do You Collect 250 Dollars When Your Bank Makes an Error?

2009-05-05T00:21:00.001-07:00

Has Your Bank Been Secretly Ripping You Off Every Month?

Compound The Errors Found And Ask For Money Back
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Bank errors might happen in the game of Monopoly(tm), but regrettably, not very often in real life. The error is usually in their favour.

A contemporary analysis found that prime lenders made mistakes in more than half of mortgage statements. The study of 200 monthly homeowner's loan statements, covering 18 different lenders, found that: there were errors in 54.5% of monthly mortgage calculations, 82% of the mistakes favoured the lender and the mean error was $242 per monthly statement.

That is money that is payable to YOU!

The initial estimate of the repayment or interest rate may be false

The false interest rate is applied to the loan (often happens when the bank puts down interest rates but don't pass on the cut on the correct day)

The payout number may be too high (from too high an outstanding balance or flawed penalty formula applied)

Extra repayments not being confirmed to your account on the same day you made them.

When mistakes are revealed and accurately verified, banks are usually only too happy to give-back the monies owed.

For example, a $399 mistake can grow into a bank error of more than $3500, if not corrected early.

Paying off a loan is usually the single greatest charge a family will confront and the interest debited on your loan is more than the face value of the loan itself. Did you know that on a $155000 loan borrowed over a 25 year duration at a fixed interest rate of 6.7% p.a., as well as paying off the $155000, that you will also pay $165000 interest? This means that when you take out a loan for $155000 that you are going to pay back $320000, over the length of the loan!

How often is it a struggle to have enough money left over after paying the loan payment to:

pay for the kid's university fees

buy the kids clothes and shoes (how fast do they grow out of these!)

put gas in the car

pay all the other ordinary bills

and so it goes on (and on and on ...)

I believe that families are all significant and that parents need every bit of help they can get in terms of catering financially for themselves and their children. With loan payments being the single biggest charge eating into a family's disposable revenue, and with bank errors in 54% of them, using a expressly designed piece of software to go through these loan statements can be an easy way to certify that this monthly debt is not ruinous to your family's disposable revenue any more than it has to.

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