Complaint Review: Chase Home Finance

In May, 2006, I financed $97,000 towards the purchase of my home thru Chase Home Mortgage. My monthly payments are $750. On the first of the month, I usually pay $1,000 and send in an additional $500 on the fifteenth. This second payment is suspended until receipt of the full mortgage payment on the first of the following month. On the first of the month, both payments are lumped together and applied as one as of that date with no retroactive credit being applied for the additional payment. In addition to written instructions to apply the additional payment to the principal immediately upon receipt, I have attempted many times to resolve this problem over the phone. Some of the reasons I have been given to explain Chase's actions are: the system can't be programmed with special instructions to apply additional payment to the principal; I am supposed to call and verbally instruct them how to disburse additional payments every time one is made; they don't apply partial payments to the principal until they are in receipt of the full monthly payment, etc. etc. In response to my written inquiries, I have received offers to pay overnight using their specialized system for an additional charge of $12.

Carmen
Kennesaw, Georgia
U.S.A.