Complaint Review: U.S. Bank Home Mortgage

Additional Principal Applied to Future Interest Paid in Advance

U.S. Bank Home Mortgage Customer?.....Warning!

 If you have a mortgage with US Bank and pay additional principal, please check that the additional funds is applied to principal and not to future interest paid in advance.

 Additional principal lowers your loan balance and pays off the loan faster. This bank is very sneaky and credits the extra money to future payments – that means that most of it goes to interest.  That is outright fraud, robbery, stealing from the consumer.

 If you are a victim of this scam, just like I was, send a copy of the statement to the Comptroller of the Currency for them to send auditors to investigate this bank; and if found guilty, this agency can impose a multi-million dollar fine for fraud.

 Many years ago I have a similar situation with Washington Mutual. They were applying my extra principal to payments a year away and my balance did not go down….what a rip-off! I complained to the Comptroller of the Currency and contacted several senators, who in turn contacted the CEO. Someone from his office called me to apologize, and as you know, Washington Mutual went under.

Don’t get rip-off! Check your loan balance after each payment.