Ken
Randolph,#2Consumer Comment
Mon, June 29, 2009
When you made the principal only payment, had you already satisfied all your regular payments? A bank cannot apply a payment to interest, if no outstanding interest exists, and if any interest is pending, no bank will accept a principal only payment, regardless of how the teller codes it. If you think you are correct, then request a statement of your account explaining how the payments were spread. If you see anywhere that there is a negative interest owed figure, then they have some splainin to do.