SunTrust Bank Mortgage Complaint

SunTrust Bank Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account Virginia

Monday morning -/-/2015 we had a disturbing experience while visiting the SunTrust - VA branch. For over a year and a half, we have had a home mortgage with SunTrust. Several times we have received communications from the bank suggesting that we consider making biweekly payments instead of - a month as we had been doing. This seemed like an interesting idea, and we tried to sign up, which necessitated several unhelpful trips to the branch. It finally started to happen with - payments being taken out of our - - account on the - and - of -, against a due date of - -. We were pleased to see this occur - until we received a letter and - phone calls telling us that we were overdue with our - payment. Since we are on time with payments, and clearly STI had the money in hand for our - payment, we did not understand why we were overdue. The gentleman at the branch was n't sure either, so he called the mortgage department. A lady on the call explained to us that the $2400.00 STI had in its possession by - - - and which could have been


unallocated '' collection is that STI perpetually has the free use of $2400.00 of our money, since STI will always have our $2400.00 a month ahead of the due date. To the extent that this is true, and that others have enrolled in the - payment system, which STI bills as a better deal for the borrower, the real beneficiary would seem to be SunTrust itself, with an ever increasing unallocated float as more people sign up. We are enclosing a copy of an STI printout that clearly shows the unallocated funds in our account. Also enclosed is a copy of the letter we received dated - -, but mailed in an envelope dated - -, confirming that we were enrolled in the - program. There is nothing in this letter that remotely suggests that the biweekly funds being withdrawn in - did not constitute payment of that month 's installment.