Bank makes Mortgage Payment Mistake

Posted by drumbrake (256 days ago)

In my favour. Should I tell them?

Interest rates are falling, and my bank has sent me the latest statement. The rate should have gone down from 4.5% to 4.25%, but instead the rate shows 2.7643%! This saves me around HK$1000 a month.

So, should I tell the bank? Or should I wait for them to realise their mistake? If I wait for them, will their be any penalty for me - my interest payments are going way down and I don't want to be penalised in the future.

Thanks in advance.

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Posted by Saikunga (255 days ago)

what to do, what to do - banks screw us all the time - wouldn't it be nice if you could pretend you didn't know about the mistake....but they may come back and bite you - morally, I would let them know the mistake, but the opportunity to save some dollars...hmmm...

Posted by jwm (255 days ago)

They will catch it eventually and when they do, they WILL want their money and they WILL get it from you, so best to be up front and tell them before you get in too deep. Do it it writing so you have a paper trail to fall back on if there is a problem down the raod.

Posted by gasgal (254 days ago)

Na... Hang on to it and put it into a high interest bearing account until they send you the bill.... then tell them you don't want to pay the back interest accumualted due to low interest repayment, then take your hubby/wife out to dinner on the earnings!

Yipee

Posted by drumbrake (254 days ago)

Thanks everyone.

I'm writing to them asking them to check whether their figure is correct or not - I'll give them a chance to see their mistake.