Chase’s statement cycle trap isn’t just set for credit card customers. Mortgage and loan customers can be charged a fee for paying too early, too. Serves you right for trying to be proactive and plan ahead! Dana says that Chase punished her for setting up her automatic monthly payment to send on the 30th of the month instead of the 1st, and charged her $52.96 for two months’ transgressions.

Yes, unbelievable as it may seem, Chase mortgages come with an EARLY PAYMENT penalty.

I was a WaMu customer whose mortgage was taken over by Chase. I already hated WaMu for their sneaky fee-incurring policies*, but Chase is even worse.

I opened the statement this month to find a $52.96 “late charge” (for last month and the month before).

When I called to find out why I was being charged a late fee for an account that is never late (it’s electronic), I was told it’s because I pay too early, and I need to send in my payment after the 1st of the month instead of on the 30th of the previous month (I pay on the 30th because I don’t trust Chase and I want time for the payment to clear). There is nothing on my statement about this – only a warning about paying after the 15th of the month.

The customer service rep seemed genuinely embarrassed to have to inform me of such a stupid policy. But she did remove the “late fee.”

* I’ve learned to open statements every couple of months because WaMu once changed their “send payment to” address, refused a payment from my bank, and then tried to charge me a fee for being “late.” It took three months and a letter from my bank to straighten this out.

This is a stupid policy. Learn from Dana’s mistakes and check your bank’s policies if you want to pay early.

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