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What an ordeal!

October 22nd, 2014 at 06:01 pm

So, this morning when I checked my bank account, I saw my paycheck had more than enough to cover the remaining car balance, so I was super excited when I got to the office to make the last payment and be done! Despite clearly stating on the website what my payoff amount was and the wording 'Please make a payment in this amount to pay off the loan,' when I hit submit, I received an error that my payment could not be more than the remaining balance. Thinking the amount was incorrect on the website, I called the company. After 15 minutes of transfers and holds, I got the right person only to hear that they no longer allow payoffs online. Since I didn't want to pay the fees to do it over the phone, I decided to visit a branch as there is one right up the street. My boss knew this was important to me and let me go right then rather than waiting until lunch. So, I drive up the street only to find out...

The branch moved! Once I made it to the new branch, the guy spent 10 minutes on the phone with the same system I'd already been through only to communicate that my payoff was more than it stated online. He explained that he was trying to account for residuals, so I let it slide since that overage money is supposed to come back to me. He then says, 'Are you paying cash?' I said no because I have a debit card. His response is the bank doesn't take debit cards...WHAT?!??! I have never encountered a bank that does not let you make a bill payment using a debit card, regardless of whether it belongs to that particular bank. In the end, the lady that processed the payment did a cash advance against my card (ridiculous given it's a debit card...) and then applied the payment. I'm not sure what, if any, fees are associated with the cash advance from my bank's side, but the phone payment would have been much less hassle.


Fingers crossed, they don't try to tack on some other ridiculous non-existent fees.

9 Responses to “What an ordeal!”

  1. creditcardfree Says:

    Well it's great that it's paid, but I'm also surprised they let you pay with a debit card. Why not write a check? I sure hope those fees, which I'm sure will be applied, are less than paying by phone!

  2. Violet Says:


  3. buckybadger Says:

    Eeek. Cash advance fees are like 17%, aren't they?

    Also, the interest compounds daily starting from the day cash is borrowed, so I'd make sure you get that taken care of right away.

    I'm not sure that I would have let them do a cash advance without knowing all the details... Be careful and check on that right away...

  4. debt-free by thir-ty Says:

    CCF and buckybadger, I didn't understand it either because it's a checking account. There's nothing to advance. The money's already in there and then some!

  5. creditcardfree Says:

    I'd call the bank(s) and find out what they did and what fees you will be charged. If it is a huge amount, you would want to cancel today and pay with cash or check tomorrow.

    Very happy for you to have it paid off!!

  6. buckybadger Says:

    Yeah, but if they called it a "cash advance" and treated it like a credit card I'd be worried... Maybe it'll be nothing - I hope it is!

  7. debt-free by thir-ty Says:

    Update: I located this additional information...

    Non-Bank of America Teller
    Withdrawal: Per transaction, greater of $5.00 or 3% of the amount (maximum $10.00) when you use your debit card to make a withdrawal, transfer or payment at another bank and it is processed as a cash disbursement

    I'm not sure if the automated system would have let me do a payoff since I couldn't do it online, but that would have been $6 whereas the person-assisted payment would have been $10. I call it wash and a lesson learned for next time. (Although I hope to pay for all future cars in cash, so hopefully there won't be a next time!)

  8. snafu Says:

    Congratulations on getting your car Paid in Full. It's a huge milestone. Not many sit in the driver's seat as owner.

    Sorry the final payoff was such a hassle. Who'd of thought. Kudos to your boss who gave you time to go pay in person. I hope you'll never have to do business with such a difficult financial institution. I'd put the experience onYelp so others can avoid a similar bad pay off time. We think pay off is terrific

  9. FrugalTexan75 Says:

    Congrats on paying off your car!

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