Wednesday, May 14, 2008


I spend a lot of time thinking about our finances. I update our net worth a few times a month, I review our checking account balances multiple times a week, I check our ING account balances a few times a month, I review our investment balances about once a week, etc.

You could say that I am obsessed with personal finance.

This month I noticed that a mortgage payment for one of our investment properties had not posted via auto-pay. I checked the mortgage account (with Coldwell Banker) on-line and the account summary noted that the next payment was due 5/1. I also reviewed the payment history and confirmed that for the last year payments normally posted between the 5th and the 7th of the month. Since it was the 12th of the month I was concerned. Yesterday, I called Coldwell Banker and went through the dreaded automated menu and again was told that my next payment was due 5/1.

When I finally got to speak to a human I explained the situation and my concern. Surprise, surprise, the mortgage has been sold to CitiBank. I was told I should have received a 'welcome' letter - I did not. I was told that CitiBank would draw the mortgage payment on the 15th and no CitiBank did not need to ask permission to draw from our checking account.

When I had asked all the questions I could think of, my last question of the customer service rep was the following. Why did the Coldwell Banker on-line and automated phone system both inform me that Coldwell Banker was still awaiting the payment due 5/1? If our mortgage had been sold why not provide that information via the on-line account system? The rep could not answer that one.

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