Mortgage Payments / Change of Address

One trend we have noted lately is that when a vendor changes the billing address on a bill, not always is the customer notified. For example, one large bank recently sent a current statement for a mortgage to us. We noted that the billing address had changed but there was no official notice on it. Another client with the same bank had their address change as well and realizing we had not noticed this before, we called the vendor and sure enough, the payment was not yet processed. The bill was not yet late and a payment was made in time but due to the change of address, the bill would have surely been late and charged a late fee. In this case, with a mortgage the late fee was over $200 dollars and could hav led to credit concerns.

We have seen this with clients who set up autopayments before to send payments to a particular address. When the vendor changes the address, the payment is not processed at the old location or not in enough time for a timely payment to be made.

This is why we stress to our staff to always review the main parts of a bill for changes and new information. Not all vendors go out of their way to make you aware of changes to a bill that could result in financial penalties if not accurately noted.

Devin