AboutShane Expertise Hello, my name is Shane. I currently work at a financial institution in customer service and sales. I am able to answer most questions you have regarding banking products and services, how to use them, and what products may benefit you best. I can also help you to weigh the risks of various types of savings vehicles such as questions pertaining to CDS, money market accounts, etc. Feel free to ask and I promise I will do the best I can to answer.
Experience Customer Service and Sales call center experience. Assists in training new hires for customer service. Well versed with FDIC policies, banking compliance laws, and a wide variety of product knowledge.
Organizations American Association of Medical Assistants
Education/Credentials High School Graduate and Medical Assisting Diploma
Awards and Honors Significantly exceeds expectations annual review from the bank I presently work at
Question My partner and I recently refinanced our home loan through the bank where he works. As an employee he is apparently required to do a monthly autodraft from our checking account to pay for this. How can we cancel the autodraft? Since I own half the loan and am not an employee, if I insist they cancel the autodraft, do they have to abide? I would rather pay it bi-weekly online and they have some ridiculous policy that charges an extra $4 to do autodraft biweekly.
Answer Hi Brent,
I have heard of some banks requiring that in order to receive the discounted rate, closing costs, etc. If you are wishing to cancel the autodraft, they may make you refinance again. the bank I work for does that if you are removing a signer, I am not sure in regards to changing the account type from employee to traditional. Some insititutions are moving to a system where if you opt out of auto pay, they do charge some type of fee. So to answer your question I dont believe that they would have to abide because it would have been opened as an employee account, they more however be willing to do it, but there may be an increase in your rate or they may decide to charge a service fee.
if your looking for a way for budgeting purposes to separate the payments, i would suggest opening a separate free savings account just for that purpose, but the bi weekly amts in there, and transfer it over when the autodraft comes out. My personal opinon is you may want to compare dollars to dollars after speaking with them, like if they say your rate would go up x amt because it would no longer be an employee account, a. would you have to refinance it and b. what would the rate go up to (mind you it may only be one of those two things). you will want to see if the cost to do this outweights the benefit because depending on the size of our mortgage,any increse could increse your payments quite a bit
