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We Need Certified Funds

February 13th, 2010 at 08:05 am

Since we are getting very close to paying off the home equity loan, I decided to check in to the payoff procedures. It looks like I will need to mail certified funds. Our bank will charge us $5 for the check, which I can request online and have them mail for us. No charge for snail mail.

Right now, I make all of our payments online, so I find this certified funds a little annoying. Seriously, if my electronic funds have been good thus far why do the last few dollars have to be official? Okay...I do kind of get why, since they are releasing the lien the bank wants to know the funds are good. Right? Just a tad irritating. I'll deal with it.

I plan to pay most of the loan electronically and leave the last $50 to $100 to be sent by certified check. The location for this check to be mailed to is just down the road from me. Might take two minutes to get there if I drove a check down, but I guess they probably don't accept walk ins!

Makes me think I should go get a job down the road processing mortgage payments. That might be fun.

3 Responses to “We Need Certified Funds”

  1. ceejay74 Says:

    That really sucks! What would they do if you just sent an electronic check as usual--turn it down? I paid off my HELOC with a regular check (consolidated it into another loan), so I know it's not an across-the-board rule.

  2. creditcardfree Says:

    Good question ceejay! The information I found was online, but I did send an email asking about paying it off online. We'll see what response I get.

  3. boomeyers Says:

    We paid ours off with a regular check too. Definitely call them about it first! And then ask them how to apply for the job! Smile

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