With Reference To:
Nationwide Bi-weekly Administration, Inc.
855 Lower Bellbrook Road
Xenia, Ohio 45385
With reference to the above, this is to register my experience with Nationwide Bi-Weekly Administration, Inc. (NBA hereafter) around March – May 2013.
After refinancing a home, I received an advertisement from NBA which explained the benefits of paying twice monthly, instead of monthly, on a mortgage. Using the Interest Minimizer Program example found on their website, a 30 year mortgage could be paid off in 23.8 years and interest savings, using the program, amounted to just over $50,000.
In speaking with a company representative, similar reductions in time and interest were said to be achievable with my mortgage. Though somewhere in the verbiage (but after agreeing to the program) it may have been said that not all mortgage companies allowed the program, no clear statement was made to advise that my mortgage company did not allow their program, nor that NBA would not be making biweekly payments on my mortgage. Accordingly, the enrollment fees were paid and I enlisted in the program.
Some months after this, upon inquiry, my mortgage company told me that they were not receiving bi-monthly payments from NBA; moreover, they advised that they did not allow bi-monthly payments.
I asked NBA why they represented to me that they would make by-weekly payments to my mortgage company when they knew full well they could not do this. They said most mortgage companies would not accept their program, but they could save me money if I would pay more than the mortgage amount each month (I could do that myself – I did not need NBA for this). I immediately terminated the program and asked for the up-front fees paid them to be returned.
After much insistence and noting the misleading information I was given, NBA agreed to return half the fees.
Summarizing, NBA was misleading and deceptive in my understanding with them. I had asked if they would be making bi-weekly payments on my mortgage so that I would receive the benefits of the program, and was told this was so. I was also advised after the fact that very few mortgage companies allow bi-weekly payments; this should have been made clear right up front, but was not.
I urge anyone who is considering this program to understand that you will likely be told of the benefits of bi-weekly payments, but not that your mortgage company will not allow these. Most mortgage holders would be well advised to steer clear of Nationwide Bi-Weekly Administration, Inc. and save yourselves time and money.