Nationwide Biweekly Reviews and Consumer Complaints
Last Updated On: February 11, 2016
Nationwide Biweekly Customer Ratings and Reports
Customer RatingsAverage Rating: 1.33 out of 5
Based On: 3 Reviews
Number Of Comments: 0
Consumer Loss ReportsReported Losses: $770.50
Average Reported Losses: $256.83
Latest Nationwide Biweekly Complaint
I received very deceiving solicitation from these guys after purchasing my new home. A quick glance over it made me think that it might be worth pursuing, so I set it aside for further investigation. Today I dug into the details and found that this is nothing more than a high-fee “service” that does nothing more than hold onto your money for you, as other posters have stated. You save interest, but you could do the same thing without paying a dime in fees.
Most mortgage lenders will let you do effectively the same thing easily and for free. I set up my mortgage auto-payments today, and I took advantage of this feature from my lender. My example works like this: my total payment is approximately $1200, and $400 of that is escrow for tax, so roughly $800 per month is for principle and interest. $800/12 is $66.67, so I am making a total monthly payment of $1267. This will shorten my payment period from 30 to roughly 26 years and will save me a good bit of interest. If you set up an extra payment, be sure to specify that it is to be “applied to principle.”
This is easy to do and doesn’t require paying anyone a dime. Companies that engage in practices that make the end recipient believe that they are getting something of value when the are not getting anything of value are scummy. Stay away from National Biweekly Administration and do this on your own!
Most Recent Nationwide Biweekly Complaints
Review #1: Scam – Did not disclose hidden fee
Complaint Filed By: Gregory O'Dell
On: June 17, 2015
Rating: 1 out of 5
Reported Losses of $585.50
i was told my extra payment was going 100 %toward principle. I was never informed that my first “extra” payment...
Review #2: Program A Scam For Most Who Enroll
Complaint Filed By: LaNae in Georgia
On: July 19, 2013
Rating: 2 out of 5
Reported Losses of $185.00
With Reference To: Nationwide Bi-weekly Administration, Inc. 855 Lower Bellbrook Road Xenia, Ohio 45385 With reference to the above, this...
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