Earlier this month I submitted an online form to my mortgage lender with a request to make a prepayment of $500. It is pretty easy and I have never had any problems in the past. A couple of days later I was woken from a nap my my better half because our joint account was in over draft because the mortgage lender had taken $12,500.

After transferring funds from our line of credit I tried to figure out how that could happen. I was 99.9% confident that I submitted the right amount, but had a little self doubt because I could not see how the bank could confuse $12,500 from $500. On the other side of that doubt was the fact that I knew we had enough money to cover a $500 mortgage prepayment but an amount of $12,500 for a mortgage prepayment would cause all kinds of havoc.

This happened over the weekend so nothing could be done and the end result was a NSF change for $40 as the bank had reversed the mortgage prepayment.

I contacted my mortgage lender and explained what had happened. They were able to see the $12,500 being withdrawn from and then put back into our account. The were not able to explain how a $500 mortgage prepayment could turn into a $12,500 mortgage prepayment. They asked for a bank statement to refund the $40 NSF fee.

I faxed in the bank statement and the $40 was back in our account within 2 days. I followed up with a phone call to see how that may have happened and they didn’t know. I was advised to phone in to make prepayments rather than completing the online form.

At the end of the day their mistake cost me about 20 minutes of my time to correct, but I was very happy with how quickly it was corrected.

Michael James on Money has a conflicting view on debt with our government. I have to agree with him.

Frugal Trader at Million Dollar Journey talks about the changes to the mortgage rules for Canadians.

Blunt Money talks about paying off debt. She is blunt and basic!

Read about Mindsets to Break Free from Debt at I’ve Paid for this Twice Already…

Frugal Dad tells you how to be a Debt Killing Machine!

Enjoy the read….