For anyone trying to Evolve to Wells Fargo:

I did a test payment to my HELOC and although it cleared it never appeared. I got the trace number from Evolve (super helpful CSR) and then got WF to investigate. Turns out that WF sees or categorizes payments from Precash Inc. as a credit payment. As such they automatically reject these as they prohibit credit payments to credit accounts.

I now need to get Evolve to track down the returned payment.

My acct number format:
DXXXXXXXXX each X is a number

Hmm, maybe for HELOCs, but it's been working great for my mortgage at WF.

Does it still stand that only WF accounts starting w/ 6xx work?

Some banks do not accept payments like that, I know Wells Fargo does not. So for me, I just ended up setting up Bi-Weekly payments with them...

No, mine starts with 0 and has no 6s in it. It is a standard mortgage. One thing to consider is that WF has like 20 different "payment addresses". Mine is one of the ones in NJ and it works fine.

In my experience, WF accepts all payment amounts for a mortgage, but will not apply any of it to your regular payments unless it is the exact amount. It treats all non-exact amounts (Smaller or Larger) as principal paydowns.

Off topic, but it got me thinking. If you have, say, a 4% mortgage, and you get gift cards for 5% CB (4% after fees), by pre-paying your principal you are essentially investing in an 8% RISK-FREE fixed income instrument (compare to actual risk-free rate of under 1%). If you can handle the lack of liquidity until the day you sell your real estate, you really cannot argue against that kind of guaranteed return. In fact, every professional investor would immediately take that kind of offer right now and in this rate environment. Just saying - I know that isn't the purpose of MS.

It's a tax deductible 2.75-4.5% mortgage. That money is super duper cheap after tax. I'm not inclined to throw more than the bare minimum into it. Even a bi-weekly payment plan makes me throw up. I might pay a year in advance (no principal reduction) for MS purposes, but that doesn't result in interest savings. The 4% cashback I get after fees I would rather stick in my pocket or even put in my subject to devaluation FF account rather than to pay down the mortgage. Real estate is already too illiquid. No need to throw extra money into it via Evolve. If I knew I could get a cashout refi and do it over and over again, then I would pay it down for MS purposes. Unfortunately, my mortgage is so far from current rates that I don't see it ever happening with QE being tapered.

I don't like being that illiquid, especially since I still have fresh memories of 2009 and my clients asking for more time to pay my invoices. That was when GE almost defaulted on their commercial paper.

Do you work at Wells Fargo or did you mean to say it did not work for you?

As stated earlier, my Wells Fargo mortgage works just fine. For any large bill I always setup, send a test amount and then call them to make sure they receive / mention I will send the rest in. I then send the multiple payments and reconfirm that will be merged correctly. Both WF, Suntrust, and BoA merged just fine in my experience.

I had earlier added Kohls to my bill accounts but never paid it. Today before doing a test payment of $5, I wanted to check whether Kohls still exists in their system.

I observed first time a message
"This biller accepts payments for in-store credit accounts. Do NOT use this biller to submit payments for credit cards"

I am not planning test payment now.

Nope don't work for WF, just WF has my mortgage.

I do know that Evolve has BMW FS, which is nice.

Many small payments
 

Hello Guys,

What do you think Chase Mortgage will think about me sending in 100 or 200 bux at a time to pay my mortgage bill?? Will they think something is amiss or will they care less?

Thanks!

I agree with you on the illiquidity problem, but I don't think the financial move is that bad. You mention tax deduction, but if comparing to ANY fixed income product, it is equivalent. The mortgage interest is no more or less taxable/deductible than the equivalent interest income on a bond/CD/savings account. The taxes are a wash if comparing fixed income vs. fixed income. And I stand by the fact that an 8% guaranteed rate of return is a great financial deal, illiquid or not. Especially if you plan on moving out and switching homes in the next few years. Definitely less attractive if you have a 15-year 2.75% rate than if you have a 30-year 4% rate, though.

Unlike with CCs, Chase has absolutely no right to do anything to you no matter how weirdly you repay your mortgage, assuming you pay at least your monthly payment amount. Unless there are prepayment penalties built into your contract.

This is a good idea - thanks. Now I just need my payee set-up...

Thanks FrequentFlyer9000 - that is what I thought. Also, jmw, I totaly agree with you. NEVER PREPAY your mortgage, there are tons of reasons for that. But the most obvious are that the more you dump into your walls the less you have to use in an emergency or when you need the cash if you are laid off (god forbid). If the money is in the bank, then you are better off. Along with many other reason, one of which u brought up.

That said, if I can get 5% free and clear for my purchase, that is better than I am doing with some of my bonds! Also, I am at the tail end of my mortgage which mans less tax deductible value.

Evolve Money
 

Never prepay your mortgage is terrible advice.