Ive never had a problem with my wells fargo payments. Worse case scenario is if they dont all show up at the same time and they go towards principal you can call them and have them fix it. A pain yes, but still workable. That said in the last 3 months Ive not had a problem with mine going towards the payment.

This could end up being a phone-in nightmare. My mortgage is a minimum 10 minutes on hold for pretty much any reason. I'm not willing to chance something as important as my mortgage to this. So I"m only using evolve for extra principal payments-- my regular payments are ACHed out of my bank account, same as always, but I'm taking a little boost in points by kicking in a few extra bucks when I can. It's going very smoothly this way.

In my calculations, a 500 extra principal payment that cost 5.95, is nearly paying for itself the first two months in reduced interest owed. Over the course of my loan (18 years to go), that 500 bucks, amortized over nearly 2 decades, would cost me between 250-400 in interest charges.

Yes, I've been reading Mr. Money Mustache lately!

My lessons learned is if you have multiple 500$ payment, try to make it 497,498,499,500, etc. In this way you will know which payment is not arrived.
In my case, as I have 4 $500 payment, and 3 of them arrived, I have to call evolvemoney and let them check all the 4 payments:(

What are you chancing? The worst case in the scenario is that you get extra principle applied instead of covering the payment.

For example, my payment isn't considered late until the 18th of the month. I try 5x $500 through evolve on May 1st. If something gets screwed up, there is a lot of time to fix it.

If you give yourself time to fix it, as you have, then you aren't chancing anything. If the expectation is that you will have to monitor the payment's progress, and possibly to get on the phone to sort out multiple payments, then I think that's realistic. Like a lot of MS, it takes an investment of time to make sure it goes smoothly.

If the expectation is that random multiple GC payments made on different dates will post correctly without a hitch... well, I think that's iffy, as the posts above indicate. It seems that some do, some don't. If you wait till the due or late date, and it doesn't post correctly, then you are taking the risk that you will pay a late fee.

All of which could likely be sorted out over the phone, but, once again, it will take time and effort. Mortgage companies can put your money in an impound account, apply it to principle, etc. Perhaps as the mortgage company payments get seasoned via evolve payment methods, it will go more smoothly without intervention.

Just wanted to add a few comments here for the Evolve Money people.

Evolve Money is awesome and I hope for continued great success for you. Hopefully there are good enough profits for you to sustain this model very long term. Being able to pay bills easily with giftcards/debit/other reloadables is excellent (and hopefully mastercard/US bank gets fixed soon). Your product has given us the incentive to pay down our mortgage and car loan faster than planned since we are able to do so with gift cards purchased for spending requirements, on discount, for bonus miles, etc... Really great all around!

Their responsiveness over email is very timely and they seem to be listening to their customers well too. Looking forward to the ability to schedule payments and some of the other features possibly coming soon.

Good job ^!

Well said! Thank you!

While I, for one, applaud your ingenuity, just be careful, because CaptainMiles (THEE CaptainMiles? I hear you asking /mock gasp) and happy9zz (not the real Happy, mind you; that would mean something) want you to know that you are probably greedy and will ruin it for everyone.

(Don't worry, you won't really, and I hope you wouldn't care what trolls/haters say either : )

i don't know their business model, but i assume it is like GrubHub i.e. funded with venture capital money to grow a large user base, and then valued at some made up new metric by the investment bankers who want to take it public, followed by public investors who lose money when the insiders cash out once it goes public. although the last time i read about GrubHub, it was 50% above IPO value.....

disclosure: what do i know, i'm just a CPA specializing in international tax.

haha yeah, well I know several have analyzed it here and said the model doesn't make sense, but maybe, just MAYBE it will work out well enough to actually do some good for us like it is now.

I would guess not this, since it is run be precash.

:confused::confused:

Go Bank VISA debit card
 

Can I use my Go Bank VISA debit card to make Evolve Money payments? If so, is there any downside?

Yes. Evolve may steal your maney, but that hasn't been confirmed yet.

You might consider paying principal instead of principle.

As to your math of a $500 payment saving you $5.95 (over 1% of the payment amount!) in the first month on interest, you either have a 12%+ mortgage or need to sharpen your pencil and check both your math and spelling.