Here in Australia in recent time many banks have been exposed, many of them have been overcharging their customers with interest payments made on their home loans or mortgages. This has been a problem for many years and is by no means all isolated here in Australia, this is a worldwide issue with thousands of cases been to court.
A recent study showed that 54% of all monthly bank statements contained errors and the average error was $242 per month with the vast majority of these errors favoring mortgagee.
This is quite alarming considering many home loans or mortgages are taken over a 30 year term, doing the math that is a potential $87,120.00 that you could be over paying totally unnecessarily. That is a deposit on an investment property, a new car, or around the world vacation.
I am sure the big question you are asking now is…
how do you know if the banks are over changing you?
There are a few ways you can go about calculating the accuracy of your bank statements. You can try and figure it all out yourself however this is can be extremely hard, hence why the errors occur in the first place. Possible the easiest and best way to analyze your bank statements for errors is to use specially designed software to do all the hard work for you.
If you find errors will the banks refund the mistakes?
Yes, as long as you can provide evidence of the errors the banks will deposit the money straight back into your account. It can be hard to prove with a home spreadsheet and that is another reason why you should use a reputable company with a great track record. By using a software program backed by a reputable company you will find that they will provide spread sheets and documents that have and will hold up in a court of law.