Several years ago, I used to work with one of the local banks. I was doing mortgage sales and also handling customer service.
One day, I was approached by a lady. She complained about her loan account balances that seem to be odd. So, I checked her loan account and realised that the system was tagging an old interest rate, which is higher.
This effect interest calculation, which the interest was higher, and her principal reduction was lower.
I apologised for the mistakes and asked her to lodge a formal complaint in writing so that we can work to refund back her losses in the account.
Of course, she was not happy with it, but she accepted the issue, and we try our best to amend the mistakes as fast as possible.
The reason I shared this story is to let everyone know that sometimes we take for granted the loan statement that sends to us every six months. We just look at the statement in a glance and throw it away.
While, it’s will be useful if you spend extra few minutes on calculating the interest being charged to your loan account. You want to make sure your loan account balance up well.
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