Still receiving mortgage coupon book

I like my credit union. I really do. But there are times when I questioned the competencies of the employees.

A case in point, yesterday I received in the mail a mortgage payment (coupon) book. I presume there are still plenty of individuals writing a check for the mortgage each month and mailing that check with the coupon. I am not one of those individuals. I pay online each month. That’s why I’m scratching my head about the coupon book.

Let me explain further.

In September 2005 I refinanced my house, both 1st & 2nd mortgages. I got rid of an interest only 1st mortgage fixed at 5% for the 1st five years and a variable interest rate for the 2nd mortgage.

What motivated me to refinance my mortgages? First, the variable rate on the 2nd was going steadily upward. Second, I had sort of buyer’s remorse because I didn’t listen to my mother and thus opted for the interest only mortgage rather than a fixed rate mortgage at a slightly higher interest rate (I believe 5.4%). Third, because I opted for the interest only mortgage I was not acquiring any equity in my home. Okay, I realized, I am smarter than that. So I began looking for refinance opportunities.

Although I purchased the house in January 2005, I was able to refinance in September 2005 in part because a house two doors from mine sold for $440,000 (unfortunately that homeowner lost his house two years ago; after some recent renovations, it is back on the market for sale).

The credit union offered to refinance both mortgages with fixed rates. Yeah! The 1st mortgage is for a 30 year period; the 2nd mortgage for a 15 year period. Of course the rate is higher on the 2nd trust but it is fixed so I am satisfied.

I set up with the credit union to have payments for the 1st mortgage debited from my checking account. For some reason I cannot make the same arrangements for the 2nd mortgage. I ask the credit union employee, may I make payments for the 2nd mortgage online? He replies, of course.

I make that 1st payment online. Then I received in the mail a mortgage payment book. Well, I presume, the credit union did not know how I would make payment.

But what’s the rationale five years later?

You would think someone at the credit union would realize by NOW that I make payments online only. The credit union is wasting money sending me each year a mortgage payment book.

I guess I will have to call & request the credit union cease sending the mortgage payment book.


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