I have a mortgage through Wells Fargo. After several months, I saw an offer from their website saying I could obtain " significant '' savings on interest and cut years off my mortgage by changing from monthly to biweekly payments. I elected to do so, and only months later did I learn that the bank merely holds the first payment and does not apply it until the XXXX payment arrives. I was led to believe that payments had to be applied when received. I sent them an email saying I believed their practice is deceptive at best and predatory at worst. The question is, is it legal for them to do so? Is it legal to do this without proper disclosure? I requested that they retroactively apply my XXXX biweekly payment each month to the mortgage on the dates they are received. They refused. I spoke with an officer at another bank who said doing so is " common practice '' in the loan industry. If so, and if it is legal to do this without disclosure, then please ignore this complaint. If not, then I wish merely to have my payments applied as of the dates received and a new amortization schedule sent to me. Aside from this, I am quite satisfied with my bank. **Please note that on XXXX XXXX, XXXX XXXX sent me a letter fully explaining that the biweekly ( " partial '' ) payments are withdrawn from my bank account and placed into an " unapplied funds account '' until the " full monthly payment '' is received. XXXX sent me a new amortization schedule as well. Further, she said the bank is placing a " XXXX-day hold on any negative credit reporting '' for my account to ensure no " adverse information was sent to the consumer reporting agencies while we researched your concern ''. The wording sounds like a potential threat that the bank could ( if it so chooses XXXX send " adverse information '' to the credit reporting agencies because I sent a " concern '' their way. 
