Ask Money

Loan payment fees

Chris Farrell Jun 3, 2009

Question: You mentioned on your May 22nd show that credit card companies will no longer be allowed to make people pay for phone and online payments. I was wondering if this applies to only credit card payments or also payments on other forms of credit, like mortgages and car loans? Jargen, Minnetonka, MN

Answer: No, when it comes to loans the main focus of the new law is on credit cards. (Although a provision attached to the legislation allows visitors to carry guns into national parks. Go figure.) However, a number of banks don’t charge a fee for making mortgage or auto payments by phone or online, or they have “windows” where they don’t. This is a classic example of it pays to shop around, especially checking into payment policies of a local credit union or community bank.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.