LETTER: I'm writing this to bring attention to what I would deem as an unfair and devious practice by a bank to me as a customer.
The 6-month moratorium imposed by the government ended on Sept 30. This would mean all mortgage payments to resume in October.
Here's where I believe lies the unfair practice. The bank charged me interest equivalent to 1 month's mortgage premium on Sept 30.
Why and how are they allowed to do this? Payments are to resume only in October and therefore interest should be charged based on outstanding principal only at the end of October.
Now, I and many other mortgage loan holders, are having to pay an extra month's premium through no fault of ours.
This is very devious and unprofessional. Also, truly unethical of the bank involved and perhaps other banks too which are taking advantage of borrowers' naivety.
Here's hoping the media can look into this matter to help correct this wrong at a time when many loan holders are struggling to pay.