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My bank unilaterally instituted a {$7.00} " account maintenance fee '' effective in XX/XX/. My bank is associated with my mortgage originator, and pays extra principal towards my mortgage every month if I make my mortgage payment using this specific bank account. The bank refers to this extra principal payment as " Direct Rewards ''. This extra payment effectively lowers the interest rate of my mortgage loan. I would not have opened this account, and I would not still be using it, if I didn't receive the extra mortgage principal payment. The " Direct Rewards '' payment was a critical factor in my decision to choose my mortgage originator over other mortgage lenders. If the bank has the ability to effectively reduce the amount of the " Direct Rewards '' payment by charging an " account maintenance fee '', my mortgage originator, and my bank, obtained my business with a fraudulent misrepresentation. My originator and my bank both represented, in the form of charts covering the entire lifetime of my loan, that the " Direct Rewards '' payment would reduce my effective interest rate and the length of my loan, as well as the interest I would pay over the lifetime of the loan. When I specifically asked about the possibility of the " Direct Rewards '' amount changing, my mortgage originator told me that could not happen. I can find nothing in the terms of my mortgage loan or the terms of my bank account that would allow the bank to unilaterally institute any " maintenance fees ''.
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