Mortgage loans and life insurance requirements
in Banking, Insurance & Loans ·
Jacob Lee11 said:Hi there,
I could use some advice because my bank is asking for $17 over something pretty ridiculous
- I took out a loan through Wells Fargo
- As part of the deal, I had to take out a life insurance policy
- Now that the loan is paid off, the bank needs to issue a formal clearance letter
- For this "clearance," they’re charging me a fee of $17?
Is this actually normal?
$17It sounds like the cost of getting a notary to certify the documents—that's what the fee is for. Honestly, it doesn't seem to be the same everywhere; some banks don't charge anything at all—they just hand you a form, you take it to a local notary, and you pay them directly. Others charge a service fee, but in exchange, they handle the whole notarization process for you.