Spring is here, what else could possibly explain a mortgage lender who called to say my monthly payment is late.

"Late," I said, "What do you mean by late? Do you mean I owe you a late penalty?"

"Well no," said the distant voice on the phone, "you don't owe a late fee but we have yet to receive this month's payment."

"Gee, how could that be?" I asked. "Is it possible that you have received no money as yet because the payment is not due for another 10 days or so?

"Have you reported this transgression to a credit reporting agency?" I wondered aloud.

"Well no," said my caller, "but if you would bank with us electronically then you would not have this problem."

"I don't have a problem. If I had a problem you would want a late fee or your would foreclose, but -- as you mentioned -- I don't owe you a dime. Nothing is 'late' no matter how many times you repeat the phrase. There is no possibility on earth that I will ever give you bank account information over the phone."

And so it went back and forth. The lender -- if it was a lender -- was fishing for faster payments, trying to get money before it's actually due so that it can have a few extra days of interest. It doesn't matter what our mortgage contract says, it doesn't matter that our agreement contains a nice, fat grace period, the lender was trying to get a few extra days of interest on the monthly payment.

The call is a pretext. The payment is obviously not "late" as any normal human being not testifying before Congress would understand the term, but that's not the reason for the call. Instead the purpose is to get folks to sign-up for an automated payment program so the lender can get its money quicker -- and, of course, so you will have your money for less time.

For you and me the loss of a few day's interest on a mortgage payment is not a big deal. But if the lender can convince, or strong-arm, or pressure, thousands of people to make earlier payments then the overnight float begins to build into some serious money.

Some time back I got a string of calls from the same mortgage company wanting me to send in payments sooner by mail. The payment's weren't late, mind you, they just were not there fast enough for the lender. The lender eventually figured out that there were no circumstances under which I would be paying them any sooner then required and so they quit calling.

I'm on the FTC's do-not-call list, but the lender can phone because we have a "business" relationship. Alternatively, being on the do-not-call list does not mean I must be interested or attentive.

If ever there was a bad idea it concerns phone calls from people you don't know asking about your financial particulars. While my caller identified herself as being with a particular lender, how do I know that's true? Mortgage information in my state is public.

No less important, we live in an era of rampant identity theft, fake web pages and fraudulent phone solicitations. The Federal Trade Commission says there were 246,000 identify-theft complaints in 2006. What better way to profit from identity theft than to grab someone's bank account number?

Given that I pay my bills on time, I have no reason to give anyone access to my bank account or any related information. While payments to the lender may be steady, checking account balances rise and fall. I prefer the nice, slow process of paying bills by check, making sure in each case that the lender properly receives all of its money on time and in full.

Of course, it is now possible to get paper checks instantly debited. If my lender cashed my check immediately upon receipt I would be fine with such a process because the lender is entitled to its money as soon as it arrives -- but no sooner.

From my perspective, I'm going to act just like a lender and retain every contractual advantage I have. If it happens that a mortgage agreement does not require speedy electronic payments, then guess what? It's not going to happen.

If a "lender" calls and asks for bank account information over the phone and you're not interested, just say no. However, if such an approach to bill paying does appeal to you, that's fine. Say nothing to a phone caller you do not know. Instead, call your lender's service center and they will gleefully help you set up such an arrangement. Believe me, operators are standing by.

For more articles by Peter G. Miller, please press here.

Published: April 3, 2007

Use of this article without permission is a violation of federal copyright laws.

Peter G. Miller, also known as OurBroker®, is the author of six real estate books -- including The Common-Sense Mortgage -- and is the original creator and host of America Online's Real Estate Center. Peter's weekly columns appear in more than 100 newspapers nationwide, he is also published in a variety of other media outlets and he is a frequent speaker at national events and conventions. Peter welcomes your questions, comments, and news releases via e-mail at .