Our mission is to protect the public interest, advocate for Minnesota consumers, ensure a strong, competitive and fair marketplace, strengthen the state’s economic future; and serve as a trusted public resource for consumers and businesses.
Minnesota Commerce Department Alerts Consumers that Nationwide Biweekly Administration Is Suspending Mortgage Payment Service
11/24/2015 2:24:04 PM
The Minnesota Department of Commerce is alerting Minnesota customers of Nationwide Biweekly Administration, Inc., (NBA) that the company is suspending service because it has lost access to the bank accounts it uses to operate its biweekly mortgage payment program. As a money transmitting agency, NBA uses these bank accounts to withdraw funds from a customer’s checking account, hold them in trust and then pay the customer’s mortgage lender. NBA says it is seeking new banking partners to continue its service. NBA has about 1,500 customers in Minnesota. NBA has sent a notice about the suspended service to customers via U.S. mail and email. However, NBA customers who did not receive the notice or who have questions should immediately contact the company at customercareTD@nbabiweekly,com or 855-418-0222. NBA is informing customers of the following:
If NBA debited your account sufficiently in November, it will make the next payment due December 1, 2015.
NBA will not be debiting your account in December.
You will need to make your next full loan payment due January 1, 2016, directly to your lender.
If there are any funds remaining in trust after NBA makes your December 1, 2015 payment, the funds will be promptly returned to you.
Commerce is here to help. If you have questions or concerns about a money transmitter business, contact the Commerce Department’s Consumer Services Center by email at firstname.lastname@example.org or by phone at 651-539-1600 or 800-657-3602 (Greater Minnesota).