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How much additional interest will I incur for scheduling a recurring late payment?

Because interest accrues daily on the unpaid principal balance, this amount will vary. If you schedule a recurring payment which falls past your due date every month, it is possible that a higher share of your payment will go towards interest than originally calculated, and a lower share will go to principal. As a result, your final payment may be higher than expected. 

Please contact Reading Cooperative Bank if you’d like to know the approximate amount of daily interest accrued.

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