Bank of America made the news because it changed a provision in its mortgage credit policy. Until now, B of A, like most mortgage lenders, gave its borrowers a grace period of 15 days in which to get their payments in before imposing late charges. So if your mortgage payment was due on the first you had until the 15th to make it. And if you have a B of A checking account you can still do that. But a small change will catch many customers off guard -- those with checking accounts at other institutions will find themselves paying a service charge of $6 every time they make their payment on day nine or later.

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This will likely throw a monkey wrench into mortgage customers who live paycheck-to-paycheck and need to be able to make their mortgage payment on the 15th instead of the 1st. With many bills all due on the 1st, it can affect borrowers' ability to pay on time and cause them credit problems if they can't spread those payments out over a month.

These are the borrowers less likely to qualify for free checking options because many of those require carrying a minimum balance. If you have a mortgage and need to be able to pay your loan on the 15th, see what free checking options you qualify for -- in many cases you can get one by having your paycheck directly deposited into your checking account or by linking the account to a savings account. It takes a couple of cycles for your paycheck to go in through direct deposit. Taking care of this sooner rather than later will minimize the chance of having mortgage credit problems.