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I paid off my mortgage / home equity / consumer loan and the bank charged me a high prepayment penalty. I wasn't aware that the loan had a prepayment penalty. What can I do?

Review your loan agreement, which is the contract between you and the bank, to determine if it specifies the circumstances that could result in a prepayment penalty.

You may also contact the bank and ask about the prepayment penalty. If you believe the bank should not have charged a prepayment penalty, you can try requesting a refund for the prepayment penalty. You can also file a written complaint with the OCC's Customer Assistance Group.

Last Reviewed: April 2021

Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on should not be construed as legal advice or a legal opinion of the OCC.

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