Banking 101 – If you’re “using the bank’s money” it means you’ve borrowed it from the bank and you’re going to pay interest to “use” it. You don’t get to use it for free.
The United First Financial Money Merge Account supposedly uses “the bank’s money” to help you pay off your mortgage faster. After paying the $3,500 admission fee, you use Home Equity Loan (HELOC) funds to pay down your mortgage, and then you use your paycheck to pay down the HELOC. (Confused yet?)
The idea (sort of) is that instead of putting your paycheck into a checking account and letting the money sit there until you need it to pay bills, you can use the Money Merge system to “put your money to work for you”. Essentially, until you actually need that cash, it’s being used to reduce what you owe on your house. So you get a week or two of reducing your interest on your mortgage through this money shuffle.