Frankfort Library Overcharged Nearly $23,000 in Loan Payments Due to Wintrust Bank Error

Article Summary: The Frankfort Public Library District was undercharged by $22,843.40 on interest payments for a new debt certificate after Wintrust Bank used an incorrect amortization schedule for its automated payments. The bank has since refunded all previous payments and will reapply them correctly.

Frankfort Public Library District Key Points:

• An error by Wintrust Bank resulted in the library’s interest payments being $22,843.40 lower than they should have been.

• The discrepancy was discovered by Library Business Manager Denise Wargowsky, who noticed automated payments were lower than budgeted.

• Wintrust Bank acknowledged the error, refunded all past payments, and will re-bill the correct amounts based on the proper amortization schedule.

The Frankfort Public Library District Board of Trustees on Thursday, July 24, 2025, learned that an error by Wintrust Bank in setting up automatic payments resulted in the library being undercharged nearly $23,000 in interest on a new debt certificate.

The issue was discovered by Library Business Manager Denise Wargowsky, who noticed that the automated payment amounts being withdrawn were significantly lower than the amounts budgeted for the new debt. Upon investigation, the library was informed by Wintrust Bank that it had failed to include the correct amortization schedule when setting up the autopayments.

This error led to much lower interest calculations than those outlined in the debt certificate agreement. According to the board meeting minutes, the library’s interest payments to date totaled $22,843.40 less than what should have been paid.

Library Director Amanda Kowalcze submitted a formal letter to the bank regarding the issue and shared the library’s concerns with the lending team. According to the bank, all previous payments have been refunded to the library and will be reapplied correctly according to the proper amortization schedule going forward.

The board and members of the public praised Wargowsky for her diligence in catching the error and Kowalcze for her professional handling of the situation.

“Director Kowalcze on her eloquent, professional response to Wintrust Bank regarding the error with the loan interest payments,” said Mary Lynne Paris, a member of the Citizens Advisory Committee, during public comment.

Trustee Faris also thanked Wargowsky for her attention to detail and Kowalcze for her handling of the issue.

During a separate public comment period, Jeffrey Slovak of the Friends of the Library suggested that in light of the error, Wintrust Bank might consider making a tax-deductible donation to the library’s ongoing outreach van fundraiser.