Hi, Guest
08-23-2005, 07:19 AM
(This post was last modified: 08-23-2005, 07:21 AM by OAC_Sparky.)
That sucks, I hate it when the bank screws up.
What you actually have is a few problems. But you may have some options to research.
Do you have online banking? Most banks will list your mortgage as an attached credit account, you should be able to go in and examine the payment breakdown. Mine will list amount of the payment was, and what money went to where...principle, life insurance, interest and a tax account (if you have one).
There are three likely possible scenarios. One, is that instead of paying into a tax account, the money went to pay down your mortgage principle. Two, the money got deposited to a tax account that had no forwarding instructions (ie. the money's there, the bank doesn't know where to send it to.)
The worst case scenario is that you didn't notice that they took nothing extra out for taxes, and reduced your payment, and you spent the money. That would be hardest to get the bank to resolve.
The chances of the bank "losing" your money is near impossible.
A bit of unsolicited advice. Open up an ING account. They pay 2.5%(or around there) The bank tax account pays .025% You can autotransfer whatever your weekly tax portion is into the ING account and pay your taxes yourself, end up $40 ahead in interest. You get advance notice from the city for the tax increases, you can adjust accordingly rather than what the bank does; drive your account into arrears then increase your payments.
Unless you have money to burn, don't let others control your money. No good ever comes of it.
Good luck.
What you actually have is a few problems. But you may have some options to research.
Do you have online banking? Most banks will list your mortgage as an attached credit account, you should be able to go in and examine the payment breakdown. Mine will list amount of the payment was, and what money went to where...principle, life insurance, interest and a tax account (if you have one).
There are three likely possible scenarios. One, is that instead of paying into a tax account, the money went to pay down your mortgage principle. Two, the money got deposited to a tax account that had no forwarding instructions (ie. the money's there, the bank doesn't know where to send it to.)
The worst case scenario is that you didn't notice that they took nothing extra out for taxes, and reduced your payment, and you spent the money. That would be hardest to get the bank to resolve.
The chances of the bank "losing" your money is near impossible.
A bit of unsolicited advice. Open up an ING account. They pay 2.5%(or around there) The bank tax account pays .025% You can autotransfer whatever your weekly tax portion is into the ING account and pay your taxes yourself, end up $40 ahead in interest. You get advance notice from the city for the tax increases, you can adjust accordingly rather than what the bank does; drive your account into arrears then increase your payments.
Unless you have money to burn, don't let others control your money. No good ever comes of it.
Good luck.
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