[NefCanuck]

OAC_Sparky,Aug 22 2005, 05:19 PM Wrote: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.

Good luck.
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Well, just tried your suggestion to see if I couldn't get details of what the breakdown was of those payments that have been made through internet banking, that drew a big nuthin' :ph34r:

Looks like I have to wait to get the "offical" explanation for this cock up <_< I'm pretty sure it was the "tax account to nowhere" because the payments that the BMO took from the account were exactly what I was quoted for PIT (Principal/Interest/Taxes)

I've debated the merits pro & con of an account with ING for a while now, as to setting up a PAP (Pre-authourized payment) that's another option true, but that's yet another payment that can blow up in my face. Had a PAP for a Rogers Cable account, they managed to pay someone elses cable bill on me :blink: That wasn't fun to resolve.

Money to burn? Heh that's why I let the government take more $ than they should every paycheque, only way I can get some serios coin saved :P

NefCanuck