Bank of America Complaint - Excess Escrow
I am a 100% disabled veteran who is exempt from paying property taxes in the state of New Jersey. I filed a claim for the exemption in February 2010 and it was approved in May 2010. I received a substantial property tax refund since my disability dated back to May 2009. My local tax collector wanted to mail the refund directly to me but indicated that it had to seek approval from Bank of America for the direct mailing. Of course, Bank of America indicated that the check should be mailed first to their office in California in order for them to make all the escrow adjustments/modifications. Afterwards, they would then forward the check to me.
It has now been 4 weeks since my tax collector mailed them the check. I have them numerous times seeking information on why they won't release my money to me. Some of the excuses have been that one of their escrow analysts entered the total escow amount rather than the overage. This was indicated to me even though the analyst in question told me an amount that matches the correct overage. The priamry reason given is that since the amount is so "significant", the issuing of the check for my money has to be approved at various levels of management. Duh? If they had allowed the tax collector's check to be mailed to me directly, perhaps, the amount would not have been so "significant". Yesterday, they told me that the check had been approved for disbursment on July 20 and would be mailed about 10 to 15 business days from then. I stewed on this a day, called them back today, July 29, and asked them the reason for holding my money for 10 to 15 business days and if they would be including interest with the payment. Of course, they told me that it was company policy for allow 10 to 15 business days to disburse this sort of payment and that, no, I would receive no interest for them holding my money for up to 4 weeks.
I never asked for Bank of Amertica to be my mortgage company. I was very happy with Countrywide. I had a similar situation with them, although involving less money. I asked for the escrow overage to be mailed to me and it was in my mailbox the very next day. It's a shame that a company of the size of Bank of America treats their customers so poorly.
I'm at the point of seeking legal assistance to get the money due me.
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