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J.P.Margan Chase Complaint - Escrow Account - Surplus in account
Surplus in account - Complaint
LOUISVILLE, KENTUCKY -- My escrow account was review on 1/25/11 and had a surplus of 1006.71 cents, after waiting a couple of days for my money to be returned to me I call customer service on 1/28/11 and was told that they had 21 business days to send me my money and ask why because I do not have 21 days to send Chase my mortgage. I was told that since they had so many people with surplus that it was taking longer for to process refunds. Then on 2/5/11 I receive a letter of the Annual Escrow Account Disclosure Statement and at the bottom of the letter it state that my surplus of 1006.71 would be mailed on 2/19/11 and to allow 10 days for receipt. Today[2/10/11] I called to find out why my money had not been sent to me and was transferred 3 times, and the 3rd person told me that my money had been place in reserve, and I said that my money should have been mailed to me on 1/26/11 I was then told that it was system generated and that there was nothing to do. I stated that the taxes and insurance was also system generated but that they got their monies on time. I then ask where the money was and she stated in a reserve account.
I stated that they were making money with my money and she stated that they were not getting any interest from my money. now everybody know that a bank does not have place to put money that does not make any interest. This company is CROOKED and has no ones best interest at hand.
I stated that they were making money with my money and she stated that they were not getting any interest from my money. now everybody know that a bank does not have place to put money that does not make any interest. This company is CROOKED and has no ones best interest at hand.
Comments:
Posted by trmn8r on 2011-02-10:
What the bank representative told you is pretty much true. Money market rates are essentially zer0 (0%) right now.
But let's say you could get 1%. For three weeks, the amount of interest is approximately 21/365*.01*1000 = 210/365 = 58 cents.
The bank has told you a consistent story through all of these calls. Your money is going to take another 1-2 weeks to get to you.
But let's say you could get 1%. For three weeks, the amount of interest is approximately 21/365*.01*1000 = 210/365 = 58 cents.
The bank has told you a consistent story through all of these calls. Your money is going to take another 1-2 weeks to get to you.
Posted by Venice09 on 2011-02-11:
I haven't had an escrow account in a long time, but shouldn't you be the one collecting interest on the money?
You were not going to get the refund in a couple of days, as you thought. (Did you really think it would be mailed the day after review?) I think the time frame is reasonable. If you haven't received the refund by the end of the month, that would be the time to complain.
You were not going to get the refund in a couple of days, as you thought. (Did you really think it would be mailed the day after review?) I think the time frame is reasonable. If you haven't received the refund by the end of the month, that would be the time to complain.
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