I sent my bank an insurance check made out to the bank and my wife for $121,000 to pay off a mortgage of $60,000 on 10/28/08. They paid off the mortgage on November 10, and want to take an additional 25 days to refund the balance? What is going on?
If the dates you list are correct, the check probably was paid by the time the bank posted the payoff. They may have been waiting for clearance time. It is not reasonable for them to take an additional 25 days to refund the overpayment.
Try calling the mortgage department again to plead your cause. If you don't get results, ask to speak with a supervisor. Unfortunately, if that doesn't give you satisfaction, you won't have an alternative to get the bank moving. A regulatory complaint or legal suit would take too long.
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If the dates you list are correct, the check probably was paid by the time the bank posted the payoff. They may have been waiting for clearance time. It is not reasonable for them to take an additional 25 days to refund the overpayment.