I recently refinanced my first mortgage and combined my equity line to it. When the bank receives the payoff on my mortgage aren't they supposed to post it effective the date I closed on my new mortgage?
The bank should post the payoff as of the date it receives the payoff payment. If that payment is by check, the bank can allow a period for collection of that check (if its not drawn on them).
If you refinanced with a different lender, there would have been a three-day rescission period during which it could not advance funds. Accordingly, your old bank would not get the payoff for a few days after closing. That delay should have been factored in to the payoff figures. If you refinanced with the same lender and no new funds were advanced, there should not have been a rescission period, and payoff could have been completed on the same day.
Thus, it's possible that a delay in payoff should have been expected, or that a delay was not appropriate. If you think that the bank acted inappropriately, ask for an adjustment in its payoff amount.
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The bank should post the payoff as of the date it receives the payoff payment. If that payment is by check, the bank can allow a period for collection of that check (if its not drawn on them). 