My bank wants to charge me a $69 fee to monitor that taxes are paid on my mortgage. However, they are escrowing the loan and paying the taxes for me. I questioned this and they said they need to make sure the funds were applied to the correct account. What is going on?
If they are escrowing the taxes and making timely payments, they should be receiving receipts and have checks or other verifications of payment. An objection is in order and you should voice that to a bank officer either overseeing the escrow accounts or your loan officer. If they persist, ask them for the information necessary to contact the ombudsman's office at their regulators office, and place a complaint with them, that you are forced to pay a fee to verify the bank's work.
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If they are escrowing the taxes and making timely payments, they should be receiving receipts and have 