I have been overpaying interest on my mortgage by about 2.5% for over two years. My banker says that he can't write me a check for this or apply it to my mortgage all at once. Six thousand dollars is overpaid. The banker wants to repay me by applying future mortgage payments to the principal until I am repaid. This does not seem fair to me; what are my rights? Should I get an attorney?
If the bank overcharged you and it was not your intent that the funds go toward your principal, we don't know why they shouldn't refund the entire amount at once. You would get the most benefit if you had them apply the overages to your principal as of the date they applied your payments, but if you want the refund, tell them so and ask them (if they refuse) for the contact information of their regulatory agency. Complain to that agency as it seems the bank erred, admitted it, but is refusing to correct the error. This site can also help you find their regulator and place a formal complaint.
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If the bank overcharged you and it was not your intent that the funds go toward your principal, we don't know why they shouldn't refund the entire amount at once. You would get the most benefit if you had them apply the overages to your principal as of the date they applied your payments, but if you want the refund, tell them so and ask them (if they refuse) for the contact information of their regulatory agency. Complain to that agency as it seems the bank erred, admitted it, but is refusing to correct the error. 