Insurance/Real Estate Tax Escrow Overcharge

[fisherr]

Indiana, About 30 days ago, I determined my bank had
been overcharging me on my escrow account. I contacted
them and brought it to thier attention. They concured the account had been overcharged and they would need to initiate an investigation. They are indicating it will take a number of months to resolve it.
Should I have to wait indefinately to get my nearly $1200
overcharge refunded? Do I have any rights?

 

[loku]

Overcharge on escrow

If this was the bank's fault, they have an obligation to fix the problem in a reasonable amount of time. What is reasonable depends on the circumstances. I would suggest you find out from them what they have to do that will take so long. If you get no answer or an unsatisfactory answer, the next thing you should do is take this up with an official of the bank higher up than the one you are dealing with.

 

[fisherr]

Thank you loku. Yes, it is the bank's fault. They not
only overcharged me, they paid the money into someone else's real estate tax account. They want me to wait
until they get the money back from the county treasurers office. They are estimating 3-6 months. I don't feel I should have to wait that long to get my money back. Not to mention, I am in a hardship situation and could use the money to pay off an excessive winter fuel bill. Why shouldn't they be the ones to go without the funds. It was an error on their part not mine? As of today it has been three weeks since I first brought this to their attention.