I make my payment on the15th. It is not posted to the lenders account until the 18th. Is the escrow company making money on my money. The same things happen with automatic payments I have each month with my bank. Is this legal, are they getting interest on this money as we know they can do a transfer quicker
2007-07-20 11:03:01 · 2 answers · asked by Joe and Thelma L 1 in Business & Finance ➔ Personal Finance
Who are you making automatic payments to? If the payee is not equipped to accept electronic payments, the bank may actually MAIL a paper check. That would explain a few days delay.
2007-07-20 14:01:37 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
An Escrow company by law has to hold your money in an Interest Free account.
Its against the law for them to make money on Escrow money. Ie. Escrow Account. There would be absolutely no reason for them not to pay immediately. The law doesnt allow them to collect interest for the reason you just asked.
No they dont make a penny off your money.
2007-07-20 11:45:22 · answer #2 · answered by financing_loans 6 · 0⤊ 1⤋