Not Worth The Paper It’s Printed On

Mortgage ApplicationOther than the fact that I don’t have enough money in it, I’ve got a great relationship with my bank.  They seem to do business the right way and don’t send me too much junk in the mail.  I’ve always thought of a bank in similar terms as a baseball umpire…. they do their job you forget that they’re there.  In any case… I got a letter from them the other day that was such a waste I just had to share.

The title of the letter was “Important Information About Your Escrow Account”.  This type of letter comes once a year and typically tells me about an overage or a shortage in my yearly escrow account.  No big deal.  So I’m reading through the details and get to the nitty gritty.  I’ve got a shortage… of a whopping 4 cents.

And here’s where it gets good.

“Our analysis of your account has resulted in an Escrow Shortage of $0.04.  Please be aware of the following two payment options that are available to you:

  1. Your $0.04 shortage will be collected as part of your monthly mortgage payment over the next 12 months, interest free.
  2. Pay the total shortage amount now by including the bottom portion of this page with a check or money order made payable to ….

So… they’ve done their analysis, determined that I owe them money, typed the letter, printed the letter, stuffed an envelope and paid the postage to mail it to me.  All over 4 cents.

Needless to say, I’m not going to choose option 1 which would cost me more to write a check and mail it than the “entire” shortage.  I’m very interested to see how they take a additional third of a penny out of my account every month for the next year. *shrugs*

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