How do YOU answer the credit card question?
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How do YOU answer the credit card question?
| Fri, 11-05-2010 - 3:30pm |
Why can’t you just use your credit card?

Cash can be seen and touched and kids get that, usually at an early age,


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Obviously not. It is illegal for them to keep any interest earned on it. A point you clearly do not understand.
"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1
http://www.mtgprofessor.com/A%20-%20Escrows/Should_I_Escrow.htm
When you establish an escrow account with the lender, in most states the lender gets to keep the interest earnings on the account.
"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1
I think so too. I never had PMI as we put down more than the amount needed to would require PMI.
I never paid a fee either.
And I see no reason to have to give someone a "cushion" amount to basically protect me if I don't pay my mortgage.
My bank does not earn money off my escrow account... its not their money.
Can escrow agents keep bank interest?
No. All interest that's earned on an escrow deposit should be paid out in accordance with the escrow agreement, or to the party whose money generated the interest. It would be a conflict of interest for an escrow agent, as a fiduciary, to require that bank interest be treated as compensation for services rendered.
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However, I could be wrong. I do know that MY escrow account earns me interest.
"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1
"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1
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