I’m not sure if we simply never noticed this before, but we got a 1099 form for $35 in interest earned by our mortgage’s escrow account (holding funds in reserve for property taxes and such). Is this something new? And, how do I know for certain that my mortgage company is putting this interest into my escrow account?
Look at your escrow statement. Is there a line for “earned interest”?
The bank always used to do that for our escrow account.
So a couple seeking a loan goes into a bank, and is shown into the loan arranger’s office. On a mantel off at one side, on a bust of Edgar Allan Poe, sits a large black bird wearing a pullover reminiscent of Superman’s costume. The man of the couple looked at the bird and smiled. “I suppose,” he said, “that when you need to turn down a loan, you have him say ‘Nevermore’?” The loan officer chuckled. “No,” he said, “he’s actually a teller; he handles our “S” crow accounts.” 