According to an email from Customer Service at Boone County National Bank, dated September 1, 2010:
Thank you for your email. If a loan is overpaid by $10.00 or less we do not send our customers a notice of it. However, if a payoff is received and $10.00 or less is still owed we consider it fully paid off. There is not a link on the website that explains this.
If you have any additional questions, please do not hesitate to contact us.
The original email was submitted to customer_service@boonebank.com. The reply came from a customer service rep at the bank.
In response, I sent this email:
Thank you for your quck and informative reply. I am sorry that I did not check my email til today to see your reply. In the situation, where a loan is overpaid by 10.00 or less, are you reporting it to the state as unclaimed cash? If not, why not?
According to http://www.treasurer.mo.gov/RemitUnclaimedProperty.aspx#faq2 “There is nothing too small that does not require reporting.”
Thanks again for answering my email.
The reply to that, which came from the Senior Vice President:
Our customer service center forwarded your emails to me because they were a little confused about the processes you were referring to. Like most financial institutions, we have a variety of ways we handle individual situations.
Perhaps it would be easier if you just gave me a call to discuss your specific questions. I’ll be happy to do the appropriate research and give you the answers you need.
I don’t know if I’ll reply to that. It’s just interesting that this little email went all the way up to the Sr. Vice President Level, don’t ya think? I thought the email was pretty simple, and non-confusing, but maybe I’m wrong?
I guess their Customer Service does not know how to handle a simple little question of why the bank is not reporting overpayments to the State as Unclaimed cash and is instead pocketing it… I guess I can’t blame them for forwarding the question to a supervisor, but it does seem very intriguing that such a simple question’s answer isn’t general info that the Customer Service Level that deals with the public one-on-one most of the time would have a quick answer to – don’t you think?
