Important Notice & Information including Loan Questions Regarding Coronavirus

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FAQs about Your Escrow Tax Payments

The most common questions that we receive about Escrow Tax Payments:

  • Do you need to bring in your tax statement? No
  • Does Greenwoods State Bank pay the full amount invoiced or just what is in the escrow account? Greenwoods State Bank pays the full amount invoiced.
  • Who does Greenwoods State Bank send the check to? Greenwoods State Bank mails the payment directly to the taxing authority prior to the first of the year.
  • Does Greenwoods State Bank send receipts to customers? No, the taxing information is printed on your 1098 interest statement.
  • What happens if my taxes are less than anticipated? Greenwoods State Bank performs an analysis of your escrow account after January 15th. If you have a refund due, a check will be mailed by February 1st with the annual analysis.
  • What happens if my taxes are more than anticipated? Greenwoods State Bank pays the full amount invoiced.  Your payment will automatically adjust starting with the March 1st payment for any payment increase. This will be explained by the analysis that we mail by February 1st. In addition, you will have the option to pay the shortage for the 2019 taxes which will also be explained in the analysis.