Legal Question in Banking Law in Georgia

You left out the reason they gave when you called and asked them.

The letter should have contained a calculation of projected future taxes and insurance they pay. Banks are required, once a year, or more, to audit escrow accounts and do refunds, as they did, for past overages, but also to adjust amounts if they project - in the next year - that insurance and taxes will increase. In spite of what you posted, you do NOT know 2017 numbers, and do not know if your county/city may adjust its millage this year, or your insurance will increase on renewal. Banks are allowed to use certain statistical models to "guestimate" this. Presumably that is exactly what they did and yes it's legal. It should be noted that BOA may make a mistake, so if you think they are wrong or need explanation of the letter, call them.