TD Bank Bank Account Or Service Complaint

TD Bank Bank account or service department,

Other bank product/service Making/receiving payments, sending money New York

The loan system of TD Bank is very confusing. I was rejected today by TD bank to waive the late fee after my best effort to correct a late payment situation. I then realized that it is TD Bank 's deliberate intention to create this confusion to make extra profit by collecting late fees on customers. For a $2400.00 tax escrow late payment, TD charges $160.00, which is 6.54 %. Almost all other banks I have dealt with either send a coupon booklet for - month payments or mail a monthly statement consisting of both loan and escrow payment. In contrast, TD Bank mails out - separate statements with - payments due monthly. The - is the escrow statement every month around - and due on the - of the following month while - statement is for interest and principal payment around end of the month and due on the - of the following month. Meanwhile TD requires the borrower to maintain a checking account for TD 's direct withdrawal. Ever since I had this loan at the -/-/-, I have always made my payments on time. I usually set auto pay for the ones with coupon booklet. For those


of the lateness, I contacted - -, my account manager from TD Bank. He advised me to pay personally at one of their branch. So I did and also established the auto transfer to my TD checking accounts according to my best estimate. From my track record, - waived my late fee and interest immediately after I explained, but not the TD Bank. Before TD turned down my request, - - arranged a meeting with me and expressed that TD will need more business to exchange for this waiver. At the same time he also agreed with me that TD 's - a month loan statements are inefficient and confusing. When I followed up with - - on -/-/-, I was told that his supervisor rejected it because I have no potential profit to them. I am shocked that a world known bank would handle situation only based on interest instead of fairness and principle. I have been a manager in real estate business for - years, never paid a late fee. All US banks small or large are very reasonable. They base your track record and allow you at least - time late payment leeway. Nevertheless, the TD Bank refuses any refund for the bewildered system uniquely from all others regardless if you have been a good customer so that TD can easily earn the extra profit whenever an oversight happened. The late fee of $160.00 was only for the lateness of the escrow. I wonder if I would be end up with another late fee of $170.00 based on the same 6.54 % calculation if the - part of payment which is for interest and principal of $2700.00 was late. As a reference, I have a similar amount of loan with - - -, its late fee for both loan and escrow is only $87.00 per month. If a huge corporation like TD Bank has some ethic value in this business, I believe TD should at least give its customers one chance to refund their hard earned money and more importantly correct its system to clarify its parts of duty.