M&T Bank Consumer Loan Complaint

M&T Bank Consumer loan department,

Vehicle loan Managing the loan or lease Virginia

Vehicle Loan ComplaintOn the -/-/-, I made a payment on my loan in the sum of $340.00. Then from -/-/- to -/-/- I made subsequent monthly payments of $350.00 without any trouble ( or so I thought ) until I got a letter from M & T bank stating that As of the date of this letter, we have not received the payment on your account. '' That I owed the bank $280.00. The bank has also charged me a late fee of $14.00. I could not believe what I was reading. I always make sure I pay my car note before the due date and I always make payments at the branch so what was the matter? I went to the bank and demanded to know what was going on only to be told by the bank officials that the check I issued for my - payment for $340.00 went missing and could not be traced since -/-/- and therefore I should issue a check for $280.00 to make up for the amount of the missing check. My question is, assuming that the check went missing since -/-/- why wait till -/-/-. Why is the bank telling now? If


that I make both my current payment and the payment for the missing check by -/-/- or else ....? I think that for the bank to demand that I pay a total sum of $640.00 by -/-/- without any negotiations is very harsh and unfair. My other question is if really I have fallen behind in making monthly payments, why is the bank asking for $280.00 and not $340.00 which is the regular monthly amount? Again why is the bank charging me a late fee? A few days later I received my regular monthly statement. My account transaction activity showed that on -/-/- all the payments I had made from -/-/- to -/-/- were described as payment reversals. Then the same statement shows that payments were applied to my account from -/-/- till -/-/-. I also called the bank on - and talked to - different representatives who did not seem to understand my complaints. Since this matter is not entirely my fault, I think that in all fairness, the bank needs to agree for me to pay off the said $280.00 in instalment. I can pay an extra $30.00 monthly to bring the account current. I hope this matter is investigated and settled amicable. Your prompt attention to this matter will be greatly appreciated. Please find enclosed copies of the said letter and monthly statement account. Thank you