Date Received: 2020-04-13
Issue: Trouble during payment process
Subissue:
Consumer Complaint: With current VA IRRRL interest rates very low, I have tried to refinance my current VA IRRRL at 3.50 % interest, the note for which is held by M & T Bank servicing the loan on behalf of XXXX XXXX XXXX , XXXX. For two consecutive months ( XX/XX/XXXX and XX/XX/XXXX ) extra fees have been posted to my loan payment statement for information sought by those potential lenders in regard to the " payoff amount. '' These fees are nowhere spelled out anywhere in my VA IRRRL documents ( completed in XX/XX/2014 ) as necessary to having the loan paid completely. A careful bit of analysis would seem to indicate this is a form of " ballooning '' the amount of the loan to the benefit of the servicing entity, here, M & T Bank. If they are allowed to continue to do this to all Veterans for whom they provide " loan servicing, '' this will amount to hundreds of thousands, perhaps millions, of dollars taken from Veterans who are on a single income - their VA compensation. I, personally, am not in fear of foreclosure as I have stopped the entire process of seeking a new VA IRRRL as the process had become far more complicated than I was initially told when contacted by these lenders ( there were 3 ). These " fees '' are not huge in terms of my loan, but I question by what authority does M & T Bank believe it has the right to raise the cost of my mortgage to me except through legally required notifications of a prospective change to the loan amount, i.e., I have an escrow account ; therefore, an increase in either or both property taxes and home owner 's insurance would be something which the servicing entity is required to inform me. I have carefully read my existing loan documents and can find no reference to additions to my loan balance either through " fees '' in order to provide information or then consequent increase in my mortgage balance.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2020-04-15
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-13
Issue: Opening an account
Subissue: Unable to open an account
Consumer Complaint: Having a Problem Trying to Open a Saving Account With M & T Bank Online XXXX, you will need to visit a branch to open your new account Sorry, we couldn't confirm your identity at this time. Please visit a branch to open your new account. Remember to bring the following items to the branch : Government Issued ID Your social security card Proof of your address Find an M & T Branch near you All M & T Branch are Closed and i cant open My Saving Account Online i Contact M & T Customer Service and they are Unable to Open My Account Over The Phone Due To COVID-19 All M & T Branches are Closed and am not able to Open My Saving Account Into My Existing M & T Bank Account Please Help
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 10468
Submitted Via: Web
Date Sent: 2020-04-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-13
Issue: Getting a credit card
Subissue: Delay in processing application
Consumer Complaint: Am Trying to Open a Credit Card Account With M & T BANK And For Some Reason My Credit Card Application Was Place On HOLD And Additional Information Needs to Be Verify There where 3 Inquiry On My XXXX and XXXX and XXXX And My Credit Card Application Is Still On HOLD And Every time I Contact : XXXX I Give My Credit Refrence Number : XXXX to the Agent at the XXXX and They Tell Me that My Application is Being Handle By a Person For Further Review and this Person Who is Reviewing My Credit Card Application Has Not Call Me or Contact me Plus a Message was Given to the Agent and the Person Who is In Charge of My Account From M & T BANK HAS NOT CALL ME YET And I want to know if I was Approved or not For The Credit Card and What Happen..
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 10468
Submitted Via: Web
Date Sent: 2020-04-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-10
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: I online deposited 2 checks on XX/XX/2020, into my M & T account in the amount of {$240.00} and {$1000.00}, the checks where from FTC v. XXXX XXXX. When I deposited the checks I didn't notice that they had expired, the next morning I contacted the bank Customer Service department to stop the process, I was told to go to a branch location and I did. I went to the branch location the same day and spoke with XXXX XXXX she said that she couldn't stop the process I would have to wait until it was returned and send the checks back and ask them to replace the checks. I sent both checks back to the company asking them for replacements, I then contacted FTC v. XXXX on XX/XX/2020, to see if they received my request and they stated yes, however they would not be issuing replacements because they honored both checks and they cleared on XX/XX/2020. I again contacted M & T Bank letting them know what was told to me by FTC and they said yes it cleared but they were not releasing the funds to me because FTC could ask to the money back and that this could take up to one year for them to release my funds, I needed to get a statement from the company stating that they are not going to ask for the money back and a copy of the cleared check. I then sent another letter on XX/XX/2020, to FTC v. XXXX XXXX requesting a letter stating that they were not going to ask for the money back and a copy of the canceled checks. To date, I have not received any funds and no solution. My M & T online bank account has been inactive since XX/XX/2020, and I don't have any access to my accounts and they sent one on my bill payments back to the company stating that my account was frozen. I have not received a statement since XXXX because I viewed my statement online.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MD
Zip: 21221
Submitted Via: Web
Date Sent: 2020-04-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-08
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: We have a VA federally backed mortgage loan with M & T. According to the Coronavirus Aid, Relief and Economic Security Act we can request up to 360 days forebearance without any additional fees, interest or penalties. We asked for 6 to 12 months Forbearance. So we can keep our credit outstanding and survive while our business is shutdown. They responded they wont charge a late fee but we need to pay it every month.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 32955
Submitted Via: Web
Date Sent: 2020-04-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-04
Issue: Closing an account
Subissue: Company closed your account
Consumer Complaint: I received a letter dated XX/XX/XXXX from M & T Bank advising me that they were closing my checking account as of XX/XX/XXXX. The letter said not to call them because they would not give any further information. I did call on XX/XX/XXXX when I received the letter without giving my name just to ask in general what reasons might be for the bank closing an account and the clerk would give me no information whatsoever. I have had a relationship with this bank for at least 25 years and have never bounced a check. My husband and I direct deposit our paychecks into this account and have since the day we opened the account. I checked my credit report and there was a soft inquiry from them on XX/XX/XXXX. I have no idea why they checked my credit and would like to know why. However, there is nothing on my credit report that would negatively impact me having a checking account. All of my debt is current and with the exception of a 30 day past due from my XXXX XXXX credit card for an amount of {$32.00} in XXXX, XXXX, there has never been even one late payment on any of my accounts. I would like to know if there is something on my record that is incorrect or fraudulent so I could take care of it. This also will cause a huge problem with my Stimulus check from the Treasury Dept. This account is my bank account for my direct deposits to the IRS. If they are bounced back, I will never get them.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 14094
Submitted Via: Web
Date Sent: 2020-04-04
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-02
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I XXXX XXXX am trying to avoid foreclosure by doing a short sale. I am working with my Realtor to XXXX XXXX to resolve this debt. I am a US Veteran and am currently unemployed. I need to do a short sale to decrease the damage on my credit and for relocation assistance. I have been unemployed for several months and have been unable to maintain my property. My property currently has damage in the interior and has not been review by M & T Bank or the Veterans Affairs ( VA ). We have been told by M & T Bank that an exterior appraisal has been done and came in at {$240000.00}. The appraised value of {$240000.00} is for a condo in that complex that has upgrades and in excellent condition. The appraisal that is being used is incorrect and we need to have an interior inspection completed. This current value of {$240000.00} is either a mistake or a fraud value. This situation will cause XXXX XXXX a foreclosure. It is impossible to sell this condo in its current condition at {$240000.00}. As we have told M & T bank several times there is not a buyer on earth that will ever pay {$240000.00}. We believe the current value to be {$230000.00}. We are sending a current sale in the same complex that recently closed a {$230000.00}. XXXX XXXX was in excellent condition. Please keep in mind due to COVID-19, were a down market, not up.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: CA
Zip: 92109
Submitted Via: Web
Date Sent: 2020-04-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-02
Issue: Trouble during payment process
Subissue:
Consumer Complaint: M & T Bank forced placed lender flood insurance on my loan that is not required and is refusing to reverse the transaction. Please see the details below : XX/XX/XXXX received letter from M & T regarding a FEMA map revision which placed my property in a special flood hazard area and required I obtain flood insurance. XX/XX/XXXX obtained flood insurance XX/XX/XXXX ordered FEMA Elevation certificate as advised by my insurance agent to avoid future premium increases. XX/XX/XXXX received Letter of Map Amendment from FEMA stating the structures on the property is not located in the special flood hazard area. XX/XX/XXXX faxed information to M & T requesting removal of flood insurance requirement. XX/XX/XXXX received letter from M & T stating flood insurance is no longer required and that M & T would no longer track or pay future flood insurance premiums. XX/XX/XXXX requested cancellation of flood insurance through agent. XX/XX/XXXX received confirmation that insurance was cancelled and refund. XX/XX/XXXX received letter from M & T stating flood insurance has expired with no evidence of coverage. XX/XX/XXXX received second letter from M & T requesting evidence of flood insurance coverage. XXXX/XXXX/XXXX contacted M & T by phone and through the message portal and advised the following - There is a Letter of Map Amendment Determination that the structures on my property are not in a special flood hazard area and M & T has acknowledged this and removed the flood insurance requirement. Please do not obtain lender place flood insurance for my property as it is not required. XX/XX/XXXX received the following response from M & T XXXX , Our Insurance manager is looking into this issue for you. We will be in contact when a resolution is available. In the meantime there will be no disbursements on your account because of the dispute. XX/XX/XXXX M & T processed a disbursement from my account for lender placed flood insurance. XX/XX/XXXX I contacted M & T through the message portal and advised that On XX/XX/XXXX M & T processed a flood insurance payment for my loan in error. This message is requesting you reverse the transaction and refund the {$260.00} to my escrow account. My property is not located in a flood zone. When I did not receive a response from the Insurance Manager, I assumed we were all set. XX/XX/XXXX returned a call received XX/XX/XXXX and was advised very rudely by the M & T representative that M & T is not waiving the lender placed flood insurance I will not be refunded THATS JUST IT.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: NY
Zip: 14051
Submitted Via: Web
Date Sent: 2020-04-02
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-01
Issue: Managing an account
Subissue: Fee problem
Consumer Complaint: I had been furloughed due to Coronavirus shutdowns. On XX/XX/XXXX, I contacted my student loan private lender since I had mailed my loan payment but due to no longer being employed I am unable to make the 2 large payments I had intended. Since the checks had already been sent for deposit they advised I stop payment. My bank charged me 2 stop payment fees of {$35.00} for a total of {$70.00}. I called and discussed the circumstances and hardships I am facing. Initially I was told Id have to wait for the fees to be applied. As a member for over 15 years, I called again on XX/XX/XXXX and asked for fee forgiveness considering the unprecedented events. They were unwilling to consider forgiveness.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MD
Zip: 21113
Submitted Via: Web
Date Sent: 2020-04-01
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-03-27
Issue: Trouble during payment process
Subissue:
Consumer Complaint: Good Afternoon, My mortgage was sold from XXXX to M & T Bank ( against my will ). I understand that XXXX has the right to sell my mortgage to other companies, but I thought the new company was supposed to offer the same ( or similar ) servicing options. M & T Bank has had multiple technical issues with their website almost immediately after the transfer. During the Covid-19 crisis, it's not allowing for payment forbearance or deferment. They do allow you to fill out a 5-page form requesting assistance ( which may or may not be given ). Meanwhile, XXXX allows you to simply click on your financial account ( or mortgage ) and skip 3 monthly payments without impacting your credit or assigning late fees. I believe this is against the current regulations regarding the sale of mortgages to other institutions ( or at least the spirit of the law ). We didn't want our mortgage sold, and now it's been sold to an institution that is offering fewer services and options. This situation is magnified even more during a crisis where we all are struggling to stay healthy and acquire food. I believe this action is not only illegal, but at the very least uncompassionate and un-American. Thanks for your time, XXXX
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: ID
Zip: 83714
Submitted Via: Web
Date Sent: 2020-03-27
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A