Date Received: 2023-04-27
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: I have a VA mortgage with M & T bank. I was struggle to make the payment due to financial issues related to COVID health issues. I reached out to them and was placed in forbearance. I was told that I had the option to do a partial claim when I resumed my payments. The forbearance started with XX/XX/XXXX payment. I am now exiting the forbearance and resuming payments on XX/XX/XXXX. I am now being told that the partial claim option was discontinued in XX/XX/XXXX and I have to make all payments in lump sum, spread out over 6 months or refinance at a MUCH higher rate 3.0 % to 6-7 %. I feel that I was lied to when I entered this forbearance with the goal of upping my rate. I can not afford lump sum or to repay an extra XXXX a month for 6 months or pay a new mortgage payment that is substantially higher than my current. I feel that I would have been better off paying what I could and trying to keep the delinquency less than 30 days until I could bounce back financially. I just think this was deceptive fraudulent practice for the bank to make more money off an already struggling client.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: PA
Zip: 179XX
Submitted Via: Web
Date Sent: 2023-04-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-27
Issue: False statements or representation
Subissue: Attempted to collect wrong amount
Consumer Complaint: Disaster Forbearance. XX/XX/XXXX, hurricane Ian. We lost : power, roof singles, fence, storage units. Our online business stopped making money. we lost a lot of money due to trying to get our home back in order. The insurance did not cover everything, our deductible was XXXX XXXX. We had a mortgage with XXXX at very low interest rate. they allowed us to get a disaster forbearance for 3 month XX/XX/XXXX payment, XX/XX/XXXX payment, XX/XX/XXXX payment, they said they would add the missed payments on the end of the mortgage. We called XXXX XX/XX/XXXX, and asked for an additional month. they stated they could do another XXXX months forbearance. XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX. On XX/XX/XXXX we called XXXX to get this taken care of. we needed to pay our XXXX payment. We were informed they sold our mortgage effective XX/XX/XXXX to our new mortgage company M & T Bank. We called M & T bank but were told we can't make our mortgage payment for 30 days due to the sale and they needed to input data. so needless to say, they would not accept our money stating they did not know how much we owed them. So there was no way they would do what XXXX stated putting the forbearance payments to the rear of the current loan. They said that a VA loan did not allow this action. M & T sent a letter XX/XX/XXXX stating our account is 188 days delinquent and we owed {$13000.00} to make our mortgage account current! we called M & T and they stated our loan was in underwriting meaning they would not honor our original mortgage with the low interest rate. They said the new loan would be at current rates. They said i need to get the loan current for at least 5 months, over {$8000.00} asking if we could pay that today. My wife is on social security, and I am on XXXX. This is a classic bait and switch. I don't know for sure, but the original mortgage company may have done something illegal, and the fix was selling the loan. I don't feel as though we have been treated fairly. I'm not sure why we were told something that obviously would never happen.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 342XX
Submitted Via: Web
Date Sent: 2023-04-27
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-26
Issue: Charged fees or interest you didn't expect
Subissue:
Consumer Complaint: Closed account with XXXX XX/XX/XXXX which I did not know there was a line of credit balance until I received a letter XX/XX/XXXX stating my line of credit payment was past due. Received a statement XX/XX/XXXX with a balance of {$530.00} which I did get a {$25.00} late fee waived. After speaking with a representative from XXXX and they told me my balanced to pay in full would be {$530.00}. I sent a check for {$530.00} XX/XX/XXXX which was posted on XXXX I thought the Line of Credit was closed out as I didnt receive any statement for XXXX. XXXX I received a statement stating my new balance was {$86.00} which is Late Fees and Interest and states my previous balance was {$590.00}. Then XXXX I receive another statement stating my new balance was {$87.00}. I feel XXXX is taking advantage of the loan and charging interest and late fees and when the line of credit was paid off. This is unfair to my husband and I as we are seniors on a limited income and the banking industry is robbing their clients.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33950
Submitted Via: Web
Date Sent: 2023-04-26
Company Response to Consumer: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-26
Issue: Trouble during payment process
Subissue:
Consumer Complaint: This complaint is against M & T Bank. At the beginning of XX/XX/2023 I contacted M & T Bank to let them know that I am paying the insurance in full as it is the only way to get the policy in place. I explained to M & T that they do not need to send the check to me for the insurance as it's paid and to send it to me. Of course they did not listen and sent the check. I went back and forth with them to get my money but made no progress. A year later, I was refunded my {$4900.00}. Not everyone can go a year without having that much money and there is an opportunity cost lost for me. This year, 2023, they did not pay the insurance in time. The insurer, Reinsure, charged my credit card on XX/XX/2023 in the amount of {$4800.00} so that we were not left uninsured. My insurance agent has been going back and forth with M & T since then. M & T continues not to follow instructions and has mailed the payment wrong 3 times now. I got back {$4000.00} on XX/XX/2023 so I was still owed {$810.00}. Then on XX/XX/2023 my credit card was charged {$410.00} because in order to maintain the policy they had to charge that so now I am owed {$1200.00}. I contacted M & T through email on XX/XX/2023. Their response is not what took place. They included a number to call to help get it fixed but the automated commands sent me in circles and I could not get someone on the line. I asked them to have someone contact me directly and on XX/XX/2023 they said they would have someone contact me. No one has contacted me. I am in the mortgage business so I know I am not the only one who has had this issue as we sell some of our loans to M & T Bank. I can share the email communication with my insurance agent to support everything I have included above.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 333XX
Submitted Via: Web
Date Sent: 2023-04-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-24
Issue: Opening an account
Subissue: Account opened as a result of fraud
Consumer Complaint: someone utilized my identifying information and opened a fraudulent account with M & T Bank as well as XXXX XXXX
Company Response:
State: VA
Zip: 22152
Submitted Via: Web
Date Sent: 2023-04-24
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-22
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: I have an account with MnT Bank, and on XXXXXXXX XXXX, I attempted to transfer money to another account but was unsuccessful. On XX/XX/XXXX, my account was blocked for suspected fraud. Despite calling their fraud hotline multiple times, I received no assistance, and they insisted that I visit a branch to resolve the issue. I contacted one of their branches and was able to unblock my account on XX/XX/XXXX in the afternoon. However, when I attempted to conduct some transactions and requested an increase in my withdrawal limit, my account was blocked once again on the same day. After contacting their fraud hotline again, I was informed that they could not help me online and that I needed to visit the bank in person. I was not provided with an explanation for why my account was once again flagged for fraud. Despite my request for an increased withdrawal limit, my account was blocked once again.
Company Response:
State: WA
Zip: 981XX
Submitted Via: Web
Date Sent: 2023-04-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-22
Issue: Managing an account
Subissue: Problem making or receiving payments
Consumer Complaint: Description of Complaint : Impacting Credit Score ( Caused by M & T Bank ) XXXX XXXX reported I had a late payment in XX/XX/2022 due to an error by M & T Bank. My online payment did not process due to my bank after People 's United Bank was bought out by M & T Bank and a processing error occurred from M & T Bank 's end. XXXXXXXX XXXX then reported a late in XXXX XXXX XXXX to Credit Agencies. The processing error was completely outrageous because M & T Bank said in writing they would honor the old account number from People 's United Bank and did not honor this. They have had tons of trouble with their online banking and this bank under current lawsuits in the state of Massachusetts. This bank should be held accountable for these types of errors.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: MA
Zip: 018XX
Submitted Via: Web
Date Sent: 2023-04-22
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-23
Issue: Improper use of your report
Subissue: Credit inquiries on your report that you don't recognize
Consumer Complaint: I did not authorize these credit inquiries on my report. I would like to have them removed from my credit report or have the company provide the application bearing my name and signature and a copy of my ID proving that I was the person that initiated this inquiry. I did not apply for any credit with these companies. Please verify these inquiries and remove them from my credit report. I have stated this information to the creditors and they have not responded to my claim and this information continues to remain on my credit report. Under the FCRA, if the creditor can not validate the origin of the account and its accuracy and authenticity, they are required by law to remove it from being reported to the credit bureaus. This is damaging to my credit rating and causing me a lot of stress.
Company Response:
State: CT
Zip: 064XX
Submitted Via: Web
Date Sent: 2023-04-23
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-20
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: I was trying to send payment to a company ( XXXX in XXXX, FL ) I had problems with bill pay and XXXX. It tried to send payment twice. I was able to cancel one payment and the other did not seem to go through so I upgraded so I could send a check to the company electronically. Then the web payment went through as well. I called M & T who is my bank and they said they would stop payment on the web payment. The check seemed to be processed as expected. I saw that the check had cleared and thought all was well. I heard from XXXX today that they never received the payment. I have a copy of the check on line from M & T that has no information on the back regarding who or where it was cashed. I spent over 3 hours with M & T today, talking with various people, none seem to have a clue what happened except my {$2500.00} is gone. I finally found someone who said the policy is to submit a form to have the bank investigate what happened. First I was told I had to go to the branch office. I live XXXX miles from the branch office. Then they said they could mail it to me but could not email it. Then they said it would have to be notarized. I work as a XXXX M-F XXXX, good luck getting it notarized. This M & T Bank has shown themselves to be pretty inefficient in the past, but releasing my funds not knowing to whom or where it is going is inexcusable and now it appears the money is lost and M & T does not want to own the blame. I did everything right and they did it wrong. I need some assistance with a bank that is not safe to be holding peoples money any longer.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 33844
Submitted Via: Web
Date Sent: 2023-04-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-04-21
Issue: Credit limit changed
Subissue:
Consumer Complaint: Ive been a comprehensive business customer for 8 years for M & T Banks. On Thursday XX/XX/XXXX our {$500000.00} business line of credit was frozen without advance notice. The businessI received no disclosure. It was converted to a termed loan whose terms have not been shared, despite multiple requests for information ( requested XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX ). Including today ( XX/XX/XXXX ). The first payment is due XX/XX/XXXX. Worst, all of this is due to an internal diligence mistake by which our relationship managers shared inaccurate XXXX performance data. M & Ts decision to convert my LOC and freeze access without notice to me had immediate consequences for my business. The lack of disclosure is especially concerning. Vendor invoices and employee healthcare premiums were linked to this account, and charges for both which were posted on XX/XX/XXXX did not clear. Pertinent information : XXXX. This business has never missed a payment of any kind - loan, LOC or otherwise- with M & T Bank. XXXX. The lack of disclosure or any formal communication has been called a perfect storm by M & T bankers in both a call and email called our lack of communication a " perfect storm '' both attached. XXXX. M & T Bank never requested updated XXXX financials prior to freezing the LOC. XXXX. M & T Bank cited XXXX years in losses for the freeze ( see attached conversation ). XXXX the business was profitable, {$300000.00} cash positive. XXXX is the only year showing a loss due to capital expenses. XXXX. Health of the business : XXXX. Positive balance sheet of {$200.00}, XXXX XXXX. XXXX in Q1 revenue - comparable to XXXX, XXXX and outperforms XXXX- which net {$300000.00} in income. 93 % of which ( historically ) comes in Q4. XXXX. Email to CEO ( XX/XX/XXXX ) and head of XXXX explaining major issue. Attached please find : XXXX. Initial emails and texts the day of to M & T. General distress outreach. Zero context in M & T responses. Attachments : XX/XX/XXXX comms, day of comms, day of comms XXXX, M & T Text - bank XXXX. XXXX. Questions with no response sent XX/XX/XXXX. attachment XXXX questions. XXXX. Rejected charges communicated to M & T Bank. Attachment : XXXX email rejected charges XXXX. XX/XX/XXXX First conversation with bank, 4 days after actually freezing LOC. Attachment is too large but conversation is recorded. XXXX. XX/XX/XXXX questions sent to bankers and banker asking for our patience and calling our communications a " perfect storrm '' attachment : muscato email m and t bank, XXXX XXXX. XX/XX/XXXX email sent to CEO. Attachment : CEO Email This is still without a resolution.
Company Response:
State: NY
Zip: 11238
Submitted Via: Web
Date Sent: 2023-04-21
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A