Date Received: 2020-12-07
Issue: Closing on a mortgage
Subissue:
Consumer Complaint: Hello CFPB! Now that the dust has almost settled ( taking a long time for the dust to settle, ) there remains an outstanding issue what we define as abusive lending practices from TD Bank. We purchased two new construction properties and secured lending for both with TD Bank. _____________ BACKGROUND _____________ For the record, we have had several mortgages with TD over the years and all went smoothly. The below experience was such a shock to us, especially for TD Bank. Maybe these were newer staff members inside lending. We are not a disgruntled customer of TD Bank ( we even opened 4 new checking products since ) and we do not have an axe to grind. We were treated terribly and taken advantage in such a major way. Experience was horrible, and we were treated worse when trying to reconcile and work w/the bank. TD Bank offers some of the best rates for many situations so it is hard to avoid TD Bank for loans. We even checked on an additional loan months AFTER this terrible experience because the rates were hard to ignore ~ equally disgusted on this experience as well ... story for another day. Point being, we do not have an axe to grind, TD did take advantage ( in a big way ) and we were treated horrible. We are agreeing to publish the description in the hopes that, at a minimum, others will be aware not to trust the innocent sincere sounding voices of TD Bank lending, to expect TD to go back on their word ( even their written word ) and to expect being treated like a criminal if you express concerns about the process or experience. ( TIP : TD Bank Chairman Board is designed to support internal departments of TD Bank, NOT the customer. ) __________ SITUATION __________ The terms of the mortgages which TD offered, and we accepted, were not the terms furnished at the closing table. We were a captive audience unable to change midway. Penalties of default were too high to seek new financing options. TD Bank quoted based on a special program that required borrowers to meet to qualify. Apparently not 'all ' qualification terms were disclosed in advance as we kept learning of " new '' qualifications throughout the process. In addition, TD Bank kept changing the goal posts. Both loans were quoted as 3.75 %, 30year fixed, Opt, rate lock fees waived. Both loans at settlement incurred points, higher interest rates, unexpected fees. T.D.Bank missed closing several times ... no show one day. We also incurred over {$8000.00} in per diem fees. Efforts to work w/TD Bank and reconcile included : Direct conversations with lending department ; situation worsened severely. Contacting TD lending senior management ; ignored. Seeking TD management support outside of lending ; traction, yet denied Filing concern with TD Bank ChairmanService Center ; dept purpose is to support TD. Filed a complaint with the XXXX XXXX XXXX Recently spotted an article directing me to CFPB for support. This was a highly charged, convoluted and dramatic dumpster fire. We appreciate any support CFPB is willing the provide. _______________________________________ SUMMARY FROM BORROW 'S PERSPECTIVE _______________________________________ TD Bank did not furnish either loan as promised. TD Bank lied and went back on their word on terms ( aka no fee rate locks. ) TD Bank kept revealing 'new qualification ' requirements throughout the process. TD Bank kept changing the goal posts at random. -- -- When lending manager eventually got involved, the discussion centered on 1 ) Manager 's qualification from another bank, 2 ) Questioning why primary source of funds were stored at another bank ( not TD. ) 3 ) TD was entitled to 'more of the business ' ( profit ) and that can happen when having an over eager commissioned sales agent etc. TD Bank waited too long to work on the loans. We committed at the beginning of XXXX with a closing in mid XXXX. The entire process rebooted from scratch in mid XXXX. Long long delays between steps, told no one wanted to touch these loans, key staff MIA and no communicating, sudden unannounced vacations w/no one covering ( as an example. ) TD Communication was difficult throughout. Multiple requests for the same documents, one person not knowing what the other had done or requested, every day something new. Document management process a black box where the borrower has no insight any not able to help or support lending team. TD Bank made unilateral decisions after we were already in default paying per diem fees that significantly added to the cost of closing. Though TD made these above decisions, actually failed to show up for closings ( etc. ) TD refused to cover even the costs of the per diems directly associated with these actions. TD agent continued to make fun and make disparaging comments about us throughout, including to a large group in a special meeting to discuss his problem and options that included the builder, realtors, ourselves. ______________________________________________________ SUMMARY FROM LENDER 'S PERSPECTIVE ( as we understand ) ______________________________________________________ Buyer did not qualify for preferred loan option and as such we needed to change the loan in order to reach closing. Customer wasted time trying to qualify adding to delay and costs at closing TD Bank was the hero as we managed to get the loans through. Customer is whining about the problems they caused and need to be thankful we got the loans approved.
Company Response:
State: PA
Zip: 19087
Submitted Via: Web
Date Sent: 2020-12-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-12-07
Issue: Fraud or scam
Subissue:
Consumer Complaint: I wired {$4000.00} through TD bank, but later on found it was a scam. I wanted to wire money to XXXX XXXX but in reality I wired to a personal account. ( This was a scam from a dating app. I already reported to reportfraud.ftc.gov. ) I went to the police department and the police asked me to get an affidavit from my bank stating that there was suspicious activity on my account. I then requested from the TD Bank, but got rejected. The bank stated that because I initiated the transfer so there was no suspicious activities involved. Until now, I am not able to make a report because the police insisted that they need the affidavit in order to start the case. I understood that it was my fault to initiate the money transfer, but TD Bank did not ask for any evidence about the scam that I encountered but just rejected my request for getting an affidavit, so I am not able to make a report to the police. This is irresponsible!
Company Response:
State: NY
Zip: 11354
Submitted Via: Web
Date Sent: 2020-12-07
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-12-05
Issue: Confusing or missing disclosures
Subissue:
Consumer Complaint: I received a check for {$4500.00} in my name for selling my car. I deposited the check around XX/XX/2020 at TD Bank XXXX XXXX XXXX XXXX Washington DC. I was informed by the bank teller that the check would be clear and available within 24hrs. I didn't withdraw any funds until Thursday XX/XX/2020, l was not told to wait 7 days before the check cleared l was told 24hrs. I began paying some bills that was with 7 days {$2000.00} minus from {$4500.00} which was left about {$2500.00}. That Monday XX/XX/XXXX my Bank Account was frozen and l spook to a TD Bank representative and was told l had a over draft of - {$2000.00} and the rest of the funds were taken by the Bank. I was misled to believe the check was clear in 24hrs he said TD Bank flowed me the funds until the check cleared. My question is why didn't they tell me that before my account was frozen l would have never touched the funds until it was clear? I feel that was misleading and not true of my protection from this Bank with a fraudulent check l received and have to pay the {$2000.00} back to the Bank. Is the bank protocol to mislead a consumer where is my protection?
Company Response:
State: MD
Zip: 21216
Submitted Via: Web
Date Sent: 2020-12-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-12-05
Issue: Fraud or scam
Subissue:
Consumer Complaint: I was looking for a XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX online since this card has been sold out from XXXX. I came across a listing on XXXX for this card. It mentioned it was slightly used and was selling it for XXXX. On XXXX this exact card is going for over XXXX. I offered XXXX and he excepted. I asked about payment and he said he excepts XXXX. I continued to send payment for XXXX on XX/XX/20. On XX/XX/20 XXXX texted me back saying that I need pay XXXX additional for shipping and insurance. I advised him that I don't need the insurance and would only pay the shipping. He was then harassing me to send me him money. He started at XXXX, then XXXX, then XXXX. I simply said no and this doesn't sound right. I said no deal and send me my money back. Also, he was using a different phone number as well for the texting. It was XXXX XXXX XXXX XXXX. Since XXXX I have been bothering him to send me my money back and at one point he said he would on XXXX but it would have to be a wire transfer. I told him to stop play games and send my money back. I also sent money request through XXXX and he continued to decline them. I gathered this information that i have from a website XXXX I bank with TD Bank and when I informed them that I was a victim of this scam they would not do anything to help me get my money back. I have 3 accounts with TD and a long standing customer. They simply refused to help me. They said I can open a case but most likely they can't help. This is outrageous that I can not rely on my bank to help me at all. Now I filing complaints all over the internet on my own from being a victim of this scam. Next item is XXXX, they also said they can not help. Companies like XXXX, and XXXX protect their customers but seeing that XXXX and TD are not willing to do anything.
Company Response:
State: NY
Zip: 10312
Submitted Via: Web
Date Sent: 2020-12-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-12-04
Issue: False statements or representation
Subissue: Attempted to collect wrong amount
Consumer Complaint: I purchased earbuds from XXXX in a credit bases online from the XXXX website. Later in a month I was decided to pay off and got to the same website but couldn't find my account details. I tried to call them no way to get in touch at all. I sent out email and nobody was returning it at all. After a months later, they sent out a bill with penalty to pay and get a phone call to pay them amount with interested, I refused to pay penalties but willing to pay the full amount in my purchase. Then they screwed up my credit and get denied my refinance application because of it. At the end I found out that they have another website which is totally diff. from XXXX. which they claim are financing to XXXX ( XXXX ) where they were expect me to pay for. To make it worst I called the number in XXXX account statement bill and they told me that it's TB Bank which create frustration and how the customer service is handling all the billing paying access difficult. I have spoken XXXX and XXXX from the customer service.
Company Response:
State: CA
Zip: 91767
Submitted Via: Web
Date Sent: 2020-12-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-12-04
Issue: Trouble using your card
Subissue: Can't use card to make purchases
Consumer Complaint: I wanted to purchase a TV from XXXX for the XXXX sale, and saw the financing option which sounded pretty good. I applied to get financing, but at first my application was rejected, since my credit history was locked. I called the merchant bank ( TD Bank ) and unlocked my credit history and they retried the request and it succeeded. So now I had a hard inquiry on my credit report and was approved for XXXX . I got my welcome kit in the mail a few days later and I set up my account online as well. After this, I went to purchase my TV from XXXX, but I couldn't use the financing option anymore, it was still stuck on the old error of my credit being declined. I called XXXX and asked to be helped but they kept sending me from one department to the other, and finally to TD bank. I called TD bank to resolve this issue, and they said its XXXX who needs to fix it. It has been over 3 weeks now, and I am still unable to make any purchase, and despite repeated calls to both companies I haven't received any resolution. Now, I really don't want to do business with a company with such bad service, so I want to close my XXXX credit account, but that will put another remark on my credit history. I don't want to keep the financing open, since I know in the future in 2 - 3 years, they will come back with some fine and charge me for not using the financing option.
Company Response:
State: WA
Zip: 98103
Submitted Via: Web
Date Sent: 2020-12-04
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-12-04
Issue: Opening an account
Subissue: Account opened as a result of fraud
Consumer Complaint: On XXXX/XXXX/2020 I received a statement from TD Bank. It read that I opened a Checking account for {$20.00}. Called TD Bank on XX/XX/2020 to report that I did not open this account. I was told that there was a saving account in my name also. Td Bank put a freeze on those accounts. They also told myself that I need to report this to the Federal Trade Commission And Social Security
Company Response:
State: CT
Zip: 06512
Submitted Via: Web
Date Sent: 2020-12-04
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-12-04
Issue: Attempts to collect debt not owed
Subissue: Debt is not yours
Consumer Complaint: I have asked target to remove this account from my credit report. I have never asked to be an authorized user on a target card nor have I ever used one. This is fraud! Target sent a letter stating they couldnt find me on an account. However XXXX has refused to remove this account from my credit report.
Company Response:
State: FL
Zip: 33311
Submitted Via: Web
Date Sent: 2020-12-04
Company Response to Consumer: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-12-03
Issue: Fraud or scam
Subissue:
Consumer Complaint: I responded to a XXXX XXXX advertisement about a room for rent. I got in contact with the owner who told me his name was XXXX XXXX. He wrote up a rental agreement and we both signed it. He then had me XXXX him {$1000.00} for a security deposit and first months rent. A different name of XXXX XXXX showed up in the bank statement ; so thats when I knew that he was lying about his name. The XXXX advertisement had then been taken down and he has blocked my number.
Company Response:
State: NH
Zip: 03103
Submitted Via: Web
Date Sent: 2020-12-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-12-03
Issue: Incorrect information on your report
Subissue: Information belongs to someone else
Consumer Complaint: There are unknown hard inquiries on my credit report. Im requested the verification of the inquiries and the method of verification. On XX/XX/2020, TD AUTO FINANCE add a hard inquiry on my credit report per XXXX. On XX/XX/2020, XXXX XXXX XXXX add a hard inquiry on my credit report per XXXX. On XX/XX/2020, XXXX/XXXX XXXX XXXX add a hard inquiry on my credit report per XXXX. But companies did not provide the following proof : Permissible Purpose My written authorization Proof that I personally initiated these inquiries. To my knowledge, I have not signed any documents authorizing your organization to view my credit history therefore, your inquiry into my credit report violates the Fair Credit Reporting Act, Section 1681b ( c ) : Transactions Not Initiated by Consumer.
Company Response:
State: OR
Zip: 97236
Submitted Via: Web
Date Sent: 2020-12-16
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A