Bad experience with my bank

[Cordelia]

So today I lost $13,000. Not your typical everyday kind of happening. 

I sold my old house and had to take a cheque to my lawyer today for thirteen thousand bucks. I'm so angry and ticked. I have enough stress in my life I sure didn't need this to happen. Somebody at my bank did not tell us we'd have to pay a penalty for switching from a fixed interest rate to variable going into our new mortgage. Needless to say, talk about a major bomb being dropped on my family and I.

In a nutshell, I never want to deal with TD Canada Trust ever again because of the mortgage rep not telling us we would have to pay this penalty. And, I can forget about going through my lawyer because I don't have the money to sue.

I've been a customer of this bank for 25 years and they don't care.

I made a move to the city I'm having dialysis done to be closer for my dialysis treatments and this is what happens one month to the date I moved here

I'm screwed.

[Stoday]

Even in biblical times bankers were considered morally lower than common prostitutes.

 

[YLGuy]

Did your previous mortgage have a pre-payment penalty? How long was it in effect? When did you originally take out the mortgage?  I was a prostitute...I mean I worked in the banking/mortgage industry for well over 20 years.  You can PM me as this is sensitive information.  I would be more than happy to review any documents and offer any advice if possible.  It sounds like the train already left the station but there is still a chance I may be able to help.
Marc

[MooseMom]

Oh man, you could have bought me lots of lovely presents with $13,000! 

That's atrocious behaviour.  I'm really sorry to hear this; that's a lot of money to you but not so much to the banks.  That money won't even go to any good use.  It won't be used for loans for small businesses because banks aren't loaning money these days.  I'd be outraged if it wasn't almost 3AM.

[greg10]

..So today I lost $13,000.
In a nutshell, I never want to deal with TD Canada Trust ever again because of the mortgage rep not telling us we would have to pay this penalty. And, I can forget about going through my lawyer because I don't have the money to sue...

I am sorry.  And I thought that their $20 per month "dormant fee" on a savings account was bad - very creative, but still bad.

[WishIKnew]

so sorry this is happening!!!!!!!!!

[carol1987]

That is just awful!!  So sorry...

[willowtreewren]

OH, I feel for you, Cordelia!

Banks are getting more and more creative about separating us from our money! 

 

Aleta

[Cordelia]

Thanks, everyone You all are very sweet and caring, thank you

I'm just in a state of shock this has happened. I just can't believe that they did this to us. I found out that this is a common problem-with a lot of banks, it seems unfortunately  It's sooooo frustrating. I had very much planned to use that money for home renovations that really needed to be done this summer in my new place. 

It feels like being a good, faithful, loyal customer of a bank institution just doesn't matter anymore in this day and age. I feel cheated and lied to. 

Thank you, Marc, for your offer, I really appreciate it. Unfortunately, the damage has already been done. 

I wanted to share this news because I really don't want to have anyone else suffer the same fate.

If we had been properly informed, we would never have gotten a new mortgage through Toronto Dominion. The guy, whom we thought was trustable, ended up after realizing AND admitting his big mistake, had the odacity to tell us he had experienced a similar happening not long ago getting a new mortgage himself. Why, if he knew, would he not have told us-wouldn't a bank rep not want to inform his/her clients of a severe penalty like this? He did not, it was HIS mistake/the banks's oversight and we, the customer, have just paid the price. Where's the fairness in that!?

[Darthvadar]

Wow!...

Honestly, a man from the bank in a suit with a briefcase can take a greater amount of money than a man with a gun can take from a bank!!!...

At least Dick Turpin had the good grace to wear a mask when he robbed people!....

Hope it all works out for you.....

Love...

Darth...

[FineWhine]

Oh, I don't think it is too late to try to get that money back! Do you have a banking commission? Talk to them. Write to the newspaper about your story. There may be a clause about moving for job or health reasons, something you were forced into. Also, in the states there usually has to be a separate form to sign that says you know about this clause. Sorry, dear

[Willis]

Oh, I don't think it is too late to try to get that money back! Do you have a banking commission? Talk to them. Write to the newspaper about your story. There may be a clause about moving for job or health reasons, something you were forced into. Also, in the states there usually has to be a separate form to sign that says you know about this clause. Sorry, dear

I agree! You said you took the check to your lawyer so I'm assuming there was a formal closing on the loan documents.

LOOKING OUT FOR YOUR INTERESTS IS WHAT THE 'FRIGGIN LAWYER IS SUPPOSED TO DO! 

If nothing else, report the lawyer to his licensing board and threaten to sue him for failure to exercise his fiduciary responsibilities.

 

[Cordelia]

Thanks so much for your advice. 

What's a banking commission?

[monrein]

Cordelia, I hope you will write a letter of complaint to the branch manager and right on up the line.  http://www.fcac-acfc.gc.ca/eng/consumers/complaints/chpinstitution-eng.asp?id=37

I'm a TD Canada Trust customer also and I would want the branch manager, the regional manager and right on up the chain to know about the lack of information given and the "oversight" that is causing hardship for your family.

Unfortunately I don't know which bank I'd switch to since they basically all have the same practices. 

[Cordelia]

Hi Monrein. 

Thank you for the link! My husband also got a website, I'm not sure if it's the same one-I'll def look into it!

We had been talking to the bank manager's too but unfortunately, it's the 'powers that be' over the manager's that made the decision.

You hit the nail on the head about other banks so we have decided to deal with a credit union instead. 

[RightSide]

Cordelia,

Are you saying that nothing about such a large penalty was mentioned in any of the documents you had signed in order to get these loans?  If so, then I don't see how they can force you to pay it.  All your obligations are spelled out in the documents with your signature on them.

It doesn't matter what the mortgage rep says; it only matters what the documents say.  Have you checked the fine print of all the documents you signed?

Whoever informed you of the $13,000 penalty should be able to cite the exact paragraph of some document that mandates this penalty. Force them to justify their claim.

[RightSide]

One more thought.

I have an equitable solution to this problem.

Insofar as the bank rep has already admitted he erred badly in not warning you about this penalty, I would suggest to the banks' branch manager that they freeze this bank rep's salary for the next 3 years.  No raises or promotions.  The money saved that would have gone to this bank rep's raises, would go a long way toward paying off your penalty.

I'm serious.

[Cordelia]

Hi Rightside, thanks so much for your advice I'm trying to look into this further.

I totally agree with you on that about any raisies, promotions, or anything like that, that they be frozen. If I were his boss, I'd have fired him for sure!!

[Rerun]

Take out a loan for $40,000 (give yourself an extra $10K) and be really SLOW about paying it back.  Like if the payment is due on the first and fines start on the 10th pay on the 9th.  Just eeeeek it back to them.   

This would really piss me off.  They saw that you had the $30,000 sitting therre so they didn't tell you.  If you had NOT had the money sitting there they would have had to tell you. 

[Willis]

Cordelia,

Are you saying that nothing about such a large penalty was mentioned in any of the documents you had signed in order to get these loans?  If so, then I don't see how they can force you to pay it.  All your obligations are spelled out in the documents with your signature on them.

It doesn't matter what the mortgage rep says; it only matters what the documents say.  Have you checked the fine print of all the documents you signed?

Whoever informed you of the $13,000 penalty should be able to cite the exact paragraph of some document that mandates this penalty. Force them to justify their claim.

I agree 100%. BUT if the documents do show that you owed this amount (and since it obviously wasn't collected at closing) then your attorney is to blame. There's absolutely no excuse for you to hand over money at a closing and then later find out that something was "missed." That's the attorney's job to have all the correct numbers BEFORE you sign anything. Theoretically, if you had known about this extra $13,000 you could have reneged on the deal and not gone through with the closing. You were not the only party to the contracts signed at closing...the bank was a party too and if they signed off on everything they can't then come back and say "oh, wait! We forgot something!" (that is assuming it wasn't in the signed documents). If the amount IS in the paperwork and the attorney just happened to miss it (i.e., he screwed up), then he should cough up the money.

 
 

[Jie]

I don't understand why one needs an attorney to deal with a mortgage. Sorry for what happened.

[Jean]

Absolutely bitch and complain to any one you can get your hands on. Seems to me it is the attorney who screwed up and he owes you some money. Just dont sit back and be quiet and take this laying down. Write and write and write until you get to the top of the ladder. Like Marc, I also worked in a bank for a very long time, however, I was in operations and that is where the buck stops. Any banker will reverse a fee if they have a client in the bank lobby screaming about it.

[Cordelia]

I love the part of screaming in the lobby!