Consumer complaint received 2019-05-18
Company: TD BANK US HOLDING COMPANY
State: NH
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Closing on a mortgage

Complaint:
XXXX I opened a HELOC from TDBank in XXXX, NH. I had a construction project that I needed to have done on my house and the original intent was to set aside {$30000.00} which is what the builder needed to accomplish the task. I spoke to the bank and the monies were taken out of the HELOC, set aside as a fixed rate loan with a monthly payment. The loan officer told me that these monies would never be available for me to use again. I was comfortable with that information since my purpose was to have the home repair done. As you can see from the attached documents this occurred in early XXXX. the HELOC was a 10 year draw and the account closed in XXXX of XXXX. As of that date I have not been able to draw any monies out of the XXXX and have been in repayment only. The amount that the bank wanted me to pay monthly in XXXX of XXXX was approx. {$800.00}. This was a large sum for me considering that I was still paying on the house mortgage. ( The house mortgage was paid off in XXXX of XXXX ) I spoke with TDBank and was told that the fixed rate portion of the HELOC was almost paid off - I owed approx. $ XXXX ( I don't remember the exact sum but, if necessary, I have the documents and can provide this. ) If I could pay this remaining amount owed I would be able to bring down my monthly payment to approx. {$500.00} and this is what I did. I finished paying off these monies in XXXX of XXXX. I have been in repayment only since XXXX of XXXX and have not drawn anything off of the account since that time.So ... ..My branch bank helped me finish paying off the fixed rate part of the loan and I appreciated their help. However, I did notice in XXXX of XXXX that the {$30000.00} was still included on my monthly statement. I spoke with the local branch manager, XXXX XXXX, who made phone calls on my behalf, said that there was some type of late fee which equaled {$15.00} and she would pay it out of the bank kitty. So done, I was thrilled, and she congratulated me! However, the amount never did come off of the statement. I was busy with work committments, job change and other life issues. Approximately one year later though, in XXXX, I did try to contact XXXX again. XXXX was now at another branch and it was difficult to reach her. However, I finally did, she 'sort of ' remembered but when I asked her to look into my account she wasn't able to assure me that, in fact, everything was paid as I had previously understood. This is when I originally made my complaint after speaking the State of New Hampshire who directed me to you. Please note the attached documents. I have included the initial statement from XX/XX/XXXX when the HELOC was granted ; the letter anouncing the loan amount in XXXX ; a statement from the folllowing month where you can see that now the {$30000.00} has been deducted from the initial HELOC amount of {$50000.00} ; later statements also show that those monies were always considered " spent '' and never part of my available balance. I have also attached the letter that I received from TDBank in XXXX as a reply to my CFPB complaint. What I don't understand is that in the letter it seems that the person is stating that somehow as I paid the {$30000.00} off the monies became available to me again in the HELOC ( or the {$200000.00}. This doesn't quite ring true to me. Since I know that when I would look at the HELOC I can remember only having perhaps, {$100.00} or some smalll amounts available and this would be basically available when I paid the monthly payment, i.e. as a credit card makes monies available. I realize that the {$20000.00} remaining in the HELOC was, in effect, a credit card. However, since XXXX when I finally paid off the fixed rate loan, I have made monthly {$500.00} payments which equals $ XXXX/year.

Company response to consumer: Closed with explanation