Consumer complaint received 2021-05-06
Company: TD BANK US HOLDING COMPANY
State: GA
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Credit monitoring or identity theft protection services
Sub-issue: Billing dispute for services

Complaint:
For XXXX thanksgiving, i bought a XXXX XXXX XXXX from XXXX  : XXXX leveraging their 0 % 36 month financing option at $ XXXX. The financing seems to be from TD bank. Phone was delivered to me promptly, however i did not receive any information on bank, card, account number, payment due, payment options etc.. 

In XX/XX/XXXX, i noticed a delinquency record related to XXXX phone. I called XXXX customer service and they confirmed that its TD Bank dealing with financing. I called TD Bank Customer Service - there was no option to speak with customer service agent in their IVR option. I got hold of debt collection teams number, i called and spoke to them and realized that they do not have my address and phone number so there was no communication sent to me. I gave them my address and phone number and asked them to update and issue my new card / new account number. I also paid outstanding balance at that point of time {$140.00}. This amount include late fee of {$100.00} charged to my account. They waived XXXX late fee, for the remaining they asked me to submit a dispute form. I was told that i need to submit/mail in a physical dispute form to reverse the late fees. I was hoping that problem will be solved so went ahead and submitted dispute form as well on XXXX  XXXX XXXX through USPS certified mail to TD Bank Retail Card Services - XXXX XXXX XXXX XXXX, XXXX, SC XXXX. Tracking number was XXXX. This was duly delivered on XXXX  XXXX. However, my ordeal with TD bank did end there. As i dint receive my new card or account number, i called them XX/XX/XXXX to enquire. Only debt collection team will speak to customer in TD bank, their customers has no option to speak with customer service agent in the IVR ( XXXX ). I connected with a debt collection agent to find out that no communication was sent to me and they had already applied additional {$38.00} as late fee towards XXXX XXXX payment. TD banks debt collection agent ( XXXX  ) confirmed that they can not reverse more than 1 late fee. I enquired if they received my dispute form, they have no clue on that as well. XXXX claimed that she is transferring me to dispute team, but later updated me that she spoke to dispute team and they confirmed they did not receive the dispute. Only thing XXXX helped me with is my new account number so i can register myself online. on XX/XX/XXXX, i paid {$1000.00} for a phone that was valued at {$940.00} to close down the accound and avoid any more bad experience with them. It looks like TD Bank business model is to make money on late fees on 0 % installment loans. Through zero communication to customer, they ensure they will get late fees on every loan account. 

Overall, TD bank punished me for no mistake of mine and they had no intention to reverse and rectify the situation inspite of no mistake from the customer. I want CFPB to look into this issue and take strict action against TD bank for exploitng customers and take action to correct my credit report with delinquency record and refund late fees charged to my account and additional compensation for bad experience..

Company response to consumer: Closed with monetary relief