Consumer complaint received 2015-04-25
Product: Bank account or service — Other bank product/service
Issue: Making/receiving payments, sending money — 
Company: TD BANK US HOLDING COMPANY (NY)

The loan system of TD Bank is very confusing. I was rejected today by TD bank to waive the late fee after my best effort to correct a late payment situation. I then realized that it is TD Bank 's deliberate intention to create this confusion to make extra profit by collecting late fees on customers. For a {$2400.00} tax escrow late payment, TD charges {$160.00}, which is 6.54 %. 

Almost all other banks I have dealt with either send a coupon booklet for XXXX month payments or mail a monthly statement consisting of both loan and escrow payment. In contrast, TD Bank mails out XXXX separate statements with XXXX payments due monthly. The XXXX is the escrow statement every month around XXXX and due on the XXXX of the following month while XXXX statement is for interest and principal payment around end of the month and due on the XXXX of the following month. Meanwhile TD requires the borrower to maintain a checking account for TD 's direct withdrawal. 

Ever since I had this loan at the XX/XX/XXXX, I have always made my payments on time. I usually set auto pay for the ones with coupon booklet. For those which do not send coupon booklet, I rely on their statement to pay my mortgage because the annually changed tax escrow amount. However, the past XXXX, for whatever reason I did not receive XXXX credit card statements and TD 's escrow statement on time. As soon as I was aware of the lateness, I contacted XXXX XXXX, my account manager from TD Bank. He advised me to pay personally at one of their branch. So I did and also established the auto transfer to my TD checking accounts according to my best estimate. From my track record, XXXX waived my late fee and interest immediately after I explained, but not the TD Bank. 
Before TD turned down my request, XXXX XXXX arranged a meeting with me and expressed that TD will need more business to exchange for this waiver. At the same time he also agreed with me that TD 's XXXX a month loan statements are inefficient and confusing. 
When I followed up with XXXX XXXX on XX/XX/XXXX, I was told that his supervisor rejected it because I have no potential profit to them. I am shocked that a world known bank would handle situation only based on interest instead of fairness and principle. I have been a manager in real estate business for XXXX years, never paid a late fee. All US banks small or large are very reasonable. They base your track record and allow you at least XXXX time late payment leeway. Nevertheless, the TD Bank refuses any refund for the bewildered system uniquely from all others regardless if you have been a good customer so that TD can easily earn the extra profit whenever an oversight happened. The late fee of {$160.00} was only for the lateness of the escrow. I wonder if I would be end up with another late fee of {$170.00} based on the same 6.54 % calculation if the XXXX part of payment which is for interest and principal of {$2700.00} was late. As a reference, I have a similar amount of loan with XXXX XXXX XXXX, its late fee for both loan and escrow is only {$87.00} per month. 

If a huge corporation like TD Bank has some ethic value in this business, I believe TD should at least give its customers one chance to refund their hard earned money and more importantly correct its system to clarify its parts of duty.