Consumer complaint received 2024-08-20
Product: Payday loan, title loan, personal loan, or advance loan — Personal line of credit
Issue: Charged fees or interest you didn't expect — 
Company: TD BANK US HOLDING COMPANY (NY)

I opened a XXXX financing account around three years ago, which is administered by TD Bank. The account is exclusively for purchasing XXXX devices. Because the account has a 0 % interest rate, I have had automatic payments set to pay the minimum monthly payment on the payment due date ( XXXX of the month ) since I opened the account. I have not changed my automatic payment settings, but I was charged a {$29.00} late fee this month because TD Bank claims they did not receive my payment for last month 's statement by XX/XX/year>. My bank statement shows that TD Bank took the payment from my account by direct debit on XX/XX/year>. My account is now " past due '' because the automatic payment was {$1.00} less than the required amount, which includes the {$29.00} fee. When I called TD Bank ( XXXX ) on XX/XX/year> they said the late fee was assessed because I didn't pay on time and angrily stated that automatic payments for the minimum amount don't necessarily always pay the actual minimum amount. After I said that I should not have to pay the {$29.00} fee because it was an error in their auto-payment tool, I was told I would need to transfer to " Customer Service '' and was placed on hold for over 50 minutes. Due to work obligations, I had to hang up. When I called TD Bank at XXXX, which is the phone number on the XXXX Financing statements, on XX/XX/year>, I stayed on hold for 3 hours and 25 minutes before again needing to hang up due to work obligations. In addition, I submitted a support request XXXX XXXX XXXX XXXX but received no response, even though the platform says to expect a response within a couple of days. Today, XX/XX/year>, I can not log into my account and instead see the following message. 
" We're having trouble accessing your account. Please try again later. '' Today, XX/XX/year>, I received a letter stating the following. 

We are writing today to let you know that your account is past due. Please promptly send your total payment due by the required due date as set forth below. You may use the envelope provided. 
If you are experiencing difficulties with making your payment, please feel free to call us toll free at ( XXXX ) XXXX Monday - Friday XXXX EST or Saturday XXXX EST. We may report information about your credit card account to credit bureaus. As a result, your credit report may reflect late payments, missed payments, or other defaults on your account. 
As stated in the terms and conditions of your account, you must make minimum monthly payments by the due date for your account to remain in good standing. 

XXXX and TD Bank sent a series of emails last month in which they announced transitioning to a new system with a new URL and that they expected longer than normal call times. The URL was previously XXXX XXXX XXXX, which is no longer accessible, and is now XXXX XXXX XXXX In the new account, none of the past statements are available. 

In summary, I have happily had automatic payments set up since I created my account, but due to a TD Bank system error, TD Bank erroneously charged a {$29.00} late fee and threatened to damage my XXXX credit score due to a past due amount of {$1.00}.