Consumer complaint received 2023-06-02
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Charged fees or interest you didn't expect — 
Company: TD BANK US HOLDING COMPANY (GA)

On XXXX, I purchased through TD Bank XXXX XXXX XXXX a washer and dryer. I was told that the minimum monthly payments would not be enough to pay off the loan in 12 months for the differed interest ( 0 % APR for 12 months ) financing. The payment for the washer, dryer, extended warranty, and taxes and fees, was XXXX, and I was told no interest if paid in full, and if not, the interest amount would be charged from the original purchase date. I paid the amount a month later for the financing via using their online website, as they said via email their would be a bill that I would receive with my account numbers, interest amounts, etc. I was traveling, and paid the amount near XXXX PST, despite living in GA at the time I was traveling. I called TD a few days after, in order to get the late fee waived, and they said to just wait until the end of the year when I had finished making the payments toward the principal balance due and that I would essentially be given the offer for a late fee waiver at the end- this was after hours of hold times, so I just took their words at face value. Today, they marked my credit negatively for a late payment as they charged a late fee ( that I was told would be waived ), that applied toward the balance and triggered my interest to be charged as it was no longer considered deferred, despite my making 12 payments in the amount of XXXX XXXX totaling to XXXX, which was actually more than the actual retail cost after taxes of the washer and dryer. I called TD Bank, and the representative told me that their agents had not made adequate notations in their system of my prior calls, despite them having records of one call later on where we discussed that same late payment, where they called me and I answered because I could not get in touch with anyone. They have called me 4 times daily for the last 2 months in efforts to get their debt resolved, I say that with quotes because it was something they imposed, if they wanted me to pay the late fee - fine, but there should be no reason penalties are ADDED to the principal balance when the only reason I did not argue further was because the representative told me it could be waived when I was done paying it at the end of the year. The balance due was XXXX, and I paid XXXX, leaving the XXXX late fee as well as any interest incurred on it to the statement to be waived by customer service. Now, they are saying it is a valid charge because I did not pay the full amount, though the {$1500.00} was actually more than the amount I financed from TD Bank. The late payment should never have been levied as it was a systematic error and I hadnt even received proper correspondence to make the payment from TD in the mail. I understand that this was at the height of Covid-19, so, mail took a little while longer, but this should make TD want to keep their customers and be understanding of people who arent even having issues paying the bill, but just didnt properly receive their statement to know when their payment is due, the amount to pay, or any of the proper guidelines or requisitions to keep the deferred interest going.