Consumer complaint received 2020-02-21 00:00:00
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Charged fees or interest you didn't expect — 
Company: EVERBANK, NATIONAL ASSOCIATION
State: TX

Complaint narrative:
TIAA BANK has engaged in actions that involve scamming and misleading me as a client. I believe that they are not honoring the lending agreement, and below are the details of my complaint : Before signing the loan agreement, I have repeatedly stressed that it is my intention to payoff the loan after 6 months, I was informed that this can not be accommodated, and for the bank to be able to make a profit and gain interest on the loan, I would have to agree to make at least twelve full payments on time, before I am able to pay it off without any penalty, and without added fees, I reviewed and agreed to the terms and signed, and reviewed the details of the prepayment section on the loan agreement. 

After I completed 13 full payments on time, I have requested a payoff quote, and the amount that I received is {$7000.00} more than the principal owed. I have made numerous attempts to contact the bank and inquire about the difference, I was highly alarmed when I called to inquire about the principal balance none of the customer service representative were willing to give me the exact amount owed to date, I have never encountered a similar experience with any other lender. When the payoff quotes were too high compared to the principal amount calculated on the amortization schedule and I requested written details about the amounts that are adding up to the total payoff quote, the managers at first stated that I was responsible for the full amount of interest agreed upon on the loan, when I informed them about the prepayment terms and how there should be no penalty for prepayment after 12 full payments, then they started stating that the difference is out of pocket expenses on the loan, and if they do not collect it they will end up losing money where they just want to break even at this point, I informed them that this is unacceptable and asked to provide evidence and proof along with details about the amounts that they are requesting to be paid on top of the principal owed and they have refused to provide this information, I have repeatedly stressed the urgency in reaching a resolution so I am able to payoff the loan as soon as possible to avoid another monthly interest fee, and yet they engaged in avoiding calls, and at the end stating that it is what it is and the full quote has to be paid as quoted, and they are doing me a favor that they have discounted the interest amount for the full term of the loan. 

My complaint about this financial institution TIAA BANK, is it has engaged in misleading behavior, they lack the transparency and truthfulness in lending, with my level of education and understanding when signing the terms of the loan, it was clear to me that what I have requested was listed in the terms that we agreed upon when signing the loan. 

I was never informed about any out of pocket expenses or origination fees with the XXXXAA BANK that I will be responsible for at the prepayment, other than the {$120.00} one time documentation fee that was clearly listed on the agreement, and on the prepayment details in the terms of the loan, it stated on section 12- ( b ) " our initial direct cost and out of pocket expenses, IF ANY. ". I was never informed nor would I have agreed to such costs if it clearly stated that there will be {$7000.00} in direct cost or out of pocket expense to be paid on top the {$17000.00} interest for one year! This is unacceptable and outrageous.

Company response to consumer: Closed with explanation