Read on people !!
I hope you dont mind I borrowed this.
TD Canada Trust is the worst bank ever.
i’ll preface this with the fact that the tellers of TD Canada Trust have always been amazingly pleasant and helpful.
unfortunately it ends there. the mortgage department in particular, are the most horrible, inexperienced and EVIL people i’ve ever had to deal with. i’ve been a TD customer for almost 20 years, and at one point i had a dozen different accounts/services with them (i’ve since closed all my accounts with them except my mortgage). i’ve even had another mortgage with them (which was almost equally as painful to setup, a few years ago).
my wife and i bought a new place about a month ago. we received confirmation from TD that we were approved to buy it, so we removed all subjects and the offer was accepted. which was great. TD said, in writing, we were approved for the amount, based on our finances. two days before closing though, TD started to demand information, like tax papers, employment records, etc – all standard stuff, so we obliged, wondering a little why it was so late. and then started requesting more information from us, which we gave them, and then more. so for two days, they would tell us they only need “x” piece of information then the mortgage would be set. so we’d give it to them, and then 5 minutes later they’d request more information. this went back and forth around 15-20 times, including re-requesting information we had just given them and requested more and more ludicrous information from us.
our broker was even flabbergasted, as she used to be a TD employee – she couldn’t understand what was going on.
then TD requested more money for the down-payment. and not just a bit more, well into 5 figures more. which was required within a couple hours of them requesting it (i.e. that business day) or the mortgage was going to fall through.
at this point our lawyer was involved to sign all the papers and write things up. he was flabbergasted too. he does mortgages all the time, but couldn’t believe what they were requested or how much they wanted from us to close. TD even changed the interest rate FOUR times on us, raising it slightly every time they gave us documents to sign. which, we had to fight, each time.
we didn’t have a choice as that point though, since closing was only a day (or on the last day, hours) away. so we didn’t have time to get a mortgage elsewhere.
finally, mere hours before the deal was set to close things were finalized… costing a lot of money, and taking 2 full days of our time.
fast forward a month to now. the place is great, TD are still messing up as they haven’t taken any mortgage payments out yet. now, i take some responsibility for not checking my personal bank account and realizing they hadn’t taken any mortgage payments out. i don’t go into that account and look at the balance – i just mentally keep tabs on what i’ve gone in it, assuming money comes out when it’s automatically supposed to.
no one from TD contacted us to let us know we owed them a few payments. now, you might be thinking, way to go, you might have had a free place! but TD isn’t like that. they would have realized a year from now, and charged us an insane amount in interest and penalties… so i decided to deal with it now. i called all morning to the TD branch the mortgage is through, and got no answer. so i walked to the branch. there was no one available to talk about the problem, nor would anyone be in during the day to. someone is in tomorrow, but their fully booked. next week looked better to to setup an appointment. no thanks.
***
so, TD, fuck you. i’m glad i closed all my accounts, and as soon as our mortgage agreement is up in 2 years, i’m taking that elsewhere too. and i hope anyone reading this will reconsider you as a bank they want to do business with. i realize my money pales in comparison to the billions you make, but maybe if a lot of your small clients take action you might notice. and maybe if your customer service rep’s had even asked why i closed my accounts, funds, etc, you might realize there are huge problems in your corporation.
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