Regret my decision
by DisappointedinTD on Oct 10, 2019
1 out of 5 stars
I am a customer with TD since 2004. I am in excellent standing with a credit card limit increase every now and then. Zero delayed payments. I have a current mortgage for our condo in Mississauga since 2015. This year we decided to move to a townhouse in Burlington. I applied through my what used to be favourite entity: TD Bank. I got pre-approved. Three months later we picked our townhouse and I applied for the mortgage - approved with no problems. On a Monday, my lawyer called me telling me she received the instructions from the bank to proceed and to come in on Thursday to sign. I went on Thursday and signed my documents as my closing date was the next Monday. Thursday afternoon I receive a call from TD saying that they decided to revoke their decision. No reason was given. One week later and after tens of calls, I still do not know the reason. I got so many calls but no resolution. I had to find another option and get approved in 2 business days to avoid losing my advance $30,000 and to ensure that my family has a place to stay next month. Still, in shock to the treatment I received and what's hurting more is the timing and the fact that I do not know why this decision was made! Speechless and heartbroken.
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I have never posted a review online before and feel so strongly about this I decided to take the time to do it. We decided to move from another company to TD when we bought a new house. We had nothing but trouble dealing with TD. We decided to go with TD for a couple of reasons, good interest rate (although comparable to previous company) and the 2000 cashback promotion. We have had the mortgage for 2 months now and have yet to see the cashback, even though we were told it would automatically be deposited. We continue to get the runaround, call centre said we need to talk to the branch, branch says we need to talk to our broker, our broker was told it would automatically be deposited. This is the most recent issue. When we actually signed with them we also took out a bridge loan. The guy that we dealt with called the day after we sign the bridge loan paperwork to say I needed to come back in to resign as he has put it under both our names when the house we were selling was only undermine - we had told him this at our initial appointment and he said it didn't matter. So, I went back to sign again - I should have double check the paperwork - I assumed the only change was to the names, however on closing of our house we were told by our lawyer that the bridge loan was not enough to cover the down payments and that we needed to bring a cheque for 5K. I looked at the paperwork and sure enough, the guy had screwed up the amount. Luckily we had the 5K to cover and still closed. The next problem came when our old house closed 2 weeks later. Our lawyer directed the repayment of the bridge loan along with interest as supplied in a statement from TD directly to the bank. TD then turned around and withdrawn the same amount of interest from our RBC account - despite the fact that we were told no interest would come out directly from our account. So now we had paid the interest twice. When I called them they said they not only had no record of the double interested payment, they also had no record of the bridge loan being paid out. Our lawyer got involved, literally sending them the stamped certified cheque confirm the amount paid (I saw this myself) and then the back came back with 'we will look into this' it took them almost a week to come back and confirm the payout. This was well over 100K - how can they possibly misplace that!? We then had to continue dealing with the double interest payment - we got bounced around from person to person before I finally called the branch manager directly who said 'They would look into it'. They finally came back and said 'you are correct we did double charge you interest so we will credit this back'. I lost count of the number of phone calls, times put on hold and times passed over to someone else. All I can say is STAY AWAY from TD. By far the worst experience.