Mortgage -- Trouble during payment process -- Complaint #6543514
Complaint Overview
Complaint ID: 6543514
Company: M&T Bank Corporation
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: Wisconsin
ZIP Code: 53151
Date Received: 2023-02-07T12:00:00-05:00
Date Sent to Company: 2023-02-07T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XX/XX/XXXX I called in to change my weekly payment of {$550.00} to biweekly payments of {$900.00}. I was under the impression my next biweekly payment would be auto drafted on XXXX. To my surprise another weekly payment was auto drafted on XX/XX/XXXX. I called in on XXXX and was told by a banker that my biweekly change was not processes and they asked if I received a letter that I was supposed to sign and mail back. I was told they can not make the change with a signature, unless I make the change online. I never received a letter to sign and the banker I spoke with on XX/XX/XXXX never mentioned anything about needing to sign a cancelation notices and mail it back. The Baker walked me through how to change my payments online and I schedule the next biweekly payment to be auto drafted on XX/XX/XXXX. I thought my change was processed and everything was good. Then on XXXX another weekly payment was auto drafted from my account. I called the bank on XXXX and the banker advised that I was set up on biweekly payments, but the {$550.00} weekly payment was processed on XXXX because I had to call in XXXX business days before the auto draft to cancel it and I called in 2 business days. The banker I spoke with on XX/XX/XXXX never informed me of this and I was under the impression my next auto draft payment would not occur until XX/XX/XXXX. Luckily the 2 unexpected auto drafts did not create and NSF but even so the bank should have informed me of the processes and educate me on what to expect.
Frequently Asked Questions
What is Complaint #6543514 about?
Complaint #6543514 was filed against M&T Bank Corporation regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2023-02-07T12:00:00-05:00.
How did M&T Bank Corporation respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against M&T Bank Corporation?
Yes, visit the M&T Bank Corporation company profile at readthecomplaint.com/company/m-t-bank-corporation to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.