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NefCanuck · 08-23-2005, 05:01 AM

I needed to vent, I apologize for doing it here but I'm so mad I'm ready to kill something :angry:

I renogitated my mortgage in April of this year in order to buy the Focus (Yeah, yeah laugh it up fuzzball /HanSolo) my previoous mortgage had the property taxes included in the payments and I requested that the new mortgage have the same setup, no problem I was told and the new mortgage payments began in May. I then sent them the final tax bill for the year in June and was told it would be taken care of. Guess what happens next?

I received a notice from the town of Mississauga last Friday saying that my property taxes were in arrears! I call up the bank and the staff member who answers goes "What do you mean property taxes are supposed to be included with your mortgage payment"? I politely ask to leave a message to the person whom I dealt with who set up the new mortgage and do so.

Turns out that after we had spoken in June she "went off sick" and "assumed the matter would be taken care of in her absence" <_<

Now I either have to cough up the entire amount incl. the penalty fee or have the arrears added to my mortgage payments until the tax account is caught up (Which begs the question of where my payments went for the past three months, that's under investigation)

God, if this keeps up I'll have my place sold out from under me because the bank isn't taking my mortgage payments :blink: idiots...

NefCanuck

Slimsride · 08-23-2005, 06:15 AM

Yeah hear ya.... i dealt with those morons for about 3 months....after they froze my Tax return cheque, when i deposited it at the COUNTER. I said, "your a bunch of retards", close my account please. Every time i walked into the bank, i had a fight with a teller, a manager, or some old lady depositing 100 dollars worth of PENNIES...FAWK..i tell ya.. never again.

Kool_ZX3 · 08-23-2005, 06:18 AM

NefCanuck,Aug 22 2005, 03:01 PM Wrote:I needed to vent, I apologize for doing it here but I'm so mad I'm ready to kill something  :angry:

I renogitated my mortgage in April of this year in order to buy the Focus (Yeah, yeah laugh it up fuzzball /HanSolo) my previoous mortgage had the property taxes included in the payments and I requested that the new mortgage have the same setup, no problem I was told and the new mortgage payments began in May.  I then sent them the final tax bill for the year in June and was told it would be taken care of.  Guess what happens next?

I received a notice from the town of Mississauga last Friday saying that my property taxes were in arrears!  I call up the bank and the staff member who answers goes "What do you mean property taxes are supposed to be included with your mortgage payment"?  I politely ask to leave a message to the person whom I dealt with who set up the new mortgage and do so.

Turns out that after we had spoken in June she "went off sick" and "assumed the matter would be taken care of in her absence"  <_<

Now I either have to cough up the entire amount incl. the penalty fee or have the arrears added to my mortgage payments until the tax account is caught up (Which begs the question of where my payments went for the past three months, that's under investigation)

God, if this keeps up I'll have my place sold out from under me because the bank isn't taking my mortgage payments  :blink:  idiots...

NefCanuck
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Like i said on msn man go crack some skulls at the bank, or like my dad says "someone's going to get shot" :lol: SUPER KNEE :D

But on a serious note they really facked up big time and better get it settled or contact a lawyer, i don't think that would be hard will it :)

Phantom · 08-23-2005, 06:23 AM

I tell yah tho I would not be paying a penalty cuz someone else fawked up. How the hell is that your fault, and if BMO don't wanna pay it, well then lawyer.

Sangria · 08-23-2005, 07:16 AM

They screwed up my line of credit too. THey changed me interest when they shouldn't have. Seems like they have a bunch of morons there.

OAC_Sparky · (This post was last modified: 08-23-2005, 07:21 AM by OAC_Sparky.)

That sucks, I hate it when the bank screws up.

What you actually have is a few problems. But you may have some options to research.

Do you have online banking? Most banks will list your mortgage as an attached credit account, you should be able to go in and examine the payment breakdown. Mine will list amount of the payment was, and what money went to where...principle, life insurance, interest and a tax account (if you have one).

There are three likely possible scenarios. One, is that instead of paying into a tax account, the money went to pay down your mortgage principle. Two, the money got deposited to a tax account that had no forwarding instructions (ie. the money's there, the bank doesn't know where to send it to.)

The worst case scenario is that you didn't notice that they took nothing extra out for taxes, and reduced your payment, and you spent the money. That would be hardest to get the bank to resolve.

The chances of the bank "losing" your money is near impossible.

A bit of unsolicited advice. Open up an ING account. They pay 2.5%(or around there) The bank tax account pays .025% You can autotransfer whatever your weekly tax portion is into the ING account and pay your taxes yourself, end up $40 ahead in interest. You get advance notice from the city for the tax increases, you can adjust accordingly rather than what the bank does; drive your account into arrears then increase your payments.

Unless you have money to burn, don't let others control your money. No good ever comes of it.

Good luck.

crazikev · (This post was last modified: 08-23-2005, 01:26 PM by crazikev.)

Slimsride,Aug 22 2005, 03:15 PM Wrote:Yeah hear ya.... i dealt with those morons for about 3 months....after they froze my Tax return cheque, when i deposited it at the COUNTER.  I said, "your a bunch of retards", close my account please.  Every time i walked into the bank, i had a fight with a teller, a manager, or some old lady depositing 100 dollars worth of PENNIES...FAWK..i tell ya.. never again.
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lol i did that before, $234 worth of change, it was wraped though, only took maybe 4 minutes

NefCanuck · 08-23-2005, 11:16 AM

Phantom,Aug 22 2005, 04:23 PM Wrote:I tell yah tho I would not be paying a penalty cuz someone else fawked up. How the hell is that your fault, and if BMO don't wanna pay it, well then lawyer.
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For $11.30 in penalty interest? <_< I'd rather eat it if I had too but we'll see. I asked for a detailed explanation in writing about what went wrong... Things like this should not happen when crystal clear instructions are given IMO

NefCanuck

NefCanuck · 08-23-2005, 11:36 AM

OAC_Sparky,Aug 22 2005, 05:19 PM Wrote:That sucks, I hate it when the bank screws up.

What you actually have is a few problems. But you may have some options to research.

Do you have online banking? Most banks will list your mortgage as an attached credit account, you should be able to go in and examine the payment breakdown. Mine will list amount of the payment was, and what money went to where...principle, life insurance, interest and a tax account (if you have one).

There are three likely possible scenarios. One, is that instead of paying into a tax account, the money went to pay down your mortgage principle. Two, the money got deposited to a tax account that had no forwarding instructions (ie. the money's there, the bank doesn't know where to send it to.)

The worst case scenario is that you didn't notice that they took nothing extra out for taxes, and reduced your payment, and you spent the money. That would be hardest to get the bank to resolve.

The chances of the bank "losing" your money is near impossible.

Good luck.
[right][snapback]134767[/snapback][/right]

Well, just tried your suggestion to see if I couldn't get details of what the breakdown was of those payments that have been made through internet banking, that drew a big nuthin' :ph34r:

Looks like I have to wait to get the "offical" explanation for this cock up <_< I'm pretty sure it was the "tax account to nowhere" because the payments that the BMO took from the account were exactly what I was quoted for PIT (Principal/Interest/Taxes)

I've debated the merits pro & con of an account with ING for a while now, as to setting up a PAP (Pre-authourized payment) that's another option true, but that's yet another payment that can blow up in my face. Had a PAP for a Rogers Cable account, they managed to pay someone elses cable bill on me :blink: That wasn't fun to resolve.

Money to burn? Heh that's why I let the government take more $ than they should every paycheque, only way I can get some serios coin saved :P

NefCanuck

Raine · 08-23-2005, 11:37 AM

NefCanuck,Aug 22 2005, 08:16 PM Wrote:
Phantom,Aug 22 2005, 04:23 PM Wrote:I tell yah tho I would not be paying a penalty cuz someone else fawked up. How the hell is that your fault, and if BMO don't wanna pay it, well then lawyer.
[right][snapback]134755[/snapback][/right]

For $11.30 in penalty interest? <_< I'd rather eat it if I had too but we'll see. I asked for a detailed explanation in writing about what went wrong... Things like this should not happen when crystal clear instructions are given IMO

NefCanuck
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If I were you the only thing I'd be looking for in writing was that you requested that the renegotiated mortgage have the taxes included. If you do, and it's on or shortly after the date of renegotiation, fine.. otherwise you have no case.

NefCanuck · 08-23-2005, 11:42 AM

Raine,Aug 22 2005, 09:37 PM Wrote:
NefCanuck,Aug 22 2005, 08:16 PM Wrote:
Phantom,Aug 22 2005, 04:23 PM Wrote:I tell yah tho I would not be paying a penalty cuz someone else fawked up. How the hell is that your fault, and if BMO don't wanna pay it, well then lawyer.
[right][snapback]134755[/snapback][/right]

For $11.30 in penalty interest? <_< I'd rather eat it if I had too but we'll see. I asked for a detailed explanation in writing about what went wrong... Things like this should not happen when crystal clear instructions are given IMO

NefCanuck
[right][snapback]134805[/snapback][/right]

If I were you the only thing I'd be looking for in writing was that you requested that the renegotiated mortgage have the taxes included. If you do, and it's on or shortly after the date of renegotiation, fine.. otherwise you have no case.
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Oh I have that don't worry (I work with lawyers and give legal advice myself... Anal I am yes... /Yoda

NefCanuck

crazikev · 08-23-2005, 01:32 PM

NefCanuck,Aug 22 2005, 08:36 PM Wrote:
OAC_Sparky,Aug 22 2005, 05:19 PM Wrote:That sucks, I hate it when the bank screws up.

What you actually have is a few problems. But you may have some options to research.

Do you have online banking? Most banks will list your mortgage as an attached credit account, you should be able to go in and examine the payment breakdown. Mine will list amount of the payment was, and what money went to where...principle, life insurance, interest and a tax account (if you have one).

There are three likely possible scenarios. One, is that instead of paying into a tax account, the money went to pay down your mortgage principle. Two, the money got deposited to a tax account that had no forwarding instructions (ie. the money's there, the bank doesn't know where to send it to.)

The worst case scenario is that you didn't notice that they took nothing extra out for taxes, and reduced your payment, and you spent the money. That would be hardest to get the bank to resolve.

The chances of the bank "losing" your money is near impossible.

Good luck.
[right][snapback]134767[/snapback][/right]

Well, just tried your suggestion to see if I couldn't get details of what the breakdown was of those payments that have been made through internet banking, that drew a big nuthin' :ph34r:

Looks like I have to wait to get the "offical" explanation for this cock up <_< I'm pretty sure it was the "tax account to nowhere" because the payments that the BMO took from the account were exactly what I was quoted for PIT (Principal/Interest/Taxes)

I've debated the merits pro & con of an account with ING for a while now, as to setting up a PAP (Pre-authourized payment) that's another option true, but that's yet another payment that can blow up in my face. Had a PAP for a Rogers Cable account, they managed to pay someone elses cable bill on me :blink: That wasn't fun to resolve.

Money to burn? Heh that's why I let the government take more $ than they should every paycheque, only way I can get some serios coin saved :P

NefCanuck
[right][snapback]134810[/snapback][/right]

that sucks that people mess up with your money,

as for the ING account, all you hear about are the pros, are there any cons to openning up an account with them, can you get at your money?

OAC_Sparky · 08-23-2005, 05:43 PM

crazikev,Aug 22 2005, 10:32 PM Wrote:as for the ING account, all you hear about are the pros, are there any cons to openning up an account with them, can you get at your money?
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Well, my experience with them so far ( it's been a few years now ) has been satisfactory.

Basically, this is how it's set up:

You send them (by mail) a voided cheque from your regular bank account. This becomes the account you will transfer money between (ie for me, CIBC) and ING.

Then you set up your account(s) at ING online.

For example, I have 6 separate "investment savings" accounts, you can name them whatever you want. One is a "Savings", one is "Property Tax". and the rest are for each of my 4 kids. (I even have them listed as "in trust" accounts so I don't have to pay taxes on their interest income).

To access money (either way, from CIBC>ING or ING>CIBC) you basically set up a transfer like you would in any other bank's online banking. When you sign on at ING's site, your CIBC account is listed, you choose that as your "from" account and choose whatever ING account you want it sent to. Or vice versa. It's really simple. You can also set up daily, weekly or monthly transfers, which is what I do for my taxes.

Now to answer your question, there are a few cons. You wouldn't want to use ING as your everyday "day to day" account, because there is a lag between transfers (after all, it IS an investment account).

When you transfer from CIBC>ING, it usually takes 3-5 days before a temporary hold comes off the funds while it clears (the delay is more because of CIBC, not ING). It's like you are writing yourself a cheque. BUT, ING still pays you the interest on the money during those 5 days. Until the hold comes off, it is frozen in the account you transferred it to (ie. I can't try to move that last amount between my savings and tax accounts).

When you transfer between ING>CIBC, it takes less time, usually a day or two, and (at least for me) there is no hold on the incoming funds.

You do get a banking card with ING, apparently some Canadian Tires have their bank machines, but I've personally never used them.

The only other con is that you have to deal with service over the phone. The few times I've called with questions they've been helpful (and speak English), but I've really not had any real problems to speak of so I can't vouch for how they are in a crisis. I try to keep my needs with them simple.

So, for long term stuff like savings (like for a yearly vacation), property taxes (I pay mine quarterly, why get no interest at all on the $3-4G that accumilates in the account?), and stuff like nest eggs for the kids' wedding/education/first car, I think it's the way to go. 2.4% annually is better than nothing, which is what you get at the normal bank. In my kid's accounts alone that means nearly $500 extra a year.

Honkeytonk Monkey · 08-24-2005, 12:35 AM

Every Bank has problems like that. it all has to do with who's working there. My buudy bought a new house last september and when he set up his mortgage, they managed to mess up absolutely everything they did. His first payment was more than his monthly income and put him into overdraft. Imagine You're a guy making 70K in 3 months and being told you can't buy a tank of gas because you rang an NSF on interac...
That was TD

Royal Bank failed to pay everyone at work that uses them twice. Some of the people I worked with make less than $700 a month, and missing half of that means they pretty much don't eat, it's sad. The worst part was Wal-Mart not jumping in to help them in the meantime. $278 billion company and they do nothing...

I still do everything through North Battleford's Credit union, loans, banking, etc... and I've never had a problem

Kelowna_Focus · 08-24-2005, 12:41 AM

I think I'm going to live on a boat.. :blink:

NefCanuck · 08-24-2005, 03:19 AM

Kelowna_Focus,Aug 23 2005, 10:41 AM Wrote:I think I'm going to live on a boat..  :blink:
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Technically I could live in the Focus as it is paid for...

Mmmm leather seats make nice bed :rofl:

NefCanuck

Frost__2001 · 08-24-2005, 10:56 AM

Sounds like Socita Bank when I try to deal with them, I get the same responce as I have for the last 2 years with them on my car loan with them.... Sorry we can't help you since you don't have an account with us. Yeah I know that, I have a CAR LOAN with your bank....... fucktards

nass · 08-25-2005, 12:50 AM

Sangria,Aug 22 2005, 09:16 PM Wrote:They screwed up my line of credit too.  THey changed me interest when they shouldn't have.  Seems like they have a bunch of morons there.
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hmm yeah on my line of credit it has some life insurance charge on it... and I know I didn't ask for any of that... I gotta go ask them what's up.

NefCanuck · 08-25-2005, 01:07 AM

Frost__2001,Aug 23 2005, 08:56 PM Wrote:Sounds like Socita Bank when I try to deal with them, I get the same responce as I have for the last 2 years with them on my car loan with them.... Sorry we can't help you since you don't have an account with us. Yeah I know that, I have a CAR LOAN with your bank....... fucktards
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Yowtch, sad part is in my case I've done business with the Bank of Montreal for over 20 years (all of my banking needs save an AMEX card I got for work purposes). You'd think they'd at least have some clue what they were doing...

NefCanuck

bluetoy · 08-25-2005, 08:00 AM

Did you not look at your bank statement and notice they weren't taking out enough to cover the taxes? That would be a good clue to you..

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