About M&T Bank
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Original mortgage was with Chase but got transferred/assumed by M&T. Since M&T took over we have seen 30+% increases in our mortgage payment. Every year there are escrow overages, despite having the same insurance provider. We pay the communicated "estimated overage to avoid rate increase" but they have been retaining the escrow overage for several months, still increasing the monthly rate and then hitting us with late fees for the difference. Calls to the customer service number result in 30-90 minute waits with no resolution and the customer service representatives seem unable to access current information and/or resolve issues.
My house loan was with Chase. Never had any issues. Chase sold my loan to M&T Bank. Horrible from the get go. I get bills 2 months away. My checks don't get processed. They simply do not have it together. Next to impossible to get any answers and their website is weak. I would not chose to do any banking with M&T.
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Beware! M&T Bank touts "Automated Phone Service," but when I called in I had to give my full bank account no. to a rude stranger or risk being late. M&T is in Baltimore, so "no" postal service "due to covid," I was told, which means my snail mail check payment was late, and w/out notice M&T sent to credit reporting agencies, thus damaging my 822 score by 100 pts. I'd never use them again. Suggest due diligence before borrowing.
We had our Mortgage with Wells Fargo and enjoyed visiting Branches to make payments and ask questions. Then Wells Fargo sold Mortgages to M&T Bank who has no branch in our city. Whenever we call we are sent to different departments and after a half hour we are still without an answer. On January 1st of 2021 we mailed checks to three places. Two were cashed normally. M&T waited Until the end of January and then assessed a late charge. I made a online payment of the January payment and the next day I did the same for the February Payment.
In the middle of February, they found the January check and tried to cash it Twice! I keep enough money in my account to cover bills so we got two $35 dollar fees for insufficient funds. I complained to M&T a week ago and I have had no response. I shopped for a good refinance deal and could not find one. M&T did send me a email that stated that the Post Office was slow due to the Pandemic. I believe that a bank should not be able to sell a mortgage without the mortgage holder's permission. I also believe that M&T should lose their licence.
Attempted to do a refinance with my current mortgage company M&T Bank to streamline the process. I had a great start so I thought with the refinance guy chris whom disclosed most of the fees and made it all sound good. Chris called me back and offered me an appraisal waiver, lower interest than initial discussion as a voicemail I still have and advised I only would have to pull out of pocket 55 dollars to fully refinance my house. I never asked for anything special this was just offered to me and I was ecstatic.
Well when the documents came there were fees not disclosed 205 loan processing, appraisal fee 636, and the 55 for credit check listed. Immediately I call chris. He assures me I won't be charged. The bank is using old documents and it's ok. I insisted they be corrected because I cannot sign something that's incorrect because this is signed agreement. I get advised that this will hold up and or cancel loan if I don't sign. So I do. Against better judgment I signed and proceeded. Then I get approved. The final documents after approval are saying I need 636 dollars. I have to prove I have it to close and I receive it sunday the 7th electronically and it is dated 2/7 but says all documents are due by 2/3 or I void my refinance. Yes the dates are correct. I still have the documents and it is ridiculous.
Oh and the 636 they wanted was that appraisal they promised me was waived. You bet I called the original broker chris, I called the closing agent tina ** and I emailed amy ** the lady listed in my documents. No one would answer my questions. No one would follow up. No one would fix the documents. I demanded a manager or supervisor to speak to about this and to discuss correction or cancelation to customer service via online email which still have them emails too btw. You know what I got? Tabitha ** in customer service refused a member of leadership and canceled my refinance on her own. I wanted to speak to leadership about the mishandling of my refinance and give them one last chance to fix it but tabitha ** made it quite clear that my business wasn't worth her time. No follow up at all from leadership.
The documents were also fraudulently no listing the closing costs they were adding 10k to my loan and listing less than 5k in charges. Someone faked a larger number for property worth than what I said the tax collector office and the online comps said like way higher as if to remove pmi. I stated the tax comps said 179k and online trulia, zillow, etc said worth up to 189k. They fudged papers to reflect 205k. The way this was handled was completely illegal and needs to be investigated. Don't use this company. Their reviews everywhere are awful. They clearly are crooks. My review here is one of thousands of mishaps but do your own research.
The M&T website is outdated and even the simpliest things, like setting up automatic payments, are difficult. When my bank had trouble with a missing check sent to M&T, my bank couldn't even reach anyone on the phone. I did get a customer service person once, but when I asked questions about how interest was being figured, she seemed confused and couldn't really help much. When I requested a pay-off statement for my loan I was told it would be faxed in 24-36 hours... And it still hasn't come. My advice to anyone is to avoid this bank. There are much better options out there.
Have had a truck loan for 4 years and never missed a payment. My real bank (Citizens) automatically send a check 14th of every month. December check did not get cashed until January 13th and January check cashed the 15th so I know they go out. Of course they charged me a $12 late fee, but did not let me know about it other than posting to my account. Have been trying for 2 weeks to get ahold of anyone there. Phone lines busy, online chat not available, so emailed. Finally got a reply that basically said they are understaffed and too bad. WORST BANK EVER.
Our loan was bought by M&T Bank after Wells Fargo approved our remodification. From day one we had our payment set to auto-draft from our checking account prior to the due date, yet each month would receive a statement saying we still owed over $1600. Each month we would call and were told it was an error, to pay the regular payment amount, and to disregard the erroneous balance due. I NEVER made a late payment with this company. Not one single time. Setting up our online account took months, and setting up auto draft took months.
Fast forward to 2019... my loan has been sold to Community Loan Servicing and we haven’t had any issues with them from day one. I’m terminally ill and recently applied for a new mortgage in order to find a new home that can accommodate my medical needs. The underwriter from Chase says they can’t approve a new mortgage because our M&T loan is showing we were late 4 times over 90+ days in 2018 and in “pre-foreclosure”! I have every bank statement from that year proving the payment was made in FULL and ON TIME each and every month from the time they bought our loan.
Customer service is abysmal. Nobody can answer the question as to why this happened. And they like to transfer you to various departments who then transfer you to another department. They promise to look into it and call you back, but will never call back. This company does everything in their power to make your loan delinquent. And they won’t correct their own mistakes. If your loan is transferred to this company, RUN. Refinance with another company, because M&T will make your life miserable.
They keep posted funds from the state unemployment insurance when it has been released. They also kept me on hold for 10 minutes to get an appointment to open a business account and ended up having to call me back. They never called back. Overall experience with this bank has been terrible.
On 1/5/2021 I called because of charges that didn't make on my account, one she didnt flag all transactions and the order operations to help got messed up. She advised me to cancel my card and then transfer the money in another account I had at another bank using Zelle. Once I did that it wouldn't work because the amount needed approval, I got a supervisor name Tammy and she approved it and told me wait 20 mins. Didn't work! I have spoke to A Robert, Andy and Michael. I can't even log into my account to do a transfer of funds and I have bills coming up and I was told this is a tech issue and it SHOULD be taken care of by the end of this week.
One rep a supervisor told me to contact my other bank and see if they can do it, when I did they told me we can't pull money like that from a account from another bank. I feel like he knew that. Then Michael told me all I had to do was call my branch and they can do a wire, he transferred me to my branch and found out from Alex in the Frederick branch that is not true. I live in NC now and there is no M&T Bank here, this has become a big pain. It is now 1:49 pm and I started with them at 8:30 am. Been disconnected and on hold more than I have had someone assisting me. I will contact the BBB and I will remove my money and direct deposit from this BANK!
M&T Bank Company Information
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- M&T Bank
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