Good Afternoon Mr. Ed Clark CEO,
I enjoyed hearing you talk the other morning on the CBC radio show about your volunteer work with Habitat for Humanity and other charities and the substantial monies that you and your family donate to charities in the City of Toronto. I also heard you talk about your concern for and help specifically to single mothers. In addition, you spoke about the work that TD Bank was doing in the community. I have also seen your photo and articles about you and the TD Bank in various community news-type papers about the work you do with housing developments.
That radio show and TD Bank and your personal philanthropic work assertions is, in part, why I am writing to you. I am a single mother presently working at the Ontario Government as a legal assistant who regrettably has been saddled with debt from an ex-husband with a variety of mental health/substance abuse issues. If you are truly a philanthropist and concerned about helping single mothers I am asking for your help as the TD's CEO and spokesperson and personally.
I am very hard working and honest and my two children, Liam and Kaitlyn Murray, are 10 and 9 respectively and are wonderful children. I enrol them regularly in tap/ballet, Aikido, soccer, baseball, piano lessons, and more recently, Scouts of Canada. I worked until mid 2009 with a wonderful lawyer in Scarborough, Mr. John William Vaillancourt, who lost the battle for his life to a cancer treatment related heart attack. I experienced further terrific financial obstacles thereafter trying to keep a roof over my children's head, food on the table, a car on the road so I could find work and yet present a valiant face in order that my children didn't worry or know the extent of our situation.
I am a strong, proud, woman who needs a break. Granted TD Bank only made just over $1Billion in the 4th quarter in 2009, but I am writing to implore your assistance in obtaining a compassionate, reconsideration of the almost $10K in an 'interest rate differential charge' as well as a $5, 261.10 'repayment amount' in the re-finance of my mortgage . Not to be dramatic but this is quite literally food out of my children's mouths and money out of their education! Surely, TD Bank doesn't need the money at this personal cost to a struggling single-parent family. Ought not people assist those who are attempting to assist themselves rather than crippling them or crippling them to say 'we're helping others'!?!
In 2007, I had to take out a second mortgage which a personal friend was happy to advance at an 8% interest rate for $45, 000.00 Evidently, my ex-husband had defaulted on a Scotiabank line of credit which I had guaranteed and, in addition, he had not paid any realty taxes which had to be brought up to date. I was left footing the bill.
Now that I am working again (and commuting almost 2 hours each way) for the last number of months, I am finally refinancing my mortgages at a more manageable interest rate and, as a result, am being penalized exorbitantly! This is how a long time customer of TD Bank is treated?!!
I had tried to refinance earlier in the year with TD Bank, however, they would not re-finance the mortgage they held, blend or otherwise reduce the 7.65% interest rate or re-configure the two mortgages together to make payments more manageable. It was looking for those early months as if I would lose the house. I have my own business and therefore was not eligible to receive E.I. I owned a home and was not eligible for regular social assistance! It was incredibly frightening! On top of that I now need to replace my roof - apparently my property insurance depends on it and the estimate was $6, 500! How can you reconcile knowing that your salary (which you said on the show was incredible) and your lifestyle and those of your colleagues is because of penalty amounts of more that $15, 000 out of the pockets of single hard working struggling parents like myself?
My business account, RRSP mutual funds, TFSA, student loans, chequing account, savings account, td insurance, mortgage and Visa were with TD Bank. In the early 80's, I worked at the TD Bank and that was when I opened my first account with them. I would not like to admit that TD Bank earns its profits off the backs of hardworking lower income working families like myself. I put myself through school. I paid my student loans back in full. Does the average person on the street know that these kinds of ridiculous fees could be there's - they are almost prohibitive and make the re-finance a mute point!
I have calls in to the 55 King Street West, Main Floor branch regarding this payout (M#8087619) and have implored with them to take a look at this matter and see their way clear to re-consider such debilitating "prepayment charge".
Please consider this matter further Mr. Clark and I would ask that you do the right thing for (single parent) families who are hard working, honest people and intervene on our behalf with your colleagues.
Thank you very much in advance for your time and your anticipated consideration of this matter.
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