(CMR) An RBC Royal Bank customer had late fee charges on her mortgage dropped after filing a complaint with the Cayman Islands Monetary Authority about the bank not withdrawing payments on time.
The woman explained to CMR that despite having money in her account, the bank did not withdraw her mortgage and then applied late fees to her account.
“I have had upwards of $4,000 dollars sitting in my accounts at times, and when the date comes for my mortgage deduction, they don’t take the funds. They go months and not take money, but because the account isn’t being monitored, it’s missed. Then when other bills are processed, they come months later, saying you are in arrears and have late fees. When it’s the actions of the banks that generate these fees on customer accounts,” she explained.
The woman said she started documenting the actions of the bank over a year ago to probe that “they were purposefully not deducting the mortgages and then sending notices of late fees and interest owed.”
The woman said she is sure there are other customers facing this injustice, and she is calling for banks to stop this practice.
CIMA closed its investigations into this customer’s complaint after the bank said it would drop the fees it had applied to the customer’s account.
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