TD Bank – Shifty like all the rest

So, I paid the balance off my line of credit with TD Bank, or so I thought. The following month I received a statement saying I still owed. WTF?!! Evidently the teller either failed to add, omitted to add, or the bank computer had already calculated put did not add the accrued interest. Fair enough. I go to the bank and pay again.

That’s everything, right? I ask.

Absolutely, assures the teller. All that is left is to cancel the credit insurance. But I can’t do that at the bank branch. No, I have to call a separate number, which I do—a week or so later because I forgot.

Cancel my insurance please, I say to the kind operator with the very thick Asian accent.

Why?

Because I have paid off my balance and have no need for it.

Oh, sir. No need to cancel you insurance. If your balance is zero then the insurance will not charge you.

Great, I say, I’ve paid everything off so no harm no foul. I know this because the teller assured me the balance was zero with no other charges.

Ah. No. There is a balance because the teller failed to mention that the insurance up to that point had not been paid, and that because there is a balance, the insurance is still active.

So, I say, this could continue forever, because the insurance will always be a month behind and as long as there is some kind of balance, it will charge me the full amount thereby creating a new balance from which to charge.

Pause from the kind operator.

CANCEL MY INSURANCE. NOW!

Yes, sir. Of course, sir. I must read you this disclosure first.

Ridiculous

Nice little scam relying heavily upon the left hand not knowing (or conveniently ignoring) what the right hand is doing.