Sydney complained that the bank did not properly disclose the full cost of breaking the loan and he wanted the return of the $2,000. He also said the bank suggested it may waive the cash contribution clawback or apply it on a pro rata basis.
The bank replied that the terms and conditions of its cash contribution agreement with Sydney entitled it to repayment of the contribution if he left the bank during the three year term.
We considered the bank had met its obligations to disclose that it would recoup the cash contribution if Sydney broke his loan. The terms of the cash contribution were clear. While Sydney hoped the bank would waive the clawback or apply it on a pro rata basis, the bank did not say it would do so in its calls with Sydney. When we listened to the calls, we could find no evidence the bank misled Sydney about the costs of repaying the loan early.
Sydney withdrew his complaint.
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