- Report: #393247
Report - Rebuttal - Arbitrate
Complaint Review: TD Banknorth, N.A.
TD Banknorth, N.A.Lewiston, Maine Nationwide U.S.A.
TD Banknorth N.A. Charging fees on items that have not even processed. Blaming "bad economy" for creative new fee regulations Lewiston Nationwide
the circumstances broke down as follows:
Day1-Made deposit at 4pm. deposit more than covers any debits to be processed.by 8 pm 2 items "post" to account in pending
Day2- (midnight) deposit clears. By 4 pm $60 in fees attached to account. 2 items still in pending.
day3- Account (minus 60 in fees is more than able to cover pending debits)
Day4- Debits finally process and clear.
the scary part is they will assess a fee even if your "pending" items drops off and is never processed by the merchant. A couple of examples of this are"
1. use your card to purchase, lets say $50 worth of items, and the merchant puts a temp. hold on $80 to be sure the full amount clears. You have $75 in the bank. You would get charged a fee (to be processed asap before the pending purchase) on the pending $80 which brings you balance down to
-$110. Then the pending amount is dropped by the merchant, but now you only have $45 (not enough to clear your purchase) and the merchant processes the actual original purchase amount of $50.00. Now your checking account is irrevocably -$35 and your total purchase just cost you $50+$60 in fees. And if you have these fees reversed it counts towards your 2 'gratis' reversals and so you better be perfect the other 364 days. 2. you have $100 in the bank and make a purchase totaling $101. You contact the merchant to cancel your order. The pending $101 on your account will not be processed now. well you will still be charged a 30 or more dollar fee. In this case the bank will tell you to contact the merchant to get your $30 back. How much sense does that make? THEY NEVER PAID OUT THE MONEY< YOU NEVER WENT NEGATIVE BUT YOU GET CHARGE A FEE FOR NON SUFFICIENT FUNDS!
Wrong, just plain wrong
This report was posted on Ripoff Report on 11/20/2008 11:38 AM and is a permanent record located here: http://www.ripoffreport.com/r/TD-Banknorth-NA/nationwide/TD-Banknorth-NA-Charging-fees-on-items-that-have-not-even-processed-Blaming-bad-econom-393247. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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