- 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
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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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