TD Banknorth OVERDRAFT RIP-OFF New Britain Connecticut

I understand your frustration with overdraft fees. Prior to me working for the bank, I really didn't understand the process. I'm happy to explain it to you.

When you overdraft your account, you are charged an overdraft fee for each individual item that overdraws you. So, if you buy four items, even if they are all only $1.00 or less, you'll accrue an overdraft fee for each one.

If you've never had a fee before it's $25.00 per item; or if you've had more than 2 overdraft fees one year but less than 5 fees it's $30.00; and finally if you've overdrafted your account more than 5 times, it's $35 per item.

Now, the fee you're being assessed every 5 business days is a little different. It's a sustained overdraft fee. This is a penalty for staying in the negative for so long without bringing yourself positive. Some banks charge a daily accrual, TDBanknorth charges one every five business days.

So from you're report it seems that you overdrafted by one gas purchase of $33.00. If you add the $25 that is the overdraft fee connected to the purchase it leaves you with $58.00 in the negative The rest of the fees are for staying so long in the negative.

I understand when you open an account you are given a lot of paperwork. I can let you know from personal and professional experience to always read through the information. The fee schedule is the easiest and most concise piece of paper that explains the fee. There is also the Personal Deposit Account Agreement that explains how the fees work.

I know, firsthand and several times over, that overdraft fees can build up and become overwhelming.

Gas stations are notorious for causing issues for customers. They will authorize your card for a $1.00 and then days later the actual transaction will post. This tends to give the impression to the consumer that the charge has already posted and they reuse the funds. When the gas purchase finally does come through, it overcharges the account and they're confused. The most important thing one can do to protect their accounts and to avoid the OD cycle is to keep a check ledger. If you keep a check ledger and write everything down including debit card purchases this can help you.

Anyways, I wish you all the best. I'm off the clock but was bored so I figured I'd come on the board and see if there was anything worth checking out.

:)

Have a great night!

Melissa