Report: #572877

Complaint Review: TD Bank North

  • Submitted: Sun, February 21, 2010
  • Updated: Wed, April 21, 2010
  • Reported By: peo53 — metrowest Massachusetts United States of America
  • TD Bank North

    United States of America

TD Bank North Excessive Hold Time on Clearing Checks - Means more fees earned from low balance accounts Internet

*UPDATE EX-employee responds: You have NOOO idea.....

*Consumer Comment: Here is the Reason...

*General Comment: How to avoid this at your new bank...

Show customers why they should trust your business over your competitors...

My wife and I are in the process of closing out our TD BankNorth accounts out of frustration over the excessive fees they charge.  They are nickel and diming us.  We have been with them for over 10 years when we banked with a small regional bank that we had a relationship with (Metrowest Bank).  My wife and I are both self employed, and like much of the country, we are experiencing cash flow issues.  Unfortunately we have incurred our share of overdraft fees due to low balance accounts.  We always deposit money within a day or two of being overdrawn as accounts receivables come in.  I have never wanted to know the intricate details of bank policies, but we have been forced to learn all of the different nuances.   We are adults and have no problem paying the price when we screw up.

My problem is that they keep changing the rules, and are making it harder and harder for us to return to our once stable financial situation.

The latest trend that we are seeing first hand is that they are delaying funds availability on our deposits.  Typically, the funds have always been available the next business day on our deposits.  We are noticing that on a couple of occasions lately that they have taken up to 6 business days to make our funds available.  The most recent incident caused us to incurr $175 in overdraft charges.  Had they even cleared the funds by the 3rd business day we would not have incurred any fees, since our account would not have been overdrafted. 

I am curious how widespread this practice is?  I hope this turns out to be an illegal practice, and that it results in a big PR black eye for the bank, because I am sick of them ripping me off.  

I am convinced that the programmers in their IT department, are the new rainmakers for the banks.  They keep coming up with new schemes to screw the consumer - because they can.

This is very short sighted.  You will win the battle, but will lose the war.  Longstanding customers who started out with the bank will leave.   It doesn't matter if Regis is holding open the door saying hello and handing out pens and dog biscuits - I do not want to do business with your bank anymore.

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This report was posted on Ripoff Report on 02/21/2010 07:53 PM and is a permanent record located here: 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 UPDATE EX-employee responds

You have NOOO idea.....

AUTHOR: EricM - (United States of America)

First off, I am probably ONE of the many customer service representatives you spoke with.  I too, got shafted.  After how long I worked for them, they let most of us go after we were punished with their unorganized merger!  Fees?  You have no idea.  I'll explain their practice.  When you use your debit card, the funds are automatically held.  Simple, right?  But they will allow you to continue to use those funds.  Now since you have two transactions, both pending, you will get an OD fee for the second pending transaction, because there wasn't enough to cover it.  And then when it POSTS to your account, you get hit again!  TWO charges for ONE item.  Maybe even three if the item posting first, is higher, and overdrew anyway.  There's no winning.  Now as far as maintenance fees, this is how THAT goes.  You need to maintain $100.00 in your account to avoid the $15.00 maintenance fee.  Who has that?  I worked for them and didn't have it!  Now if for just ONE second, you fall under $100.00, you will get hit at the end of your cycle with the fee.  Now you bring the balance back up to $100.00.  Since you were below the $100.00 again, because they took the fee out, you will get hit NEXT month.  And so it continues.  Consider me a little disgruntled, but understand, when you called in screaming, I understood.  Now when I get screamed at 120 times a day and told I'm an a**hole, becomes burdensome.  Did we get the appreciation?  Hardly.  But management, who handled NO calls, were all given $50.00 gift cards.....MORE THAN ONCE!  What did we get?  Dress down days.  Yep, now THAT is appreciation.  That's where your fees went.  Trust me, you'd be better off in a smaller bank.  Good luck!
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#2 Consumer Comment

Here is the Reason...

AUTHOR: Robert - (U.S.A.)

Unfortunately we have incurred our share of overdraft fees due to low balance accounts. We always deposit money within a day or two of being overdrawn as accounts receivables come in. I have never wanted to know the intricate details of bank policies, but we have been forced to learn all of the different nuances.

- So you don't want to know all of the in's and out's of polices at the place that you put YOUR money???????????????  I really hope that you are not serious in that statement.

You don't get overdraft fees from "low balance accounts".  You get overdraft fees if you spend more than you have available in the account.  You can have as $0.01 in your account and as long as you don't spend $0.02 you are okay.  But once you spend that $0.02 you are using the banks money, and a checking account is NOT a line of credit.

What you are being subject to is the Federal Expedited Funds Availability Act.  You can search the Internet and find out a lot of information on this.  Now, this is the FEDERAL guidelines as to when they make funds available.  In your case most likely you became subject to an "NSF Exception hold" that allows banks to put an extra hold on deposits if you have a certain amount and number of overdrafts.   You can change banks and since this won't apply at your new bank you will have your funds clear a lot faster..for a while.  But if you overdraft with your new bank you will find the same thing happening.  If you have a problem with these guidelines then talk to your government officials.

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#3 General Comment

How to avoid this at your new bank...

AUTHOR: Edgeman - (U.S.A.)

Unfortunately, this problem will follow you to your new bank if you continue to overdraft your accounts. I do realize that you are self-employed and that you don't always know when a client is going to pay you. However, funds availability does not mean that you have to pay overdraft fees. I do sympathize with you as a business owner but you don't have to write checks or authorize transactions against funds that aren't available yet.

Does your business have a line of credit? You can use that and pay it off when your receivables arrive.

There are options available to you and you should use them before you have a problem with your new bank.
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