• Report: #950879
Complaint Review:

TD Bank

  • Submitted: Thu, October 04, 2012
  • Updated: Fri, October 05, 2012

  • Reported By: Josina — Philadelphia Pennsylvania United States of America
TD Bank
Internet United States of America

TD Bank Illegal overdraft fees Internet

*Consumer Comment: You can't fix stupid

*General Comment: WRONG?

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I have two accounts with TD Bank. One of my accounts had an overdraft balance due to a gas purchase. They have a feature which will pay for items purchased electronically in the event that I have insufficient funds in my account. This is one of the ways for them to pay the bill 'as a courtesy' then stick you with an overdraft fee, courteously! 

I opted out of this feature because if you are not checking your account constantly, you have no way of knowing if you have already reached your limit. They count on this happening.Appparently this doesn't apply to electronic transfers or automatic withdrawls because one day, I forgot to transfer funds into the account where automatic withdrawls are set up for my creditors. The withdrawl request came in from two creditors and for each, I was charged a $35 overdraft fee. I was charged a 3rd for transfering $8 dollars to my other account, when I had funds in it. Since the process requests form highest to lowest, the even the time I had funds, didn't count because the request for the highest amount was placed first. Therefore, I was charged $135 dollars, the creditors were not paid, but I was still levied the fee. I made a deposit of $150 into the account to cover what the original overdraft for $47 dollars, but they took my money in to cover fees and I was still left with a negative balance.Two managers refuse to return my money. Basically they took my money because there was an attempt to make a withdrawl. This is downright burglary.

This report was posted on Ripoff Report on 10/04/2012 02:09 PM and is a permanent record located here: http://www.ripoffreport.com/reports/td-bank/internet/td-bank-illegal-overdraft-fees-internet-950879. 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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#1 Consumer Comment

You can't fix stupid

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

but I'll give it a try anyways...

You are a perfect example of the difference between people who think they are "entitled" to things and people who actually take responsibility for their actions.  I'll let other people figure out which one you are.

I opted out of this feature because if you are not checking your account constantly, you have no way of knowing if you have already reached your limit.

- Why are you not checking your account constantly?  It is your money isn't it. Why is it the responsibility of others to tell you when you have no money?  So let me help you, as I can guarantee you that if you follow the suggestions I list, you not only will find that you won't be spending money you don't have, but you will be spending LESS time worrying about it.  In fact it will probably take you longer to decide what you want to watch on TV tonight than it would to properly manage your account for the next week.

First some history on On-Line banking and balances.  They were never meant to be treated as your register, as the register only shows what has been submitted to the bank.  Due to the way that a debit can be processed it may be several days between the time you make the debit and it shows up in your bank account.  During this time it would then show you a "false" balance.  Again it is not the fault of the bank because the bank hasn't seen the debit come in yet. 

So to fix this issue, you need to keep track of the transactions as you make them. 

The first thing to do is get yourself a register.  You can search on-line for "Free Check Registers" and find several, you can even go into a branch of your bank and ask for one.  They would be more than happy to give you one, because guess what...they don't want you to overdraft either.

Next is that you need to write down every transaction you make as you make it.  Yes even if you made a debit for $0.01.  You then subtract this from your balance and you will know instantly how much money you have.  Then as long as you don't go below zero you can't overdraft.  No need to constantly check your on-line balance, no worrying about trying to remember every transaction you made.

Now, you say that you have automatic debits that come out.  Okay so you need to write those down and put them in your register on the day they are supposed to be taken out.  It should not take you more than a couple of minutes to get all of your automatic debits together, stick them on a note, and keep that with your register.   If it is..then you have too many creditors and have other issues you probably need to worry about.

I would actually recommend that if you can't trust yourself to write them down when they are supposed to be taken out that you immediately stop all automatic debits and take the time to pay them on your own..on your schedule.  This way you only have to worry about late payments and additional interest rather than the overdraft fees.

As an alternative you can get accounting software(Quicken..etc) for around the cost of ONE overdraft fee.  In that program you can put in all of your automatic debits and it will give you reminders when they are supposed to be taken out.  Yes this will take a little more time then just using your written register, but it will still be quicker than having to worry about constantly checking your account with your bank and dealing with the fees. 

You haven't proven you can handle even one account, let alone two.  So I would suggest that you immediately combine both accounts into one, at least until you can prove to yourself that you can handle a single account.

Now, I am a realist and know that you will probably not take any of this advise, and still think that the bank is the one that was wrong.  So if you truly believe that..go to the police and report this burglary.  When you do let us know what they said.
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#2 General Comment


AUTHOR: Bubba Lee - (Canada)

The practice is both wrong and 100% legal.

Sorry, just another case of a large corporation abusing the poor because they can.
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