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Unreasonable Overdraft Policy Equivalent To Theft
Posted by Dskessler on 07/29/2008
PHILADELPHIA, PENNSYLVANIA -- As a user pointed out above, TD's overdraft fees are unfair and unreasonable. I'll try to keep this rant short. I agree that I should be aware of what is in my bank account at all times but it's going to happen that a person will make a mistake every now and again. In this case an automatic payment to my account that had always been reliable in the past was not deposited and I neglected to check before I made several business purchases through my debit card. Not only did TD allow every purchase to go through, their only notice that I had overdrawn my account was in the form of a letter in the mail. I bank solely online. I check my email about 100 times a day. My only guess as to why a bank would encourage online banking but fail to send online notices is to deliberately try to trip up it's customers into unknowingly making over-drafted payments in the time it takes to receive the mail and recognize that it is not the usual junk mail that one gets everyday.

Over the span of only 4 days, TD Banknorth charged me, I kid you not, $540 in overdraft fees (!) which kept appearing on a daily basis for over a week.

I'm a single person working freelance in a failing economy. I'm sure I don't have to tell you how much that money meant to me and how much not having it sent me into a panic.
The person at the TD branch closest to me was condescending and unhelpful. Basically, he just said that this was my fault and I should have known better.

I was later referred to a manager at the branch that I opened the account at, who himself had no authority to help me but became the middle man to his manager who took about 2 weeks to give me a response. As I was writing this I was informed that the bank will reimburse $200. Appreciated, but that still means that TD Banknorth gets away with $340 of my money for a mistake.

I'm powerless except to write this review here and wherever else it might have the slightest effect and to close my account and join a credit union, who I am told will treat me like a human being.
It's hard to not be cynical in a world where I have to feel that I am falling into somebody's plot every time I sign a contract. It's so hard to keep my head above water as it is, the last thing I need is for my own bank to make it impossible for me to pay my rent.
thanks for listening.
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Posted by yoke on 2008-07-29:
What did the bank do wrong?
Posted by msnanny on 2008-07-29:
You are NOT powerless. YOU can make sure that you have money in your account BEFORE you spend it. Problem solved.
Posted by dskessler on 2008-07-29:
thanks for your sympathy. I'm simply saying that the bank's policies are designed to take unfair advantage of it's customers mistakes. maybe nothing they did was illegal but that doesn't mean that they are not wrong and unreasonable. Maybe it's too much to ask that an institution that is making money off of me should treat me with a little respect and have policies that reflect that. How's about less crippling overdraft fees and better notification?
Posted by yoke on 2008-07-29:
Do you really expect the banks to e-mail every person that overdrafts there account? It is your job to make sure the funds were there, not tha banks.
The bank did nothing illegal, but you did.
Posted by Principissa on 2008-07-29:
I always thought it was the customer's responsibility to adequately keep track of their funds. I guess I was wrong. Maybe spending money that you didn't have wouldn't have put you in this situation. It's not the banks job to e-mail and call every customer who is overdrawn? It's common sense, don't spend it if you don't have it.
Posted by dskessler on 2008-07-29:
no Yoke, i did nothing illegal. I think you should look up that word. I do expect banks in 2008 to notify me by email. that is the point of paperless banking. i get automatic email notifications for everything else. If they can automatically print out a piece of paper and have it mailed to me, they can automatically send an email. And I admit fully to my mistake but still feel that the charge was way too high and unwarranted. Obviously you have no issue with bending over for your corporate masters.
Posted by Anonymous on 2008-07-29:
The magnitude of these overdraft fees is ridiculous. Overdraft protection is nothing more than a short term loan yet these national banks who exists on the public trough via the federal reserve and fractional banking are allowed to charge fees/interest that would shame the Soprano family. A while back when BoA found it's self a little short covering it's reserve requirement the Fed relaxed the rules and there was no FEE or even admonishment yet when good hard working Americans make a mistake they get slammed and slammed hard. It is unbelievable the people take this and heck even defend it. Go figure.
Posted by Anonymous on 2008-07-29:
National banks.....A bad idea! (an exerpt from an ad here in Colorado from like 25 years ago against national banks)
Posted by Anonymous on 2008-07-29:
The bank cannot send e-mails to overdrawn customers for the same reason your debits clear almost intantly, yet you cannot access your deposits for up to seven days. Fees, not services, run the banking industry. When our 'failing economy' sputters to a stop fairly soon, I predict that predatory bankers will find themselves festooning the streetlights around their banks.
Posted by jenjenn on 2008-07-29:
I do think bank fees are ridiculous, but you were the one who made the mistake here. Responsibility and accountability - what concepts!
Posted by Anonymous on 2008-07-29:
Dskessler, try to remember a couple of things. One, most banks now process debits before credits to maximize OD fee's. Two, they will almost always authorize a debit card purchase without the funds in the account, again to maximize the OD fee's. There have been people on here that over drew their account by a couple of dollars using their debit card and were hit with a $35 OD fee on a $5 purchase. I know you don't want to hear it but keep a positive available balance and get some over draft protection linking the account to a savings account or something.

The banks are in this to make as much as they can, not to be your friend.
Posted by yoke on 2008-07-29:
dsklessler, yes you did do something illegal. It is illegal to write checks/use debit cards when the funds are not available.
I make sure I have the funds avaialable in my account, so I don't have a problem with overdrafts. You are expecting to much out of your bank to notify you via e-mail that you are overdrawn. That is not their job, it is your job to make sure you are not.
Posted by Anonymous on 2008-07-29:
Yoke -- It is not illegal to write checks/use debit cards in excess of your account balance so long as the obligations are paid by the bank as in this case.
Posted by yoke on 2008-07-29:
Then who's obligation is it to pay the bank?
Posted by Anonymous on 2008-07-29:
The only time when it is illegal is when they can prove that you did it maliciously and or with criminal intent.
Writing a check from a now closed account for example.
Posted by Anonymous on 2008-07-29:
People used to "float" between accounts but those days are long gone with same day processing now. My wife used to work at a bank many moons ago and said they would catch people running a float for a whole week sometimes.
Posted by Anonymous on 2008-07-29:
A week? That is a long time. Like you said those days are long gone.
Posted by Principissa on 2008-07-29:
We actually know a guy from hubby's command who floated a check once, the navy found out about it and the captain tore him six ways from Sunday. He almost went to jail over this. Way I see it is, if you don't got it don't spend it. I'd rather go without then spend hundreds in overdraft fees.
Posted by yoke on 2008-07-29:
Commands were known to "handle" bounced checks. A neighbor in Treasure Island wrote a bad check to the Exchange. He got extra duty for it!
Posted by Anonymous on 2008-07-29:
My brother was at Treasure Island for awhile. Talk about prime real estate. To bad the bridge cuts thru it.
Posted by yoke on 2008-07-29:
That is when the bridge wasn't down! We were on TI during the earthquake. That was a joy not being able to get off for a while!
Posted by CrazyRedHead on 2008-07-29:
Have you ever gone into a check writing establishment? There is a an official looking document on the wall that states that they (check cashing places) cannot press charges or the check writer cannot have charges pressed against him for writing cold checks. There is actually a law somewhere in the books that say that it is illegal to write checks or use a debit card if the funds are not available. I will try to find it and post a link. I hate quoting something if there is nothing to back me up, but I really do believe there is a law against it.
Posted by Anonymous on 2008-07-30:
Does you online banking offer email alerts that you have to sign up for?
My bank does. However the email alert isn't sent out until after the day's transactions have been processed the next day.
Posted by Anonymous on 2008-07-30:
The credit union I belong to just takes money from my savings to cover me screwing up with my debit card, which I've done twice in my life. I wonder why banks don't do this. It has to be pretty easy to transfer funds from one account to another. They charged me $2.00, end of story.
Posted by yoke on 2008-07-30:
My CU does not send out e-mails, but when you log into online banking they do have an area for messages. I don't know if they leave messages for NSF since I make sure I don't overspend my account. They will leave messages reminding when the CU is closed or if the system will be down for a certain time frame.
Posted by jenjenn on 2008-07-30:
Sherdy - banks do have the capability of doing the transfer from the savings if your account is set up that way.
Posted by Anonymous on 2008-07-30:
Hey Jen-then why the charges? Banks lose customers this way and I just can't see why banks won't show a little gratiousness. Why the charges for over draw when someone has more than enough to cover the amount in the savings. It's not that hard to make people happy. I mourn for the loss of good customer service.
Posted by Ponie on 2008-07-30:
sherdy, is 'good customer service' having the bank float you a loan at no cost when you're overdrawn? :)

To the poster: Would you like a little cheese with your whine? 'I'm a single person working freelance...' So what? I've been doing that for years. You sound like a teenager. You've got a little growing up to do. I'll bet your credit cards are maxed out, too.
Posted by MyDogsMom on 2008-07-30:
To clarify bounced check illegality....if a check is intentionally bounced, you can be prosecuted. How do they clarify if you did this intentionally? By whether a check is paid immediately when notified of the bounce. So...if you make a mistake in math and a check bounces but you work your magic and cover it, you have fees to pay and shame to be covered with but no law broken. No harm, no foul. Second scenario, same check bounces and you say "Sorry dude...I am unable to cover it. Not my problem." That's illegal. I have personally worked with our county bounced check dept. Those who don't pay up and get prosecuted pay a hefty fine and are required to take a class for the first offense. (In CA, this episode will cost them about $700.)

Posted by yoke on 2008-07-30:
mydogsmom, thanks for the info. I knew that if you did not pay it in a certain time frame you would be prosecuted for it.
Posted by Anonymous on 2008-07-31:
Ponie, dearest, how is it the bank's money when they are taking it out of my account? Last summer, because of a hail storm, I spent $17,000 of insurance money and $3,000 of my own repairing my home. Between paying the roofer, siders, window folks, siding folks and door folks, I screwed up and withdrew too much with debit purchase. The bank just moved MY money from one of MY accounts to another. $2.00 charge.
Posted by Anonymous on 2008-07-31:
I think everyone missed the author's point here which was that she admitted to making a mistake but had her bank immediately notifed her rather than send out a notice by postal mail, the overdraft fees would have been far less, which she probably would have happily paid since she did admit it was her fault to begin with.
Posted by thensider on 2008-07-31:
FYI PEOPLE, some banks DO notify you when you overdract, including B of A. They also notify me when I spend over $100 online and many other things that I have stipulated.
In general, i agree with the whole " know whats in your account thing", but I too have made mistakes causing overdrafts. A mistake as small as an error in subtraction cost me and entire paycheck a while back. I was off by $2. Yeah, i know, i have never seen my checking account that low on purpose, but times are tight, what can I say?
Posted by ditchqueen on 2009-03-02:
In defense of poster since he is getting beating up on here. I too had a simliar issue with Banknorth, over $5.00 overdraft, eventhough I ran down to the bank to deposit money before it went through. Here is the issue and how I got my money refunded.

1. TD banknorth does not ask your permission to enroll you in the overdraft protection (with fee), the minute you open a checking account you are enrolled. You have to write a request that you would rather bounce a check or deny a debit charge then have them "cover it" for you.

2. Banknorth removes charges first, then adds deposits. so this may cause someone to over draw, which is what they hope so they can charge you $25 bounce and $30 to cover it.

3. Banknorth removes higher charges first, then the smaller amounts. This also will cause some people to bounce several items over just one.

4. debit and credit purchases are debited from the account the minute they are made, but not updated in your balance history until the next day or several working days. This may also cause someone to bounce items.

These policy's were made so that consumers would bounce items and they hope a lot. They will also bounce and charge over $50 even if you are over by $0.01
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Posted by Wemove on 02/25/2011
Having closed on two-dozen+ mortgages/home equity/refinances over the past 20 years, with a dozen+ different firms, I have never experienced such incompetent, unorganized, and unresponsive service. For a relatively routine refinance of a simple mortgage, to be strung along for 3+ months is absurd and excruciatingly frustrating.

No matter what the rate, I will never submit an application to this company again.
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Posted by cartier on 2012-03-29:
I have had the same issues with them.. they have covered up some investment fraud in the bank and bounce you around. after a year and a half, i have been unable to obtain my bank records from them., They have refused to release them toa MASS. Senator's office and to a lwyer. they took statements out and are in cahoots with their coverup. I don't know how they are in business. The people that they hire are rude, incompetant, and unqualified.
Posted by MF on 2013-06-03:
The worst bank ever, definitely NOT AMERICA'S MOST CONVENIENT BANK at all. Inexperienced personnel and uncaring.
Posted by unhappy mortgage customer on 2013-07-02:
This bank used to be good with their mortgage process. They are terrible now. Rude staff that are clueless and have no idea what they are doing. They give you false promises and lie about closign on time. Worst experience. If you want you house closed on time, go with another bank.
Posted by BHotchkiss on 2013-07-23:
Absolutely the worst mortgage lending bank to work with. Incompetent employees who do not communicate with the underwriters, insurance co. etc. it's been 2 months and we have had to change the closing three times because they lose the documents we send or decide at the last minute that more information is needed. You can't understand their verbal or written communication and we have had to do all of the communication with other parties to get what documents the bank needed. Extremely frustrated and we still haven't closed. This bank is one to stay away from for any type of banking especially if you want to close on a home in a timely manner. It's almost criminal that they can operate with such unqualified employees.
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Unreasonable fees - Where to file complaints to
Posted by Mbacan on 08/12/2007
NEW HAMPSHIRE -- If any of you have issues with any bank, file a compliant with the Attorney General for that part of the state - Banks do not want negative marks with the AG. Also, banks are regulated by the Fed Reserve. also file a complaint here:


Both of the above organizations are very helpful. One of the things I'm working on is: I am filing complaints w/ both organizations about TD Banknorth. Issues: I checked available balance and took money out. They charged me $25 for a "draw on uncollected" fee. This means the check I deposited did not clear, but my online statement and ATM balance made available 1/2 the money, so I did an ATM withdrawal with plenty of money left over "available".

They did not want to work with me on this, so I am filing.
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Posted by Super CCS on 2007-08-12:
Try keeping a checkbook! That is your only true available balance. It is a felony in some states to write a check if the funds are not available or to post date a check.
Posted by Anonymous on 2007-08-12:
i agree that one should always keep a checkbook register and keep it updated daily, but the poster wouldn't have known that the check he/she had deposited was not going to clear. This is why many banks now put a hold on the entire amount deposited until it has cleared. I bank with US Bank and they only authorize $100 and hold the rest for any checks I deposit, other than my payroll check which is direct deposited.
I would think the bank would reverse the charges though, since you were not aware the deposited check was not going to clear, have you made any headway with them yet?
Posted by *Brenda* on 2007-08-12:
Super CCS, your rude comments are making bank reps look bad.
Posted by Anonymous on 2007-08-12:
Brenda, it could probably have been said more nicely, but it undeniably true. Online and ATM balances, by their very nature, cannot be accurate. If one chooses not to keep a check register, then large fees become a fact of life.
Posted by jktshff1 on 2007-08-12:
You need an accountant, not an attorney.
Posted by *Brenda* on 2007-08-12:
Ok, in most complaints his comment would fit but read the complaint. He deposited a check from another person into his account. If he put it in his check register he would have had MORE money than the ATM said considering the ATM only allowed 1/2 of the check to be "available". I know when I enter a deposit in my check book I don't wait a month until I get my bank statement to make sure it cleared, I do it right away!

This isn't a case of the OP writing a check for more than they had as they didn't have a clue that that check they deposited bounced. Super didn't even READ the complaint, he spouted off about writing checks for funds that aren't there is illegal. The OP didn't even write a check!
Posted by Anonymous on 2007-08-12:
Good catch Brenda!
Posted by mbacan on 2007-08-17:
Thanks Brenda... It's a bit puzzling how some folks just throw opinions out there while not understanding the real issue. My main reason for posting this was to make consumers aware that there are options. Although I have not gotten anywhere w/ these people, I am tired of them putting the burden back onto the consumer - once again, both the ATM nd onine available balance was enough for me to withdraw what I did. Their response was a check could take 1, 2 or up to 11 days. I will keep this thread posted as things progress. How am I as a comsdumer supposed to know - check the available balance maybe!
Posted by watch dog on 2010-01-12:
SHAME ON TD BANK for its misuse of power over its depositers it is a shame. It started out as community savings and was bought out by Andover savings them I call a hostile take over by td bank north and its heirs. What was once a friendly home town Banks till greedy corperate ceos and directors took it and stole the working class deposits by using unfair fees and shady policies that levied unfair fees on the customers and customer service reps cant help they can only follow the czars rules or be terminated. My great grandparents and my grandparents and my parents and myself and my children were there when the original banks started and it was not for the purpose of this it was working class depositing there money and loaning it to neighbors and so for not so some corperate big shots could have bonuses at the expense of the original depositers its a shame and I hope washington slaps there faces not there hands I hope they levy all there bonuses and mandate they open fee policy
SHAME TD and all the other banking bigs like bank of america
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Harassed by TD Bank by Phone
Posted by ResearchGuru111 on 09/21/2013
WINNIPEG, MASSACHUSETTS -- I've never had issues with paying for my TD Visa in the past, but this year has been difficult. My husband and I have actively been searching for work with no luck and had to use our credit cards to live on. I just received a letter from TD that I can no longer use my credit card and that a retailer has the right to cut it up in front of me, if I try and use it. I also have been plagued by TD calling our home at least 25+ times a month, and every Saturday between 7:30-8-30am! NOT COOL! I've had my TD Visa for over 10 years, and because I haven't been able to make a payment in a few months, this is how I'm being treated...despicable. Once my husband and I are back up on our feet, I will be switching banks because I don't deserve this crap their giving me.

I'm fed up. No compassion at all..If anything, they've heightened my stress level by +10 from their harassment. I hope that they loose every customer they have. They don't deserve to be in business, if this is the way they treat their long term customers.
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Posted by cmthru on 2013-09-24:
I sympathize with your financial situation. However, I cannot blame TD bank for harassing you. They have every right to demand payment as you have used their credit facilities and not made any payments. They are doing what any bank would do to recover the credit extended to you. If you had changed banks and made no payment them the same harassment would apply.

Not sure if you are in the US or Canada. If you are in the US you can write them a letter asking them to stop the phone calls and demanding all further contact via mail. A least the phone calls would stop.Canada probably has similar credit laws, you'll have to research that.

You could be proactive and call them to explain your situation and maybe work out some sort of payment plan.

I hope you and your husband will soon get back on your feet.
Posted by Logical Sense on 2013-09-24:
If you abide by their terms of service which you agreed too when you took on the credit card, they are not obligated to allow you to continue to use credit when you aren't paying it back.
Posted by CU on 2013-09-24:
Yes it sucks, and sorry about your job woes, but this is how it works. It will get worse if and when they charge you off, because the collection agencies will start, and they are merciless. If you can get them to work with you, it will be a lot less stressful, but you are going to have to have some give on your end too.
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Incompetent Loan Officers Abound at This Bank.
Posted by Jcromin32 on 08/23/2013
PUTNAM, NEW YORK -- Went for a loan at this bank in NYC. Lost all essential documents the first week. Asked us to resend. Got mad at them but did it anyway. Found out one of the loan officers took our confidential information home with them. Found out about this when she called us from her house to say she found the packet and heard a baby crying in the background. They talked about each other incessantly. Stuff customers are not suppose to hear. I don't like her, this one doesn't know what they are doing. For that alone, I would never bank here. It's too big. They just don't care.
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Posted by Soaring Consumer on 2013-08-24:
File a police report and file a complaint with all appropriate regulatory agencies, it is a serious breach of your rights for a bank employee to leak and or remove confidential information from the premises of their facilities.
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Horrible Customer Service
Posted by P.trone1 on 08/02/2013
SUMMIT, NEW JERSEY -- My wife and I set up a TD Bank account for my 15 year old daughter. They gave us a pin, and after a few weeks, my daughter got around to using the card, which didn't work. I took it to the ATM and it didn't accept the PIN we were given.

So I went to the teller who said she wasn't authorized to help me with the PIN problem. So then I waited in line for the desk people--a woman and a man who were both occupied with customers. I was #2 in line. I waited and waited and waited.

Finally I called the customer service line. My daughter spoke with them and after a few minutes, they decided they couldn't help her because she wasn't able to verify her last transaction (she told them there were no transactions as the account had been set up just a few weeks earlier). So that was a dead end.

So we continued to wait and wait for the desk people, who continued to be buried in their computer and barely even speaking to the customers they were serving.

Then I back up to the teller, and asked for the last transaction, which after a few minutes, she indeed verified that it was the account setup deposit. She gave me that exact amount.

So, I went back to my daughter's position in line for the desk people, and of course there was no change there. She called the phone line again, and after running through that gauntlet again -- this time with the amount of the initial deposit -- she was informed that the representative STILL wouldn't help her. She either had to see the branch personnel or have a new PIN mailed to us. We chose the later but continued to wait in the branch for the desk people.

Now I'm pretty pissed off. We waited to the 30 minute mark, and there was still little sign of any progress/life/intelligence or anything else happening at the desk.

Complete inertia. Like watching paint dry.

I got up, Marched over to the man (the branch manager) and told him I would be back tomorrow to close our account. He tried to stop me or apologize and I said "too late, see ya". Then I turned around, and as I was about to March out of the branch, I realized there were EIGHT other customers standing in line behind me to see the desk people!!

America's most convenient bank??!?!? If there were ever a open-and-shut case of false advertising! Geesh!
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Posted by trmn8r on 2013-08-03:
This does sound ugly. My only comment is that usually PIN issues can't be handled in person - I have on multiple occasions had to wait for a financial institution to mail me a new PIN.
Posted by olie on 2013-08-04:
I understand your frustration. But what if you'd been one of the customers who was dealing with desk personnel?

For all you knew, these people were trying to take out mortgages or do some complex transaction. Would it be nice if everything were solved in 5 minutes? Sure. I'll bet those customers would have liked that, too.
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TD Bank Decision to Eliminate Quicken Caused Me to Leave
Posted by TDB1381 on 07/10/2013
TINTON FALLS, NEW JERSEY -- I've been with TD Bank for 10 years. I use Quicken to pay my bills. In May TD Bank decided to block Quicken access in favor of their bill pay, which just doesn't work for me. I have 3 checking accounts and one savings account.

- It doesn't show my FUTURE balance, so I have to re-enter in Quicken to determine how much money I need to provide in each account.
- It doesn't track my expense categories (for taxes), Quicken does.
- Since I have to continue to use Quicken to track expenses, I have to re-enter all transactions in Quicken (2nd time is undesired extra work)
- When it updates, TD bank doesn't match all my Quicken transactions, so I often have to correct the TD entry in Quicken (a 3rd time dealing with the same transaction - certainly not desirable)
- It doesn't allow enough time to make notes, I get logged off and have to re-start the entire TD session (Quicken doesn't log me off)
- I have to pay all TD bills in one account, then the 2nd account, and then the 3rd. (Quicken allows me to pay bills from any account in any order)

After trying to get satisfaction, the net result is that both local and regional TD Bank management didn't/couldn't/wouldn't do anything.

Chase Bank allows the use of Quicken direct connect and I'm moving all my accounts over there!!! They were very pleased I'm joining them.
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Posted by S.fortier59 on 06/20/2013
PORTLAND, MAINE -- Upon review of my account, I saw that I had a pending charge that would over draw my account, so I went to the local branch at 8 am and deposited enough cash to cover plus a bit more. Before leaving the branch office, I got a printed receipt showing a positive balance. The next day, I checked my balance to find a $70.00 overdraft fee had been posted, putting me in the negative again.

I called customer service, and was told they would not reverse the fee. I said that was totally unfair as it was in pending charges, I had a paper receipt, etc. Still no. I asked to speak with a supervisor. Who told me she would not reverse the fee, even though I deposited cash, she also informed me that if the account remained negative for 10 days more, they would post another $20.00 fee. I was LIVID.

My employer doesn't offer direct deposit and it will be about 9 days before I'm paid again. I'm looking for another bank...
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Posted by Old Timer on 2013-06-20:
See if you can find a nice local credit union. They actually appreciate their members and go out of their way to help them.
Posted by CU on 2013-06-20:
Once you can see the item, you are already overdrawn. The fact that it is pending only means that the transaction has not finalized. The bank is still obligated to pay the item.

There are very few instances when you can cover the item after it has hit the bank. You have to have the money in the account BEFORE you spend it.

You will probably find a credit union to be a bit more flexible in this, but even there you have to plan on only drawing against the available balance in your account... better yet, in your check register.
Posted by Jeff on 2013-06-20:
Do yourself a favor...if you change banks or not, go to your bank and tell them you want to OPT OUT of overdraft "protection". I find it interesting they call it protection when they rape you with those kind of ridiculous fees.....If you opt out, if you use your card and theres no money, it will be declined. Simple. No need to worry about it then. to me, Id rather be embarrassed that my card is declined, and use another form of payment, rather than pay somewhere of almost 40 dollars.
Posted by Susan on 2013-06-20:
If you kept an old fashioned check register you would have known before your made the pending transaction that it would result in a overdraft.
Posted by Tezrien on 2013-06-20:
I wish more people knew about that little get out of overdraft hell Jeff.
Posted by Weedwhacked on 2013-06-21:
The bank is right. The pending charge came before the cash deposit so it gets posted first. You tried the "float" game and lost as many people do.
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Deposit My Money in Wrong Account
Posted by Smrangoonwala on 06/08/2012
WILLINGBORO, NEW JERSEY -- I had tax return which was sent directly to my account from IRS but because of my accountant mistake he put my account number wrong so the bank put the money in somebody else account.Now the bank is saying they cannot do any thing and IRS is saying it's federal law that the bank cannot deposit any government check or transfer without checking account number and the name of the account holder but the bank deposit the money just by the account number. They did not even bother double checking if the name matches the account.
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Posted by spiderman2 on 2012-06-08:
I think your accountant needs to resolve this for you as he is the one who made the mistake. I hope you notified him or her immediately and let the accountant sort out this mess.
Posted by unhappy999 on 2012-06-08:
I agree you should go back to the accountant and get him to get your money back. In the future, even when someone else does your taxes, there are certain things you need to ensure are correct before your sign or submit your return, your account number being the most important if you are due a refund.
Posted by SteveWiginowski on 2012-06-08:
As others said, go after your accountant. While the names may not match, banks may not be completely able to determine if it's in the wrong spot or not as people may have alternate names in which checks can be cashed (businesses, for example, can have different names on checks that they cash). The accountant should have shown you the paperwork before he submitted it, hopefully he will in the future (if he's still your accountant) so you can double check the information.
Posted by yoke on 2012-06-09:
This is the accountants mistake and not the banks mistake. What has the accountant done to remedy the situation?
Posted by Cwazychicken on 2012-06-10:
did the accountant get sneaky and put it into his account? I dont see how the bank is at fault. Banks never make this kind of random mistake. The accountant seems fishy!

And if the accountant messed up, does he have the account number he gave? if so, he may have to clear it up himself.
Posted by trmn8r on 2012-06-10:
The OP said that the accountant made a mistake in the account number. So no, I don't think the accountant got "sneaky", I think he screwed up. They do that a lot on tax returns, which is why it is good to review their work.
Posted by Cwazychicken on 2012-06-10:
ah i see, well i hope it gets fixed either way!@
Posted by tsoun on 2014-02-25:
I am facing the same dilemma. The account entered the wrong account information so I never got my tax refund. I called back several times but the office direct my calls to the office manager whom was not helpful at all. She made no attempt to try to rectify this error and assured me that my personal financial institution will reject any IRS check, if the social security number does not match. I was stupid and naive yo waited so long and believe her. Nothing happened for weeks. I made several call back to my accountant. No call back from them again. Called it's IRS but they could not help. So I finally called the corporate office and finally spoke to someone who was competent and helpful. I am waiting to hear back . They said it should take 3 yo 5 days to process the claim and told me that there may be no guaranteed if I will ever get my full refund. It all depends on the Financial Institution My Refunds Was Deposited to.
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StarEmpty StarEmpty StarEmpty StarEmpty Star
TD Mortgage
Posted by Myshelleha on 05/03/2012
TORONTO, ALABAMA -- Do not ever do any business with Calvin Chan - Telephone: (416) 567-8198

He is very unprofessional and unorganized. I purchased a house and contacted him right away for a mortgage, He assured me that everything was in good order and he was getting my paper work ready. It dragged on for over a month. Every time I called him or emailed him, he would never respond. When he did, he would assure me everything was fine. Week after week he said the same thing. Still I have not signed any documents. I even offered to stop by his office to sign if he was too busy to come by to my house. He then emailed me and said the paperwork was ready and he would come by next week and have me sign the documents. It is now Wednesday of next week and still have not heard from him. I emailed him and he did not reply. He then called me and said "what paperwork?" he did not have any paper work ready for us, nor did he do anything yet for our mortgage. This is 3 weeks before my closing date. He was making up excuses saying he has other clients to serve that have an earlier closing date than I do. Meanwhile, I contacted him almost 3 months ago and he assured me everything was fine. BEWARE OF HIM. DO NOT DO ANY BUSINESS WITH HIM.
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Posted by Another unhappy TD Bank customer on 2012-05-06:
I too made the mistake of using TD Bank for my mortgage and also had a problem with the person overseeing my loan.

After Multiple unreturned calls and the run-around I went to the manager and told them to get their employee in line or I would take my business to another bank.

I came to realize after speaking to others who had similar issues that they are a good bank for general everyday banking but are clueless when it comes to mortgages.
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