I have been a victim of TD Bank as well. I signed up for free checking w/ no minimum balance, and then lo and behold they change the rules. That is not the contract I signed up for. If they had at least informed me I would have closed out the account before I had fees that I had no knowledge of put me in the negative on this account I hardly ever use. It is used for specific purposes. I have also had money stolen for OD fees when there was actually a balance to cover any activity. I have had quite enough.
I did not realize and should have, that TD Banknorth is a Canadian Corporation. I have a practice of only doing business with American companies and corporations – not that they are any better these days. The American consumer has become so complacent and apathetic, allowing these companies to treat us a door mats. This consumer says not anymore. Banknorth lost a lawsuit back in April, costing them $50 million; perhaps this is why they have begun these predatory practices. They would have been far better off to not conduct business in such a way that it put them in the position to lose such a lawsuit.
For all of you complaining on this and other boards – do more. Email everyone on your contact list; tell everyone you know to beware. Complain to the FDIC, BBB and AG if applicable. Bad word of mouth can be very damning to a company. Email everyone in the company that you can. Call everyone in the company that you can. Do not take no for an answer – you can and should fight back. By calling executives and the like you are costing the bank money. These people are highly paid and the time spent with dissatisfied customers is time away from what they consider more important business, business that generates high revenue for the bank.
Below are email addresses for executives of TD Bank. I will be posting some Blackberry and office numbers of these executives in a few days. Call them, bother them, cost them money – after all they are taking yours. Stop being a victim! **. I will be more than happy to post their blackberry and office phone numbers in the next few days - check back.
CONCORD, NEW HAMPSHIRE -- For several months I have incurred approximately $2000 in overdraft fees. The bank insisted that I use my check register rather than rely on my online banking. Since then I have collected every receipt and kept a "register" on Quicken as well as balancing all check registers, and comparing to my account online. All has gone better, until today. Before I went to bed last night I checked my online account (knowing it agreed with my Quicken register. Five items had cleared leaving a balance of $519. I ordered online an item for $578 knowing it would not clear until today when my husband's direct deposit would clear.
When I looked at my account online today I had "pending" transactions which included my item for $578, my husband's direct deposit for over $1000, and unbelievably an overdraft fee for $70. I screamed and then proceeded to call the bank. Speaking with a supervisor it was explained to me that even though the vendor had not received his $578 it was still promised to him and therefore shown as being taken out of the account, however, it was in PENDING.
So, I continued to ask why the $70 overdraft fee when only one item was overdrawn. Her response was that bank policy states that the largest amount posted for that date gets deducted from the balance first. Now I am really outraged because they choose where to deduct the larger dollar amount resulting in more overdraft charges. This is definitely a game they are playing with my money. It makes me wonder how many of the $2000 charges I received were because of the stealing they do by playing with our money. I am now looking for a new bank. We have six accounts with this bank.
NORTH ADAMS, MASSACHUSETTS -- I had an account with TD BankNorth for several months. There were times I went into the negative and paid the ridiculous overdraft fees. This one time however I just cannot get over. I had $220 (about) in my account and I went to an ATM Machine to take out $200. The ATM sat there for about 5 minutes before saying that it was not able to complete the transaction. I thought maybe there was a communications error while the ATM was talking to my bank. I tried again, I got the same issue. I said OK and went on my way without any money. I just used the card as Debit at the cash register when checking out.
The next day I found myself about $500 in the negative and was wondering how. I looked at my statement to see that the ATM did in fact take $400 out of my account, along with 2 $1.75 fees. I called my bank to immediately dispute the charges. I also used an ATM at another location trying to take out $20 and it would not let me, I then tried again and it let me. It charged me for both $20 transactions when all I received was 1 transaction. I immediately stopped my direct deposit on the account as I could not just watch my paychecks vanish into this banks fees.
I spoke with a customer service agent and he said don't worry when they get all of this fixed they will correct my account. A few weeks went by which caused other things that were still outstanding to hit my account, be returned and access more fees.
A few weeks later they finally credit my account $400 plus the 2 ATM fees. This is all fine and dandy but what about the fees that they have accessed on my account to date? They stated that they were not going to remove those because had I had funds in the account to cover those items I would not have those fees... So wait, you mean I should put money into the account to cover all these outrageous fees that were not supposed to happen in the first place? They said if I did not stop my direct deposit the fees would not be in place. I stated if I did not stop direct deposit I would not have money to provide for my family.
By the end of everything (last statement I saw) the account was $900 overdrawn. The bank called me asking me to resolve the issue and I told them point blank. "I have no problem paying for the items that were processed through my account which are valid. I am not however going to pay for all of these overdraft fees that were put there due to this issue." They said that was not good enough, I had to pay it all to put the account back to a 0 balance.
It has been awhile now and they have an entry in Chex systems for this. They also assigned it to a collection agency who tells me the balance is now $1200 (estimated). I laughed and he asked what I was laughing about. I said it was $900 when they froze the account. Where did the rest come from? He said probably fees. I told him to stuff it just as I had TD BankNorth. I am not going to hand them money just because they say I should. It is outrageous!
This issue has still not resolved. But how nice I got a call from the collection agency again stating oh we'll settle for $900. I again stated no you will settle for no more than went out on the account which I am liable for. I admit things did hit the account which TD BankNorth did pay out. I will cover that without a problem what I will not cover is all the fees they accessed on the account while they were doing their investigation. I could not use my account so why should they access fees?
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 its 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 every day. 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.
GREENFIELD, MASSACHUSETTS -- A couple months ago and TD took a large overdraft fee from me. I wasn't aware they would allow me to overdraw my account since this is a DEBIT card which should only allow me to withdraw or use cash I actually have (I lost my well-paying job and after being unable to find new employment I enrolled in college. My 3 special needs children - 2 autistic, 1 with global delays - and I began living on their measly SSI payments which are less than welfare pays). I unknowingly overdrew my account (because a company I had ordered something through had mistakenly taken 2 shipping fees and, although I canceled the order it was charged anyway).
I immediately called TD BankNorth about closing my account but they refunded the overdrawn money so I kept my account BUT not before I was assured this would not happen again (you can supposedly opt-out of this "loan" and your card should be denied if funds are unavailable). I made it clear I wanted them to refuse any spending beyond what I actually had in my account. This month I again unknowingly overdrew my account and was charged outrageous fees on 4 occasions totaling over $250 (well over the $5+ I withdrew).
I received 1 overdraft notice on 5/31, I replaced the overdrawn money within 24 hours, then 3 more fees were made with no further notices about being overdrawn, despite the fact that I had deposited the amount I was overdrawn. The fees totaled over 1/5 of the money we live on each month (2/3 of which goes to my mortgage). To add to this, the "snake" lady I talked to at the bank was cold, heartless and extremely rude. Fortunately I joined a credit union today with a $2 overdraft fee which is how it should be AND you can opt out of overdraft so that your card is denied instead of having loan forced on you without consent.
Overdraft fees were as follows: $56 on 5/31 (the day I received an overdraft notice, the next day almost $1200 was deposited in my account and this overdraft fee was paid automatically), $84 on 6/16, $84 on 6/19 and $28 on 6/20 (I received my 2nd overdraft notice today). I would like to add, I have never overdrawn my accounts before this year in the 15+ years I've been banking but I'm going through the most difficult time of my entire life currently, the job market in my area is terrible without a degree (which is what I'm trying to achieve).
TD BankNorth obviously cares little about its customers and prefers to rape people like myself in their pursuit of financial gain. Their business practices are very fraudulent. After some investigating I discovered that these outrageous overdraft fees being charged are due to a loophole in a Federal Law that many people have been trying to change because it actually hurts banks, consumers and the economy. For more info on this subject go to your favorite search engine and search for loophole+overdraft+fees (I believe it's called a bounce-loan).
And to those personally attacking me (I'm "stupid") I'm getting A's and B's in college and plan on beginning my RN courses January '08. You obviously have low self-esteem and need to pick on others to boost your own morale. Oh, and LOL I was not fired from my last job, I was actually a very good employee (and I have all the stupid company logo rewards for exemplary service to prove it). I took a buyout because of threats that our office may close if the high paid employees didn't leave to make room for the new lower pay the union had worked out with the company.
I had never been so much as reprimanded and would probably still be there if I hadn't quit (if the office is still open). About 1/4 of the high paid employees in our office took the buyout, but thanks for your public declaration of ignorance. That's always fun to see. :P
STATEN ISLAND, NEW YORK -- Please, don't ever take a home equity loan with this bank, no matter how desperate you are. They are the most uncaring, stubborn institution ever. They have literally ruined my life. They will not give in to a recodification for anything. Heartless. They don't care how you struggle. They will foreclose on you. Be very careful. Do not deal with this bank.
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 anything 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.
This is the first time I ever used TD Bank. I applied for a Yard Card which is owned by TD Bank. They sent out my first statement to the wrong address so I never received it. I knew to expect it but I was never informed when to expect it.
Called them up to inquire when I can expect my first statement. They then figured out they had the wrong address and claimed they sent it there... but that didn't sway them from reversing a huge interest rate increase on my card which is still costing me hundreds of dollars.
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.