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Mismanagement and Mishandling of Financial Accounts
Posted by Cartier on 07/20/2011
LEXINGTON, MASSACHUSETTS -- Experience with Td Bank Lexington branch---- staff very deceptive and misleading business practices; refusal to turn bank records and statements to me after they created a major problem by deliberately manipulating money transferred into bank from an insurance contract coming from another financial institution. Someone in the bank altered the account structures and caused tax problems by transferring the funds into a money market account. I had made two large deposits into the bank and had hired financial people-- attorney and an accountant -- to structure the accounts and to also set up business banking. Not one business account was set up. The second branch manager lied and covered up for the first. I could not get a straight answer from them as to what they did with the money and a lot of lying and coverup went on. They have refused to turn over the bank records to me andthe new bank manager in Lexington came up with three pages of statements, not including the large deposits and what happened to the money. They clearly were manipulating the truth and refused to sit down to correct this costing me more money for the lawyer who they refused to communicate with. I then discovered that the lawyer had the bank records as well a sthe accountant and that the branch manager then made a statement that no one subpoened the records. There was q lot of money missing from the accounts. The branch managers seem fairly uneducated with very little financial or business experience. The branch manager blatently lied about this and will not produce the check from the annuity company. I believe that there was collusion going on and that one month after I had deposited another check for 69k into the bank; I was told by the second branch manager that there was 72k in the bank. They have caused a lot of problems with the IRS after the branch manager would not speak with my accountant to resolve this. I also asked her why no business accounts were set up after they were paid to do this-- lawyer and the accountant-- and the response was I don't have an answer for that. Y were avoiding the issue and seem very much concerned with protecting themselves rather than engaging in ethical business practices and serving their customers in an honest way. I have found bank employees to be not qualified, mediocre education, none of them business owners or experience with dealing with high net worth people. They then twist this and refuse to release the bank records. I think that the banks have come under a lot of scrutiny for good reason and have been causing business owners and other individuals a lot of problems. This bank screwed my money up and also my business costing me money with a lawyer and an accountant and seem very unwilling to take responsibility for their actions. They are also very rude and unaccomodating to fix problems caused by them.
     
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Posted by Jay on 2011-07-20:
If I understand this correctly you have hit the triple-play here. An incompetent bank, lawyer and accountant. All three appear to be dedicated to extracting money from you justly or unjustly.

Find a new attorney and sue all of them. Understanding of course finding a lawyer that will sue one of their own may be difficult.
Posted by cartier on 2011-07-24:
RESPONSE TO JAY; YOU HIT THIS ON THE MONEY-- I HAVE EMAILS THAT THEY WERE SENDING TO EACH OTHER AND CHARGING ME. THE LAWYER AND THE ACCT. WERE IN COLLUSION WITH THE BANK AND THE BANK MANAGER-- THE ACCOUNTS. AND STRUCTURES WERE ALTERED. THE BANK WON'T RELEASE THE RECORDS TO ME. IT WAS PART OF AN AUDIT TRAIL AND THE BANK MANAGER SAID TO ME THAT NOBODY SUBPOENED THE RECORDS. I THINK THAT THE BANKS NEED TO BE LOOKED INTO AS WELL AS THE QUALIFICATIONS OF THE EMPLOYEES OR LACK THEREOF. SUBSTANTIAL DEPOSITS WERE BEING MADE AND A LOT OF MONEY WAS MISSING. THE BANK MANAGER DID NOT HAVE AN ANSWER FOR THIS. SHE ALSO DID NOT COMMUNICATE TO THE LAWYER.
Posted by PepperElf on 2011-07-25:
Did you pick this lawyer out or did the bank pick him/her out for you?

I would suggest retaining your own lawyer.


Though... I am a bit confused as to how you found out the emails and altered data. If you have concrete proof of that you may want to include that in your presentation to your own lawyer.
Posted by cartier on 2011-07-25:
I had a complex business situation going on -- also, involving a high profile divorce case with some prominant people. I went to their offices-- the accountant and the lawyer and demanded the files and records. THE WOMAN IN THE BANK TOOK A LARGE CHECK FROM AN IRA AND THE ACCOUNT WAS COVERTED INTO A MONEY MARKET ACCOUNT. The lawyer and the accountant were instructed by me to set up business accopunts at the bank and failed to do so. I found out the lawyer had the bank records as well as the accountant and sent emails that they told me to deposit the second divorce check into the bank. I was in Atlanta for a month checking out the job market and came back and the bank manager told me there was 72k in the bank. She also denied knowing the financial company that the first check came from.. I retained a new lawyer and had a meeting with him and showed him the emails. The other lawyer is dodging him and stalling that he does not have the files ready. If the bank manager was stating that no one released the records; the ? is what information she had that she would not tell me and what was their involvement in this. I walked into another branch and requested all the records including copies of the checks and was told they would give them to me. One week later, the manager in Lexington called me and said she had the records. There were only ten pages of statements and no copies of the checks so an accounting trail could not be followed. The manager in Lexington told me that the bank was not releasing the bank records to me. I have called the Globe and channel five. They were costing me money with the lawyer and the acct. and now won't release the records. In addition; there were not any business accounts set up. One manager in another city stated she thought it was a real mess. I have a lot of emails between these people and the lawyer in Lexington who was up to no good. I hired the accountant-- not him-- I paid him directly. The new lawyer is going to the other lawyer's office.., I told him to report them to the bar.. No one figured out exactly what happened in the bank and why bank employees did this. There is another compalaint on this website about the same bank and the same bank manager. I think there is more to this banking issue and the economy than people have been aware of.
Posted by Steve on 2011-07-25:
Please contact the Office of the Comptroller of the Currency and file a complaint ASAP. You can start the complaint online at their website,
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Website Ripoff
Posted by Carhauler on 05/31/2011
Beware of TD Bank credit card services. If you make a payment online, they will tell you they never received the payment, and charge you a penalty. And then destroy your good credit by saying you didn't pay on time. They have the worst customer service department I have ever dealt with.

Beware of this bank.
     
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Posted by ontario_girl on 2011-05-31:
If you pay online, you will have a record of the payment with your online banking. Can't you present that information to them as proof you paid?
Posted by bcd on 2011-05-31:
Does the bank send confirmation emails or provide a verification number at the time you submit payments?
Posted by Red Sox Man on 2013-10-06:
I agree with 'carhauler '...And no, they don't send confirmation emails like every other bank/credit card vendor does when you make a payment. And even if you have pain online, they will claim they didn't receive it, refuting your own bank statement. It's happened to me twice, the second time last week. I travel a lot, right now I'm in London, and tried logging on to their website, and it said to call them, I did and someone named Shanikwa (they're all named Shanikwa, or Tanikwa) She said their systems were updating. Well again, every other website on Earth, will say it when you try logging on. "We're updating our systems, please try again later". But no Not TD bank, you have to call them and go through their automated voice system, just to have some cranky high-school dropout, slurping on a straw, tell you the system is down. And they will never give you their proper routing numbers for a balance transfer, you have to search for it on their website, they give contradictory information intentionally so you mess up your payments. Avoid, avoid, avoid....I'm closing my account, it's not worth it.
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Bank is incompetent
Posted by Krowl on 04/22/2011
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.
     
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NOTHING Is Right at TD
Posted by Tdandpo on 04/02/2011
I have been a TD Bank customer for more than two years. But I won't be much longer. They have screwed up my three accounts so many times, that it has become nearly a full-time job staying on top of it all. 20 minutes in one branch with seven staff and only two customers to make a simple deposit. Yucking it up and personal talk was more important than my deposit. Then when I left, I discovered she shorted me by $1,000. Back in for another 10 minutes. A simple check order started in early January, Went to the branch. Two sets of checks -- one for business and one personal didn't arrive after five weeks. Back to the branch. They called. No one could find one of the orders. The other order was found but the checks were not. Three days later the business checks arrived, Still no personal checks. Order those again and tell the manager I will pick them up at the branch. Then the manager informs me that the first set was at the branch for eight weeks, sent there by mistake. The next call is that set three has arrived at the branch and they would be overnighted to me. They were. Then, 11 weeks after all of this started, the second set shows up in my mailbox. Meanwhile, amidst all of this confusion I made a big error. I paid a major bill out of the wrong account and overdrew it. TD loves this. They sent me a notice in the mail five days after the first overdraw. First time I knew about it. They brag about their technology and customer service but obviously intentionally slow down onj overdraws in hopes you will keep overdrawing so they hit you for $35 a clip. Sure, my mistake but they certainly took full advantage of it and made over $200 on the error.
Then there was the $%K trust account I opened for one of mu children. 75 cents monthly interest paid; $12 monthly fee. Took three months to figure out they pur us in th wrong account - had a $10K minimum.
Twof the last three months my online credit card payments (from checking to credit card transfer) did not register. $35 a pop for late payment. Just happened again today!
I could go on. But you get the picture. If, in fact, TD does stand for Toronto Dominion, I suggest that they go back to Canada and stiff their own people.
And, for all of this excellent service, they abolish their rebate of fees for use of other ATM's make us pay the other bank's ATM fees. So the use of a non-TD ATM just jumped from sero to five dollars or more. Found out two weeks after they changed the program and, of course, got hit with all of those fees.
ENOUGH, TD! I hope to hell that Congress investigates you and the rest of the croooks who run our banks. Congratulations on your earnings!
     
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Posted by cartier on 2011-07-25:
I had the same experience with the bank; the bank manager was involved with altering financial data and account structures. I was missing a lot of maoney.. I went into three branches to request bank statements and records and they refused to give them to me. One of the managers in Lexington produced ten pages and none of the checks or deposits. She then told me not to call any of the employees or to go into any of the branches. They have a legal dept. in Maine .. I think they are incredible jerks and they have gotten away with this for a long time.. I also think that they are not very well qualified in their jobs. They seem to make quite a few mistakes and I think tehy need a more comprehensive investigation on them and their business practices.
Posted by cartier on 2011-07-25:
I had the same experience with the bank; the bank manager was involved with altering financial data and account structures. I was missing a lot of money.. I went into three branches to request bank statements and records and they refused to give them to me. One of the managers in Lexington produced ten pages and none of the checks or deposits. She then told me not to call any of the employees or to go into any of the branches. They have a legal dept. in Maine .. I think they are incredible jerks and they have gotten away with this for a long time.. I also think that they are not very well qualified in their jobs. They seem to make quite a few mistakes and I think they need a more comprehensive investigation on them and their business practices.
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TD Bank/Mortgage is painful.
Posted by Surfer14 on 11/14/2010
CHERRY HILL, NEW JERSEY -- My mortgage on s secondary home in Ocean City, NJ was declined because the condo association did not have guaranteed cost replacement coverage and my of the two units (I owned only one) were rented out for the summer. While TD's decision is fine, my consider is that they had this information from day 1. So why do we continue the process if these two items were not going to change. Instead for 90 days they ask me for additional information, we get an appraisal, I follow up, etc. Just trying to get a hold of a "live" person was painful. Note the original mortgage on this home was provided by Commerce Insurance who TD purchased. The insurance piece was funny as well because the insurance is with TD Insurance and they could not provide this coverage. Overall a very difficult process, which lead me nowhere.
     
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Posted by Alain on 2010-11-15:
Time to see what someone else can do for you.
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Outrageous--Overdraft Fees/Fees On The Fee!!
Posted by Kammi on 11/01/2010
I had $28 and some odd cents in my account. It was a Thursday--the day before my direct deposit would hit my account. I made a purchase for 7.19. I knew I had a check out for $34 dollars, but it was after work around 6:30. I figured the check wouldn't post until the next day since it was already so late! I was charged a $70 overdraft fee because conveniently the bank posted the $34 dollar check that night (probably five minutes after I made the 7.19 purchase) then posted the 7.19, so I got hit with two overdraft charges THEN on top of that because they posted the overdraft fee, I was even further in the negative--I got another $35 overdraft fee because the overdraft fee was another strike against my account. I am irate at this point. I am looking for a contact for a class action lawsuit--I heard one is pending!! In addition to the fee fiasco, their customer service reps are rude!! I called and they kept insisting that I didn't understand (like I was stupid) and when I asked them why their company was robbing people and using manipulative business practices, the witch on the phone said, "I'll now explain why you received those charges." I know why---because TD Bank robs their customers!!!

They hold payments to screw you, they manipulate how itmes are posted to your account---highest to lowest instead of the date---Absolutely ridiculous!! I am taking my money and putting it in a safe place!!!
     
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Posted by trmn8r on 2010-11-01:
"I am taking my money and putting it in a safe place!!!"

Where might that be? BoA? Wells Fargo? They all handle overdrafts pretty similarly. The bank hates it when you spend money that you don't have. While the order of clearing items may be something to pursue legally, I prefer to avoid the problem.

I try to keep $200 in my account at all times. This exceeds all the items that might clear prior to being able to replenish the buffer.
Posted by FlShopper on 2010-11-01:
I admire your passion on the subject. But although it really stinks to get hit with fees, the bottom line here is that you gambled and lost. You can't blame the bank for that.
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Extortionists, plain and simple.
Posted by PatriciaG on 08/06/2010
On Saturday I deposited a check at my branch's ATM. On Tuesday my online statement showed the funds. On Thursday I had a direct deposit. By late Thursday afternoon I had overdraft fees totaling $245. Unbeknown to me, TD had pulled the first check, claiming that it was a *business check* and could not be deposited in a personal account. Did they notify me? Not at all. Had they deposited that very same check 6 months in a row? Yes. The check is now in limbo, I only got my $245 in fees refunded after hours on the phone and at the branch - and finally speaking to the regional manager - and I am short $1300 until TD sends me my check back. This bank does everything they can to ding you for fees. DO NOT OPEN AN ACCOUNT AT TDNORTH BANK.
     
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Posted by FlShopper on 2010-08-06:
They won't let you deposit a check from a business into your personal account? That's insane.
Posted by PepperElf on 2010-08-06:
From what I've read online, most banks don't deposit business checks into personal accounts, to reduce the possibility of theft.

(note - business checks are usually checks made out TO a business if I'm not mistaken)


You may have to provide your bank with proof that you have the legal right to take the funds from those checks to put into your own account.

I would recommend asking them what steps you will need to take to enable you to deposit these checks in the future.
Posted by FlShopper on 2010-08-06:
Oh, I was thinking it was a check *from* a business made out to the OP.
Posted by yoke on 2010-08-07:
The only thing the bank did wrong is not catch their error 6 months ago. You can not deposit a check written out to a business into your personal checking account. Why not deposit the check into your business account? Why not ask the person writing the check to your business to just write the check out to you?
Posted by sam on 2013-07-06:
the reason you can't deposit a business check into your personal account is much simpler than a banking error...has to do with taxes. You pay taxes on your business account funds and if you deposit income from a business into your personal account, there is a good chance you are not going to claim those funds for tax purposes. It is a control issue plain and simple...but there you have it.
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Use to love it, what a change, run while you can
Posted by Northnj34 on 04/30/2010
NEW JERSEY -- I used to be the biggest fan of TD Bank. Opened my account with them 10 years ago or so! Got all my family to transfer money there and recommended it to everybody. Commerce WAS the best and the most convenient bank. Never had Any problems with them and WAS in love with their customer service. That was back then, good old times lol. When it became TD,- I did some research and it looked like it was going to get better. TD was one of very few banks which pulled their investments out of all mortgage mess that country going through,-oh god was I wrong. All started with overdraft fee of $35. They repeatedly lie to me that they send new rules & regulations out to me and I will get it any day. I canceled my overdraft protection back in 2001(it’s a checking account not a credit card is my philosophy), but the very first month they introduced $35 overdraft fee, they let through 9 bogus internet transactions in the raw to go through and charged me $35 each time (looks like bankers and hackers working together now), not to mention that in 10 previous years I used my card 5 times ( if that) over internet and supposedly I had some anti theft protection from TD ( I know that because most of the times I travel from NJ to Fl I had to call them to get gas,- it wasn’t going through), but if they making money all protection goes to hell I guess! I asked them why I have an overdraft protection when I canceled it long time ago, their representative told me, that as I favor they gave it to me so my mortgage payment check wouldn’t bounce!!!! What a BS !!!! So they made a note on my account in front of me not to let any payments through unless there is money in there! Then, just to make sure I went to different branch, and the confirmed that the note was made. Guess what, month later I was negative $1.99 because of some internet transaction again. Of course that famous computer glitch took my $850 deposit, for some miracle I didn’t throw away receipt ( they should have advice people that week to keep their receipts and say we have a problem not “ out computers temporary off line”). On top of that, for 1 year and 3 months I couldn’t get my statements send out to me. I called and requested it 8 times over the phone, and 4 times in person in 4 different branches-NOTHING. All that coasted me tons of time, money orders (while they investigate), and most important millions of nerve cells. But the last drop in the cup was when my mother receive her statement last month, she noticed $3000.00 deposit through branches ATM(which wasn’t made by her), then two days later $3000.00 withdraw(which wasn’t made by her). When she called, representative told her that one of her family members must of got a hold of her bank card….! When she said its just her and a cat, TD representative got angry and told her to call police if she wishes ( I wish she did), when she got supervisor on the phone, she told her that as a favor they can try to investigate…….

I don’t see that most convenient BS commercial any more, I guess even TD bank themselves don’t have the balls to say it!!!

P.S. Closed all my accounts there, refinance my car with some one else. I don’t know if TD Ameritrade representative will talk me into staying with them. Capital One looks pretty well as a bank, just compare their interest rate for checking TD Bank-0.25% Capital One-1.3%
Wow, what a difference.
     
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Posted by Alain on 2010-05-01:
Maybe filing a complaint at http://www.state.nj.us/dobi/consumer.htm might be a good idea.
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TD Bank is a Thief...Do NOT Bank There!!!
Posted by Booker5900 on 04/22/2010
I have been a member first of Commerce Bank then unfortunately continued as TC Bank bough them out. Since Day one of being a member of TD Bank, I have nothing but problems with them. Their customer service is horrible and they do not know how to treat someone like a human being. We all make mistakes..it happens but apparently they DO NOT make mistakes. I have had many issues with their overdraft fees. The will make sure that they post your transactions from highest to lowest in order to fully benefit from any overdraft fees that they can squeeze out of you. This now causes a waterfall of overdraft fees until you are able to catch up with can be difficult in this economy. Not only that they apparently "hold" money for a transaction which has not even been processed yet. That is just insane!!! I use the online banking system on a daily basis in order to ensure that my account does not overdraw. Yes I have made mistakes and have owned up to those overdraft fees as I am human and it happens. Your bank statement online or in paper form is supposed to be a legal representation of what is in your account. Yet if you call TD bank and speak to a representative they will tell you something different. What they see on their computer screen in totally different than what you see in front of you. The order in which posts are made are in different orders and your balance is even different too. I have now been charged 5 overdraft fees for items that have NOT caused my account to overdraft due to one item that I openly admit did cause it to overdraft. Now how do you figure that one out? Well apparently even though my online banking statement showed that I have approx $5.00 in the account on Tuesday then on Wed the $27.00 that caused the overdraft came through I was actually already in the negative way before the 27.00 even posted. They so conveniently (and I say that with sarcasm) decided that they wanted to take out the 27.00 FIRST even though the 5 other transactions were done even before that 27.00 transaction even came through. Now I don't know about you but when I keep track of my banking I input my transactions in the order to which they were spent. NOT in the order that gives the bank the most profit. Now I am in the whole with the bank and when I spoke to them about it they just say that I am stupid and incompetent and that I need to pay better attention to my banking and that there is nothing that they can do for me. Well TD bank...all I have to say is Most Convenient Bank My A$$
     
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Posted by octoberraain12 on 2010-04-22:
If you bring in your check book register and show the bank where you had enough money in your account to cover your transactions then they would have to rebate your fees.
Posted by goduke on 2010-04-22:
I've never seen anything which suggests that the paper or online statement is a legal reprsentation of what's in the account. It's a legal representation of what items have been (1) presented to the bank and (2) paid by the bank, along with any credits. If there is a transaction out there that the bank doesn't know about (a check, for example), the bank can't possibly take that into account in their records.
Posted by bcd on 2010-04-22:
The order debits and checks are presented would not be a factor if you properly maintained a check register.
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Excessive Fees
Posted by TDBankRippedMeOff on 02/17/2010
I made the mistake of choosing a "Simply Free Checking" account at TD Bank. I must have missed the letter in the mail about the change. Since the account change that they decided to make I am charged $15.00 per month for any day that my account drops below $100.00. According to bank staff it's my fault for not taking time out of my busy day to change to another account. To top it off I was issued
$140.00 in charges (35 X 4)due to an electronic deposit being processed by TD Bank after it cleared the other account that I transferred it from. Avoid this bank. They will make middle class America poor if we are not careful. I'm changing to a Credit Union. Do yourself a favor & choose another organization that will not take advantage of you if you have a financially challenging time. Please tell your friends also so that we can protect people during this recession.
     
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Posted by The Hurricane on 2010-02-17:
Sorry, but it IS your fault for not paying attention to the terms you agreed to when you opened the account.
Posted by i_am_canadian on 2010-02-17:
So you admit that there was most likely some literature sent to you about the change in fees which you either missed or ignored, not to mention your failure to read and understand the terms of the account when you signed up for it. I don't see how the bank is at fault here, and I don't think a credit union will treat you any better.
Posted by goduke on 2010-02-18:
The celtics and bruins thank you for your contribution to the upkeep on their lovely arena, though.....
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