TD Banknorth Complaint - Unreasonable Overdraft Policy Equivalent To Theft
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.