TD Banknorth, NA Complaint - TD Banknorth Shifts Your Transactions In Order To Charge More Overdraft Fees
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.