TD Banknorth Informative - Info On Check And Bounce Policy
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.
5. Banknorth charges $0.25 for every debit point of service transaction, you must run it as "credit"
6. They are raising their checking account rates in May and now charging $15 a month for any account without an average daily balance of $100. so you have to keep at least $100 in your checking at all times. If you have direct deposit, they are gettng rid of the free account.
7. Banknorth credits a check before it officially clears thereby allowing you the funds, though it may bounce.
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