TD Bank review: overdraft fees 186

I understand TD's point of view to an extent, but they do manipulate the dates of transactions so that you are charged a fee. I keep a spreadsheet and make sure I don't spend over my available balance, but have gotten these overdraft fees more than once. The last time it happened, I had transferred money from one checking to another (I didn't have a debit card on the second account) and took money out of the first account for something I needed. Apparently, the transfer (though it was one TD account to another) didn't count as me having the available funds even though it was counted towards my available funds. And if you ever look through your online history, the records they provide you NEVER match what they see on their end when they charge you those fees. I would cop to making an error and getting them, if I can see what happened without having to call and be treated like a ###. I am in the process of switching to Bank of America.

Sorry, what I meant to say was they had treated the transfer as a pending transaction, though it was included in my available funds.

@Ashleycole: I completely understand what you're talking about. I asked customer service over and over again if something is in pending does it automatically get deducted out of your available balance. They told me over and over again that yes it does. Obviously it doesn't. They have a very wrong way of doing things, and they do it this way all just to confuse their customers so that they can make as much money as they do. I would love to see how much money they made this past year in overdraft fees compared to other banks. I don't see the point of having online banking with them, it never matches up. Items appear, disappear, and all of a sudden appear again in pending. I switched back to my previous bank, wish I never switched to begin with. TD is closer to my work and home so I thought it would be more convenient. I much rather travel a little further then deal with this.

You're commenting under my comment. Go FLY AWAY!

hahahahahahahaha

Maggie: I already answered your question. I don't understand if you do not work for a bank why you would be taking the time out of your day to comment. Get a life! I have no use for this anymore, I switched banks and feel so much better. My money is SAFE! So Maggie why don't you go fly away with Stealth pilot.

First of all, you people are rude. I simply put in a complaint about what I'm going through with this bank for other customers to be aware of it, you took it upon yourself to be rude by calling me stupid. I do not need your help nor do the other people that are complaining. We know what we are doing and we do not need you to tell us otherwise. Get off of my complaint.

TD bank just stole $280 from me...I had transactions pending on Friday, with an available balance, realized I was short on cash and as a single mom needed things for my baby took out money on Monday night, they posted that transaction first, leaving me with a low balance and than posted all the little transactions I had from before the weekend...needless to say instead of spending $35 on the overdraft from the ATM, I'm paying $35 per transaction and it's sad because I had an iTunes transaction for $2.17 go through and guess what they have charged me $35 for it...it's the most disgusting thing I have ever seen...and sadly I think it targets the lower earning portion of Americans...way to keep someone down corporate america

Evie10: Trust me close your account with TD Bank. Since I switched banks, I haven't had any problems at all.

Yes I over drafted my account stupidly because I did think i had a certain balance when I went on line and noticed my account had low balance with 2 small things pending that was "ALREADY" deducted from my balance so when i saw i only had balance of $5. i knew i would get a $35 overdraft fee that would totally be my fault, but since the small amounts "already" deducted but not posted was then posted at same time therefore they posted the bigger amount first so to be sure my account would overdraft then posted the smaller amounts and charged me over draft fee for all 3 items - way to make your money of the POOR hard working people who live paycheck to paycheck TD BANK yea I would say I am definitely in the WRONG business what low life's... when I had commerce I never had this issue -and oh yea if you have a deposit that is put in and is added to your avail. balance that they tell you is "available" yea its not because if something comes thru same day your deposit is pending they post the item first so it will cause you to be negative then post your deposit so they can collect their fee - that's how they make their Money _Im sure the owner of TD BANK is living LARGE...

Yes I over drafted my account stupidly because I did think i had a certain balance when I went on line and noticed my account had low balance with 2 small things pending that was "ALREADY" deducted from my balance so when i saw i only had balance of $5. i knew i would get a $35 overdraft fee that would totally be my fault, but since the small amounts "already" deducted but not posted was then posted at same time therefore they posted the bigger amount first so to be sure my account would overdraft then posted the smaller amounts and charged me over draft fee for all 3 items - way to make your money of the POOR hard working people who live paycheck to paycheck TD BANK why would I be charged for 2 fees if the other items were already deducted from my balance? yea I would say I am definitely in the WRONG business. When I had commerce I never had this issue -and oh yea even if you watch closely your spending you still incur o/d fees its happen to me few times if you have a deposit that is put in and is added to your avail. balance that they tell you its "available" yea its not - because if something comes thru same day your deposit that you know your deposit will cover and is pending they post the item first spent first so it will cause you to be negative then post your deposit so they can collect their fee - that's how they make their Money _I'm sure the owner of TD BANK is living LARGE... Not to mention I noticed when i keep track of my deposits and debits there has been numerous times where there has been very small amounts missing from my account not accounted for anywhere and i have to adjust the balance and i know for fact at that time i have deducted all my receipts.

HWSMOF2: I hope you closed your account with them. You will drive yourself crazy keeping your account in check and not to mention you'll go poor.

Maggie, I would just like to show you something I found: This is a quote from a former Td BANK employee:
"I use to work for TD BankNorth and I must say too that they are a company that will rip off there customers. They charge fee's to their customers that are uncalled for."

I do keep a register and my balance is always good - when i go online i will notice there balance is off, money missing like $2 here or 3 something there and one time it was short $7.50 TD could not explain what happened and offered me credit, I also had a deposit that they lost and i called for weeks and weeks and all they could say is it must have been coded wrong, how do you explain that when it was commerce i never had this issue and was another bank even before commerce i didn't have these issues - i get direct deposit every week why do they put that in pending? they tell me that its pending but is still available for me to use that amount but guess what its only available if I do a purchase or withdraw its not avail if a check comes thru and this was told to me by a bank rep when i asked about it. Example: thursday midnight my check is available to me -they have pending on Friday - Friday a check hits the bank for a bill and they post it before my pending check and they bounce it and charge the fee so tell me how does that work -

PS. i do have another account with Citizens and i keep a register for that too and i don't have issues like i do with TD, also the TD reps told me NOT to go by my register they told me to always go online and always go by my "available" balance so i am doing everything i am suppose to do...I think the people who donT bounce are people that make a lot of money and dont live paycheck to paycheck - i could be wrong but when i compare this with my friends the ones who can keep a huge cushion in the account dont have this problem but the ones like me living pay check to pay check have same issues

Hw: Same thing happens with me with the direct deposit and everything else you have said. You definitely need that cushion in there to make sure you're not going to overdraft. If you live paycheck to paycheck as I do, you can not have an account with TD bank.

I agree that TD Bank has awful banking practices. I am also living paycheck to paycheck and they said just keep a check register. Or just cash a check before you deposit it and it will go in right away. But TD Bank will only allow you to cash a check for 100 dollars plus the balance in your account. So if I have a 2 dollar balance and want to put a 400 dollar paycheck in on a friday to pay rent. I have a balance of 102 dollars but really 502 "once it clears". So I write my rent check over the weekend and the deposit and the check I wrote both clear on Monday they opt to take the money out prior to accounting for my deposit. It is cannibalistic on low income households and should be illegal. I tried to close my account today but could not because I had a ten dollars pending against me. It is just disappointing that especially in these poor economic times a company would put money out of low income families pockets straight onto their profit line.

Maggie Shut UP, nobody is talking to you.

I opened an account with TD, but they failed to tell me that checks deposited in all new accounts are held for 7-9 days depending where the check is from, and I specifically asked that question when I opened account. After 5 days I withdrew money from my ATM and was charged an overdraft protection fee. I checked my balance and I had enough money in the account, but it was not available yet. I went to the branch and told them regardless of the availability of my funds, I clearly had money in the account and was reimbursed the money they had taken out. Now I check to ensure my checks have cleared, this is only for the first 30 days but they still hold all my checks 7 days, this is not legal and I am now fighting with them and have reported them.

skenigmatic- they cannot hold a pay check (wages) for 7-11 days, they can only hold it for 3 days, but must release 100.00 the next business day, I did indeed do research on this. In TD, after your account is over 30 days they usually release the checks in a reasonable time, depending on what type of check and what state it is issued from.

I would like to make this suggestion, if you don't like banks and feel it's "unfair", "not right", or that they will charge you fees; or "hold" your money, put it in between the mattress or buy a safe and keep it in your home, then you cannot blame anyone else for the lack of responsibility for managing your own money. Just a thought ;)

First let me clear this up right off the bat, I am not looking to win an arguement or prove I am right and I appreciate comments corecting me, but I am confused. Please help:

I spoke to someone at the FDIC, they then informed me that TD was governed by another entity, I then called that agency and was told that banks were allowed to hold checks, but payroll checks are not to be held for over 3 business days and 100.00 has to be released by the next business day after the check was deposited.I have the name of that agency written down somewhere, I can find it if I have time.Apperently I was given the wrong information by an agency that I am supposed to trust. If I find the name can you tell me if I was sent to the correct agency?

Can someone please give me the right information regarding bank policy and holds on payroll checks in NY State, I thank you in advance. Also, is there a difference in type of check or do all checks fit under this policy? (personal, government, cashiers etc.)

I do agree with you on people taking responsibility for their own errors, once I learned my checks were being held I made sure to check my available balance before using my card, I never had a problem after that and TD Bank did reverse the fee. It seems as though people look at the balance and think they have money forgetting that they have outstanding checks or transactions, if you know your actual balance is 10.00 but bank has balance of 50.00, if you try and take more than 10.00 then you deserve to get a fee, it is not the banks job to balance your check book.

BoFa- Thank you for the info, OMG-I cant believe that Wells Fargo rigged the system, where can I read up on this? I hope people that are really getting hit with fee's that shouldnt get together and do something.

The newest crooks are the ### that want to help people by refinancing their homes and wind up owning them, or the latest crop up of thieves that are decieving people with debt consolidation, Pres. Obama put that debt clause for people with over 10, 000.00 worh of debt and now all these companies are jumping on the band wagon but many are scams, I have people from India calling me, they are desparate for my Social Security number, thats all they keep asking for you know so they can "help me". too many people are desparate for any kind of help and get robbed once again.

Peace, health, and happiness.

Debt clause- Some how these scammers are getting info on people with 10, 000.00 of debt and higher, they are cold calling them and offering them debt consolidation, only many are not legit and are either paying off the persons debt at a lower amount BUT actually making it into a loan where the person in debt now owes them even more money, or they are just an outfit set up to steal identity. One that calls me everyday insists I give them my SS# so they can look up my info, but yet they start off so subtle that you think they are legit, the number is spoofed, when I try and call back it is disconnected, yet they call everyday, at least twice a day. How can I even report them?

Thank you for the info to read up on the bank fees, my mother worked as a teller a few years back and she said the banks get away with so much, she even admitted that she doesnt even understand the new rules, they were not in place when she worked but that was in the late 80's-early 90's. I will read and get back to you.

Have a really good day.

Stealth- you quoted me but you did not quote the whole statement, I had written "I specifically asked that question, and I was told "the normal hold 1-3 days, I was not told that all new accounts the hold is 7-11 days depending on the check."

Happy to hear about Wells lawsuit. TD is next!

http://www.google.com/hostednews/ap/article/ALeqM5ixt-XOKihFqxDEV9QlRHl_kE6xRwD9HHJGS80

I would love to start a class action lawsuit on TD, any takers? Looks like Wells and TD are doing the same thing to customers.

I firmly believe that TD Banks practices in establishing overdraft are absurd, illegal and unethical. It is terrible how they manipulate their system into making people overdraft their accounts, when in fact they haven't. I have never had a problem with my checking accounts in 16 years, until TD Bank took over for Commerce. I wish there was something I could do to make them accountable for all the money they've stolen from myself and everyone else.

This is so true! We are switching banks.

Once again the banking industry has made an impact on the American public. As credit card rates go higher and higher (sometimes 25%+ for good customers), the bank fees have now gone ballistic. Because of an unanticipated one day delay in an automated checking deposit, I was charges $175 for overdraft checks that somehow were paid by TD Bank in record time. I always find the newest checks in the "pending" account for at least a day. But on this day, a deposit for $1000 and 5 checks totaling less than $200 must have passed in the electronic mail. But not quickly enough. I was charged $185. ($10 low balance fee plus the $175.) I have been a customer for over 10 years and have had thousands of transactions with possibly two previous overdrafts.
$185 dollars in fees for about 1 hour of overdraft coverage. All this for an “interest bearing” checking account that earns 0.1 % per year.
Must be great to pay Reges and Kelly millions to advertise America's "Most Convenient" bank.

Dooped into this program simply to get the pop-up box to leave me alone upon log-in...I just noticed $280 in overdraft protection fees, in 2 days. Thats RIGHT, $280 in 2 days.
I use my TD student checking acct for small daily transactions (sometimes 10-20/day), pack of gum to textbooks for class. I assumed I was nearing a low balance and logged into my account to view the current balance, noticed the fees, and called TD to investigate.

8 small transactions, each one being under $12. 8 x $35 = me closing my TD Bank account immediately. I have been with them since the weee days of COMMERCE BANK, when they were the friendly personable bank. When you could go to them and say, "Hey, im sorry, i overlooked this program and now have this major issue and need some help." INSTEAD...you now get, "Im sorry sir, theres nothing we can do to help you, you opted-in.

Screw TD Banks new overdraft program, READ THE FINEPRINT! They are trying to generate butloads of income off of this sceme.

REMEMBER FreeCreditReport.com lawsuit, when people felt they were unfairly OPTED-IN to that program. Well this is the same exact thing, except they pester you until you opt-in (aka, "your choice" they call it)

-X TD Bank Customer

Just letting you know that they weren't holding your money... the car rental place was.

Alot of people don't realize this but most of the time it doesn't have anything to do with the bank itself. It has to do with the federal reserve and external companies.

For example... any bank in the USA can't complete transactions on weekends. It's impossible. Wachovia, federal, etc... can not either. Why? Because the federal reserve is closed. And every single transaction, that is taken at every single bank, has to go through the federal reserve.

What TD Bank does (that other banks don't) is let you borrow money until the Federal Reserve opens again on Monday.

So, say you deposit a paycheck friday night... they won't know if the funds are good until Monday morning when the Federal Reserve opens. So, they say... "we'll make the funds available to you now.. and if the check is no good... we'll just have to take it back out on monday."

Think about it like you're borrowing money from a friend..

If you're doing business on a weekend... never expect the money until atleast tuesday.

I studied finances and worked at banks and honestly I never had a problem with any bank because I know how to finance my money. I believe that a lack of understanding the bank world causes the issues... not the banks.

Anyway... Car rental places usually hold your funds for days after you returned the car... it's just the way it is.. not TD banks problem.

Same happened to me for example.
I have items posted and cleared. A huge check goes through the next day I'm off by $10 dollars. All of a sudden every small transaction (ex. coffee, lunch)that cleared the day before hasn't and my big check clears first and 5 other overdraft fees follows because TDbank system is not accountable for anything unless it is a statement sent by them through the mail. Anything that tdbank north clears and a larger transaction will cause an overdraft they will re-arrange your statement. Online statements are not set in stone to them.
I recently had a withdrawal of $2o and returned $5 from that $20 and my statement showed the $5 deposit on my statement prior to the $20 withdrawal, causing an overdraft fee due to a larger check clearing first but wasn't processed first.
the $20 withdrawal was taken out during a positive balance and they re-arranged my online stement to state otherwise later to charge fees.
Their customer service Rep was dumbfounded when i printed my online statement with cleared items and the aftermath statement of TDBank re-arranging to charge overdraft fees.
The ### didn't even return my fees.
THERE MUST BE A LAW PROTECTING THE CONSUMER.

WAIT let me get this, are you saying when mistakes are made that gives the bank the right to max. on the dollar. The bail out was because of greed and having people think of the great dream of owning only to be used for big business and greed take hold. Please think outside yourself and look at the whole pic. greed is what caused to bail-out and moving to max. dollars is what caused a great system to work for the bank. wake-up and think beyond yourself. Have a nice day and think please, it will severe you better that is unless you plan to live on a island.

i had office visit to the doctor used my TD bank debit card and had more than enough to cover the $74.30 charge to cover the office visit and the charge was pending on my account and deducted from my available balance, leaving a balance of $2.64 in my account the pending charge did not come until 9/14/2010 not thinking about the cycle charge a bank fee of $ 10.00 and did not check my account that charge for the bank fee came in on 9/13/2010 so they charged an overdraft fee for the $74.30 and left my account a negative $7.36 plus $35.00 od fee and because i did not cover the $10.00 cycle bank fee in so many days another $20 was charged to my account. i know this all legal but it seems TD BANK cares little for its customers in these tough times i am medically retire and on a very fixed income with everything going up around me i need every penny for prescription medications and food. i guess the rich get richer. dose anybody care anymore .

(see attachmnet)
I have a business account, I have lost over $4000 in overdraft fees and yes doesnt matter how hard I try to avoid this fees they always hit the account. And to those slick that always jump saying ohhhhhhhhh if you dont have the funds dont used it, well...I do have the funds but they trick you in all the ways to hit you with the fees. The goverment doesnt do nothing, the law enforcement doesnt do nothing, the bank and our local politicians doesnt do nothing...My bank account is [protected], I hope that someday 1 judge makes them refund back all the overdraft fees that they have take from us like they ruled in California to Wells Fargo.

(see attachmnet)
I have a business account, I have lost over $4000 in overdraft fees and yes doesnt matter how hard I try to avoid this fees they always hit the account. And to those slick that always jump saying ohhhhhhhhh if you dont have the funds dont used it, well...I do have the funds but they trick you in all the ways to hit you with the fees. The goverment doesnt do nothing, the law enforcement doesnt do nothing, the bank and our local politicians doesnt do nothing...My bank account is [protected], I hope that someday 1 judge makes them refund back all the overdraft fees that they have take from us like they ruled in California to Wells Fargo.

I must let you all on a secret about the banking system, they are out to make money on those who do not make a lot of money. I use to work for a major bank and watched how the rich got away with huge credit lines on credit cards and they have a very low credit score, like a score in the 400 range. Whereas the poor must have an excellent credit score and will get a very low credit line. Also, banks take those kinds of risk of charging fees until a class action suit is filed against the bank for how they handled an issue. I say to all, read your terms and know what rights you have as an account holder. Fight your case if you feel you have been wrongly treated. Write to the AG of where the bank is HQ'd. Write an executive complaint to the bank's office of the CEO or President. Remember, the executives do not always know what goes on daily on the lower levels.

I have the same issue with TD and their "creative banking" with overdraft fees. I've been charged, on multiple occasions, $105 OD fees when I was not negative nor would I have ever gone negative if they didn't slam me with charges that were unfounded, and then was charged even more excessive ones following those charges. I've compiled all my statements and compiled all the facts in a spreadsheet and in a matter of 6 months of having an account, they ripped me off over $800. It's ridiculous. And when I approached them with all the information clearly proving they ripped me off, they gave me the most creative excuses I've ever heard, but they couldn't actually show me any proof. They just kept telling me that "that's how it works" while not really fully explaining anything. I only went as far as the manager of my local branch and I do not know who to go to with my complaint now.

Oh dear. Such a kerfuffle.

To the original complaintant, I'll say this. It may have been said before, but Auntie grew tired of all the back-biting and sniping and stopped reading comments.

Sit down, dear. [shoves a cup of tea your way]

It's like this. TD is well-known in Canada for processing withdrawals from accounts then processing the deposits. My nephew got caught the same way. This is to trip up customers like you, dear. It isn't a matter of whether you're good with your money or not or keep a very good register. The fact is, the system is stacked in their favor.

By processing withdrawls (and that includes debits from the debit card) first, they hope this will result in overdrafts. Then they can start charging a fee for each OD that happens. This is called "revenue generating". And because of the fees being taken out, even more withdrawals/payments can bounce.

Another way they get you is by processing deposits made through ATMs slower. You said you spent money on Saturday and deposited on Sunday. What some of the more nastier folks commenting failed to grasp is: you already had funds in your account to cover the debit and, in good faith, deposited further funds to cover your purchases on Saturday. But Saturday and Sunday are not business days. So the deposit is held pending verification. TD is known for holding deposits (even of cash) made at their ATMs on weekends for up to 72 hours.

The best way to avoid this is to not deposit cash on weekends. Instead, if you have a savings account, transfer the funds from there. Transfers are rarely held and the funds are available immediately.

The banks do game the system. They do process debits before credits. And they do it to provke these kinds of fees.

Cookie, dear?