TD Bank review: overdraft fees 186

I too have had many problems since my bank switched over to TD Bank. I have been getting charged overdraft fees when my account has not posted in the negative. I had an overdraft fee of $35 removed even though my balance was in the positive. When I spoke to someone at the bank about this, they said it was because a transaction had gone thru my account and there was not enough to cover the transaction. When I asked why it wasn't showing the transaction on the computer statement and I had a positive balance they said the computer statement doesn't always show things accurately. I was given the impression that my account would reflect this transaction when my statement came out and it didn't. the same thing happened two other times. I will be looking for a new bank.

I have been abused by this bank with overdraft fees for long time. And very tired of going there and fight for my money. They keep items in pending for days and then post them when a large item would clear. The manager of the branch explained to me that it is the fault of Merchant Service Banks. Not true at all since I own a company who does merchant services. It is the way TD Bank system works. They first clear a larger amount and then all the little pending amounts so they can charge you overdraft fees even on a $8.00 pending amount. Then when they do charge you fees, the description that you receive in your pending status is DEBIT CARD AUTHORIZATION. When I saw that I thought someone stoled money from me. Then I called customer service and she was telling all the deposits that didn't clear before I charged items. When I went to the branch, the manager told me a different story. Plus what your online banking shows is different what their system shows. And that is how banks make their money. I will write to consumer affairs to investigate the whole TD BANK banking system because what they are doing is highway robbery.

I too had the same issues with TD Bank and it was never because of irresponsibility but because the Bank is greedy and they attempt to get over on all the customers who they can that do not pay attention. I had to begin printing out account balances from the ATM after making cash deposits and/or obtaining deposit balances on paper before making purchases so that if any of this under handed practice were to hit my account I would take it into the branch and they would HAVE to reverse the fees. As many times as they charged me they had to refund me because I know that I had the money to cover ANY transaction that wasd made. Additionaly, there were a couple of times where they made up transactions but when I said let me see them on their computer they didn't know what they were or where they came from. The bottom line is that they think consumers are stupid. Not that I have lots of money but I am not living paycheck to paycheck so to speak. I never had an issue with ANY other bank that I use and I have several accounts with other banks and credit unions. TD Bank deserves EVERYTHING that is coming to them. Glad i closed my accounts with them, consumers remember you have choices!

The thing is, their "pending transactions" are ridiculous. If cash is deposited at a teller, it will not post until the "next processing cycle." Thus, if I put CASH into my account on a Friday, it is not available to me until Monday. So they get to keep my money for free for the weekend, and I become the lender. The technology they have is such that they could process transactions the same day if they wanted to improve their customer service. Even my check which is directly deposited is delayed while they use "next processing cycle" legal jargon to cover their ### while they hope the account is overdrawn because the customer assumes they have access to their money.

I'm changing banks, after two weeks of this direct deposit crap. I want access to my cash today. Hello credit union, goodbye TD Bank.

They are still at it. Told me the Federal Reserve told them to hold my cash deposit for 24 hours. Al Capone I am not. Therefore, by holding my funds it created another round of overdraft fees. Really? I have been banking for over 30 years. This reasoning is the first that I have ever been told. Will be seeing them on Saturday. It won't be pretty!

Generally, a national bank shall make funds deposited by cash available for withdrawal by the next day—or not later than the business day after the banking day on which the cash is deposited.

SO here's how TD bank does their business. If five checks are presented for payment on Wed for let's say $200, $100, $50, $25, and $15, and you have a $210 balance in your account on same day, they will ALWAYS present the highest amount check first. This means that your $200 check is deducted FIRST, not your $15 check. Can you figure out why? If they paid least amount first, you'd pay in this scenario, you'd pay one overdraft fee of $35. The way TD does it, you would pay 4 overdraft fees in same scene. Guess which way they have it set up? This is very good business for TD but very shady practice. It's only a matter of time before the rest of the customer base figures this stuff out. It's very simple math, stacked in TD's favor to maximize their profit at our expense. These types of business practices, once discovered by the public, will bring TD bank down.

To EthicsofBidness above - You are doing the right thing getting rid of TD, what a bunch of assclowns they are. I lost over $1000 in fees in the months after the Commerce Bank takeover due to their shady accounting practices. For any bank to say that cash you deposited to cover checks is not available immediately is a load of horse crap. I switched to Wells Fargo in 2010 (was Wachovia) and have never looked back. You can deposit cash right at an ATM anytime day or night and it is immediately available. And if you deposit a check via ATM you get immediate access to the first $100 and the rest clears that night - and the cutoff is 9 PM! Sounds like you are like me and run close on your funds on occasion, and TD either makes a bundle on our stupidity or does not want us as customers at all. Yes, a credit union is a good option, but the Wells ATM's are all over my area and let me do 90% of what a teller can do, even after hours.

To Paul Vance - Well, as an experiment I just deposited $300 cash into my Wells account yesterday by cashing out my expense check from work and then immediately depositing three $100 bills at the ATM with my debit card. Guess what, my available balance went up by $300 right then and there on my receipt. I am sure that had I deposited the check at the teller, it would not clear until the overnight cycle hit. The cutoff at the teller is 3 PM daily, but the ATM cutoff is 9 PM, and I was at the bank just before 3 PM, so it is possible that had tried this later in the day it would not have been exactly the same result. Still, this thread is about TD Bank and their deceptive and illegal money handling, and anyone reading this would be way better off with Wells than TD if you tend to run low on funds here and there and need a bank that does not try to screw you at every opportunity - Paul from South NJ

Oh, Paul! How absolutely pragmatic of you!

Paul, I bet your mommy is so proud of you!

ragon - What's the matter, dear? Did they ban you from /b/ again?

ON MONDAY MAY 7TH 2012, I CHECKED MY BANK ACCOUNT AND SEEN THAT IT WAS (-60). I PROCEEDED TO DEPOSIT $60 TO MAKE IT EVEN AND ALSO TO CLOSE OUT MY ACCOUNT DUE TO THE FACT THAT THEIR WEBSITE HAS CONSTANTLY HAD THE INCORRECT AVAILABLE BALANCE. WHEN I DEPOSITED THE MONEY AND TRIED TO CLOSE THE ACCOUNT, THE EMPLOYEE INFORMED ME THAT IT WOULDNT BE POSSIBLE DUE TO THE PENDING TRANSACTIONS. HE ALSO STATED THAT MY ACCOUNT WAS POSITIVE AND THAT THE ACCOUNT WOULD NEED A DAY TO PROCESS THE PREVIOUS TRANSACTIONS. I CHECKED THE ACCOUNT 2 BUSINESS DAYS LATER AND IT WAS NEGATIVE (-209) DOLLARS. THE EMPLOYEE AT THE BANK INFORMED ME THAT I WAS IN THE CLEAR WITH WHAT I DEPOSITED AND ALSO NEVER INFORMED ME OF ANY OVERDRAFT FEES. THIS IS THE 2ND TIME TD BANK HAS RAN UP OVERDRAFT FEES ON MY ACCOUNT.

I think i almost od'd on acid once.

It's whythelongfaces' fault.

TD bank has been using overdraft as a cover to rob me. If I make a purchase they chose the purchase for the highest amount even it came in last and is 1of 4 they will pay the highest one and charge $35 for each additional one. They also instructed me to open a saving account over the phone which would cover me just in case I go over the limit it would automatically transfer the funds into the checking account. After they charged me over $210 in overdraft fees they stated the savings account was not set up properly and even though the money was available in savings it didn't matter and I was not eligible for a refund! They even charge overdraft for pending not yet cleared transactions stating that the money has already come out of the account and pending just means its coming out?! What? I transferred money to cover the pending transactions due to the savings account not working properly and they told me that it was paid before I transferred it at 9am of the same day and all overdraft fees still apply.!

They did the same thing to me and did not connect the account the took $175.00 out in fees ! Im pissed

My daughters and I have been charged overdraft fees by TD Bank because of their supposed software system. I feel this is unjust and that the bank is charging us illegally for items that are not truly overdrafts by the screen/software that we are able to see. Why is it they have this "SUPPOSED" software that they only can see and not us the consumer. I want to pull all my accounts from them since they are taken nearly $500 in overdraft fees between my 2 daughters in the last 3 months. This is unfair and not legal.

The overdraft thing is out of hand and illegal as far as I am concerned. I walked into the branch last week due to an overdraft fee of $210! When I watch my account religiously and always know what my balance is and what is coming out (considering I schedule all the payments.) I advised them they would be reversing the charges or I would take every cent I had between my 3 accounts out ASAP, including transferring my car loan. I have been a customer for 18 years. After the threat, I was able to confirm 1) They DO NOT POST transactions to the account in the order that you use your debit card, pay bills or deposit checks or cash. 2) They POST THE HIGHER $ transactions. 3) They posted debit transactions that happened AFTER my husband's check went in electronically at midnight the previous night BEFORE processing the credit. BEWARE! I advised them that as a customer of their bank none of those actions are appropriate. I got them to reverse the fees, walked out of the bank and opened identical accounts at an aneitrely different bank upon leaving. I was also advsied that online banking is only a tool and that I should be using a paper check register. However, I pointed out to them that a paper register means NOTHING when you are not posting the debits and credits in the right order. I was not suprised when they did not have a response. GET RID OF THEM QUICK!

I set up to have a check by phone, which was sent in twice by mistake, therefore, it overdrew my account and of course they charged me with 175.00 worth of overdraft fees, the company automatically corrected the error and put the money back in my account and the would not take off the overdraft fees, even then and the transaction during this time were all under 5.00. TD bank has done this to me, can't even tell you how many times, I am sick of them I wish I could sue, and get all the money they've ripped off. It's ridiculous.

They did the same exact thing to me. Apparently, they process their transactions "largest to smallest" regardless of when the transaction actually occurred. This sometimes results in the larger transaction overdrawing the account and making every subsequent smaller transaction cause an overdraft fee. In this case, all of my "smaller" transactions occurred on Friday and over the weekend while the "larger" transaction occurred on Monday. They refuse to refund any of the overdraft fees even though they admit that they can see that the smaller transactions occurred while there were sufficient funds in the account. This is plain old stealing and is just wrong.

TD bank is a scam with their " pending transactions ". I just sat down with a branch manager for over and hour trying to figure out exactly what they are up to.. Basically, when you make a purchase with available funds. They remove those funds and " withhold them " to ensure the amount gets processed some days later when it " hard posts " to your account. If your account is negitive at the time of the " hard posting " then you will get hit with an overdraft fee. Even though those funds have already been "withheld" to ensure they will process at the Point of sale.

In the words of my local branch manager " The way TD bank operates is very deceiving, you can get overdraft charges twice on the same transaction if it made your account negitive at the point of sale, and at the time of the ' hard posting', a 'double whammy'. You should always keep money in your account."

It's very confusing but if it has happens to you then it makes perfect sense. Complete scam. When your bank tells you they are " deceiving " and overdraft twice on the same charge. It's time to get a new bank.

Example, make a purchase at subway for 10$ on a tuesday when you only have 4$ and your bank will " pend" the funds for a couple days. They take the funds immediately and hold them, so you ARE spending the $ at the time. Your bank will be $6 negative. You will get charged a 35$ OD fee at this time. The subway 10$ transaction will show as " pending " on your account

Bank balance is now negative 39$.

Don't make any more purchases, leave your bank negative for a few days, until the 10$ you spent " hard posts" to your account.

You get charged another 35$ OD fee at the time of the "hard posting"

Bank balance is now negative 74$ from the same 10$ purchase

If you don't believe it I encourage you to try it.

I've never seen any bank practice like this, and I've had several of them. They actually refunded me 70$ on the spot because of this deceiving tactic.

If your like me and live paycheck to paycheck. Avoid TD bank. I closed my account immediately after I found out about this nonsense.

TD Banks practices in establishing overdraft are absurd, illegal & 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 15 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.

Very true

TD BANK has charged me close to $1, 000.00 in OVERDRAFT fees virtually ruining me. How can any bank do this to someone? PLEASE HELP ME!

I was only trying to check my credit card balance and they kept me on hold for ten minutes. Even then, I never found out my balance. I also had the same problem as the other posters with them leaching money out of my savings account without telling me. I also despise bankers who try to sell you annuities and CDs when you beg and plead with them for a financial planner and you do not need a salesman to take (or borrow) your life savings.