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TD Banknorth, Patterson, New York Complaints & Reviews - Outrageous overdraft fees |
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TD Banknorth |
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Outrageous overdraft fees
Complaint Rating: 
Company information:
TD Banknorth
21st Avenue
Patterson, New York
United States
www.tdbanknorth.com
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In the past, I have done business with other banks, but I have never experienced anything like what this bank is doing.
I know that if you overdraw your account, there is a $35. fee. This bank charges the fee every five days until you make a deposit.
I've spoken to these cold hearted cut throats and have gotten nowhere with them. I'm a senior citizen, and if I'm not mistaken, it is against federal law to charge overdraft fees on direct deposit Social Security checks. It fell on deaf ears with these people. Since us seniors only get paid once a month, I think this is a rip off on a grand scale and should be stopped. We're talking anywhere between $100. and $200. for the month just in fees if you overdraw your account.
I want every cent this bank stole from me in fees.
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ok . . . 3 days ag0 i bought gas and 3 days later i need oil, i had $34 then $25 toward gas then i thought it already went through, i check the ATM wich tells me $10, so i buy oil and do all of that and i go home to check my account and im under $11 and i beleive thats a $20 extra fee and hopfully they give me 24 hours to pay it before a fee is added. if they dont ( i dont know if they do) i will be happy and have paid it back if not i dunno if i cna pay back +$30 right now. i really hope there is a 24 hour notice.
but probably there is not. |
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| I realized that for my account with them for a washer and dryer i bought from Maytag, that the late fee is 10%! I was blown away that i paid my $10 (that is TEN DOLLARS) when I got home from work on the day it was due, and got charged a late fee. It was 5:30pm, so they said it wouldn't process until the next business day, and they have NO grace period! The late fee for paying my $10 bill 30 minutes too late was $50!!! So $10 turned into $60 for them in a matter of minutes. I was appalled. Not only that, but the phone number for payments is hard to locate on the bill, and they dont offer online payments. You can pay by check or make a payment by phone and pay a fee. This company is ridiculous. |
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| I was really short on funds recently down to my last $5 and I checked in with my online banking and it said i had $5 exactly in my account i called the bank to confirm and i hadn't purchased anything for a week after that and it said the same. At work I purchased a $3 pretzel for lunch and got home to discover I was $1 overdrawn... amazed I called the bank to report the discrepancy and guess if they cared. They made one excuse or another and passed me around till I got so fed up I said goodbye and hung up. So I thought whatever $35 sucks... but i'll pay it and be done with it. Well... I lost my job and the employer promised he would send me my last check on that friday... he didn't send it to me for 5 weeks, and by the time he did send it my $1 that i had gone over miraculously, had become a $280 fee... I picked up another job thankfully and sold some items to supplement my check from my last job. Checked last night how much I owed after 1 am. Checked online banking to verify and there was a system issue... so I rushed over to the bank at 10:30 am. With my deposit in hand to put myself out of the red and what do you expect should I find? My account was closed sometime between 1am this morning and 10:30 am THIS morning. How this happened and I wasn't able to make my deposit I have no idea. Now I have to find another bank and to be honest it's good riddance. |
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| TD Bank North when we opened our accounts was a great bank to deal with. Now it has turned into a bank that does not care about it customers. They are out to make money off people who cannot afford it. Overdraft fees are ridiculous. Everyone makes mistakes here and there. I have my mistakes and admit it. I check my account frequently and when it tells you that you have $50 in your account and you go out and spend $40 which you think you are ok cause there is still $10 there. You look at your account again and you are charged and overdraft because they have things in pending and when they post all of a sudden you balance is different and they bounce 4 or 5 items. How can a bank accept a charge or debit aganist your account and then all of a sudden bounce it. It is unfair to charge $35 on a $10.67 charge. When you call customer service they are rude and will not help you in any way. I am changing banks to a bank that actually cares about their customers not robs them. |
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What you other BankNorth customers may not realize, because TD BN doesn't want us to know, is that thousands of customers are getting hit with overdraft fees because of a deliberate change in the bank's information infrastructure whose only purpose was to generate more income for the bank by tricking customers into overdrawing their debit and/or checking accounts.
Earlier this year (check your monthly statements) debit card policy was changed so that all debit purchases (at a store where you use your PIN instead of signature) and all ATM withdrawals would affect your account as of the day you made the purchase or withdrawal, even if you did it after business hours or on a Sunday or holiday.
BUT THIS PART IS EVEN WORSE: According to the manager at my local branch -- I think she let this slip, because it didn't come out until 20 minutes into my meeting with her and only after I made a sarcastic comment about the system malfunctioning to a 3rd person -- NEITHER THE AUTOMATED TELEPHONE SYSTEM NOR ONLINE BANKING REPORT CUSTOMER ACCOUNT BALANCES ACCURATELY ANYMORE. She claimed customers were notified by mail, I have yet to find written notice.
If you're a BN debit-card customer you probably know you can use online banking or call the 24/7 800 number (1 800 428 7000) to check your balance, and like most debit card users, you probably check your balance before (or at least the same day as) making any significant purchase, to double-check how much you have available. DON'T TRUST THESE BALANCE REPORTS ANYMORE!
My local bank's merger into BankNorth was completed in 2002, over 6 years ago. Prior to this year, and going back to when my current accounts were opened at a literal hometown bank (where my first account dated back to the 70s), calling the 800 number to check account balances reflected pending credit transactions (where you use your card and sign at a store, or in most cases if you buy online or by phone) no later than the day after you made the purchase, even if the amount of a purchase didn't actually come out of your account until days or even up to a couple of weeks later. You couldn't get info about the amount of any specific pending transaction with the phone system, but you at least knew from your balance that that amount was already set aside for the pending purchase.
It used to be, if on Day 1 your balance was $500 and on Day 2 you made a $100 purchase, on Day 3 your balance would be reported to you as $400 even if that Day 2 purchase didn't actually "post" (meaning the money actually went out and the info about it became available to you and bank tellers looking at your account) until Day 9.
Now, you could make a $100 purchase every day from Day 2 to Day 5 and when you check your balance on Day 17 you might still be told you had a $400 or even $500 balance when really you only had $100 due to the "pending" purchases!
Why in the world would they take a system which had been working so well and make it so it now works worse than when debit cards were first introduced? Simple -- to cheat trusting customers out of overdraft fees.
I am looking into whether this practice is illegal or just unethical. Either way, I'm getting the fees they charged me via this SCAM refunded even if I have to take them to small claims... and then I'm switching banks.
In the meantime I'm taking the majority of my money out of my direct deposit account in cash at the beginning of every month so at least they aren't getting much interest out of me. This is seriously dangerous for me though -- I'm disabled and in a wheelchair, and used to depending on the safety of a debit card (where I'm not responsible for unauthorized purchases in case I'm robbed) rather than cash.
FIGHT BANKNORTH! Make them refund your overdraft fees if you have any due to their deceptive business practices, and then take your business to another bank. They used to be trustworthy and have decent customer service, but clearly have had a change in corporate philosophy to pull a stunt like this. DON'T TRUST THEM. |
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I'm suing TD Banknorth in small claims court - and encourage others to do the same. Feef free to contact me at erik.shifflett@comcast.net if you feel you may have information that could help my case.
Details:
I am filing this lawsuit against TD Banknorth (headquartered in Portland ME) in an attempt to retrieve money which was unlawfully deducted from my accounts. TD Banknorth attempts to justify these deductions by stating existing policies which I believe were created for the sole purpose of generating revenue for the bank by encouraging accidental overdrafts. I also believe that TD Banknorth’s business practices are deceptive because they intentionally provide account holders with misinformation. I have identified four deceptive practices which I believe have been implemented by TD Banknorth with an intent to defraud the consumer.
Examples of these deceptive practices include:
1. ATM printouts do not reflect the actual available balance on the account. TD calculates account balances by taking into account pending transactions that have not yet posted to an account. However, ATM printouts state an account balance that does NOT take into account these pending transactions. The result is that consumers are intentionally led to believe that their available balance for withdrawals is higher than it actually is. TD has stated that the reason for this is simply that the information is not available, but this is not the case. Any account holder can view account activity online and instantly see all pending transactions without delay. In summary, TD possesses the correct information but chooses to provide the consumer with misinformation at the point of sale in an attempt to generate overdrafts.
2. TD applies overdraft charges to accounts for transactions that have not posted to the account. For example, if a merchant places an authorization on an account which could result in a negative balance, the overdraft fee is applied even if a deposit is made to the account prior to the merchant batching out and actually applying the charges. In summary, TD applies overdraft charges in anticipation of a future negative balance which has not yet occurred – and may not occur if a deposit is made (see documentation attached for an example of this).
3. TD does not process merchant charges to accounts in chronological order of when purchases were made. Instead, TD process charges according to the dollar amount from largest to smallest (largest purchases are applied first regardless of transaction date). This results in unjustified fees under the following scenario: On Monday a consumer purchases three five-dollar items, which their account balance easily covers at the time of purchase. On Tuesday the consumer purchases a larger item, resulting in a negative balance. On Wednesday all four transactions are applied to the account with the most recent transaction applied first for the sole reason that it is of the largest dollar amount. The result is four overdraft charges instead of one, despite the fact that the larger purchase was made after the other smaller purchases. This example would cost a consumer $120.00 or more.
4. TD has a policy of refusing to honor requests to disallow card authorizations that would result in a negative balance. Historically, debit cards were declined if the available account balance could not cover the attempted authorization amount. TD has a policy of allowing all transactions to go through despite account balances, while providing misinformation via ATM machines so that consumers have no way of knowing that a $5.00 purchase can cost $35.00 thanks to the resultant overdraft fees. Furthermore, TD charges for overdraft protection. TD should honor requests for the card to be declined if an attempt is made to make a purchase that would result in a negative balance.
5. TD refuses to close accounts that have a negative balance. Meanwhile, accounts with a negative balance are charged additional overdraft fees every five days ad-infinitum. For consumers who have a dispute about their negative balance, withholding deposits until the dispute is resolved is discouraged due to an ever-increasing negative balance. In my case, after repeated requests to close my account and TD Banknorth’s refusal to do so, TD eventually transferred $450 from a joint account that I share with my wife to cover the negative balance consisting solely of fees. Not one dollar of the negative balance in my account was due to a purchase I had made. After transferring the money without our consent or knowledge, TD still neglected to close the account, and overdraft charges again began to accumulate after monthly account fees were applied.
6. Account Holder Agreements are not available online – only via branch locations
In bringing this lawsuit I request the following resolution:
1. TD Banknorth is to refund me $480 for previously applied and unjustified overdraft fees
2. TD Banknorth is to reflect actual account balances on ATM statements
3. TD Banknorth is to cease applying overdraft fees for transactions that have not posted to accounts
4. TD Banknorth shall honor requests to limit transaction approvals to actual account balances
5. TD Banknorth shall honor requests to close accounts instantly – regardless of account balances
Thanks everyone! |
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http://www.egov.nh.gov/consumercomplaint/step4.asp
This is the web address for complaints with the attorney generals office in NH but in your area everyone with problems with this bank as I have had should submit a complaint to the attorney general. What they are doing is wrong and we should all do something about it because most people don't read these complaints unless it has already happened to them. If everyone who goes on this page reports a complaint with the attorney general and BBB than just maybe things will change. |
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| TD Bank North is the worst bank ever. I have had ALL of those incidents happen to me and currently I am in -$325 overdraft fees for a check that THEY messed up. I want to take legal action as well but do not know how to carry it about. |
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| I feel the same way and am closing my account. They are crooks and hopefully they will have to pay for their actions. I hope I have better luck joining DCU credit union. I have been doing banking with TDBanknorth since 1998 and the overcharge fees are outrageous. It is wrong how they don't give you an accurate balance information. I spoke with their Customer Support today and was told don't go by what is said on the phone. Bazarre - Current balance is $154.00 Avaliable balance is $154, make purchases and then I have 1 overdraft fee after another. I'm done with them. I also deposited my Department of Treasury check through the drive-up and got $44.00 back but the $200 I had deposited was noted as a check and needed to clear. A government check needs to clear, so more charges once again. She told me that the government still needs to clear like any other check in case I owed someone else. Which I believe is not ture because the Government does their search before they cut the check. I am done fighing and going round and round with TDBanknorth. I think all customers should leave them, then who will be crying last. |
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| My daughter just experienced similar $35 every 5 days overdraft fees for going $14.00 in the negative from a $14.95 charge that was unauthorized. First they told her they could do nothing about the unauthorized charge to her account and also refused to waive the $35 fee, they also charged her again 5 days later. This poor girl is unemployed with $60 a week income and they were plugging her $35 every 5 days until she brought the account back to the positive. To me this is compounding fees. Needless to say I gave her the money to pay it and close her account...then they say it will be "pending" for 24 hours? Stay away from these crooks! |
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I filed a complaint with the Federal Reserve which has since forwarded to the investigating agency Office of the Comptroller of the Currency (OCC). I suggest you ALL do the same. This needs to stop!
OCC Customer Assistance Group
1301 McKinney Street, Suite 3450
Houston, TX 77010-9050
Email address: Customer.assistance@occ.treas.gov
Website: www.helpwithmybank.gov |
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| I agree that TD Banknorth's practices are deciptive and Illegal. I will be closing my account and spreading the news to the thousands of people I know to avoid them at all costs. They hold your money until transactons arrive against the lower balance then charge $35.00 for each overdraft even it it's under $10.00 for Dunkin Donuts. They will continue to loose thousands of customers until they either go under, or change their ways. I believe they will not exist in the near future and that's fine with me. The so called human beings that run this bank should be ashamed of themselves and know that all of their ill gotten gains will be cursed in the long run. |
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| I recently have a $280.00 overdrat fee .i cashed my check(which is a adp payroll check) they put a hold on my account for aroud &250. this wasnt the first time.As soon as all my checks are in im closing it. |
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| I closed all of my accounts with TD Banknorth at another branch. As I did the person I closed them with said 'between you and me, because I wouldn't want this to get out that I told you, the bank IS aware that there is a problem. They just updated the ebanking system last month and are doing a complete software upgrade in September". Of course I said that knowing there is a problem and allowing it to continue until September is not a good answer. Nothing they could do. So, this 13 year customer (before they were ever TD Bank) took her money elsewhere and has not had a problem since! -K |
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I agree with every personal complain regarding TD Banknorth.
They do overcharge their customers. Also, they came out with a new rule for savings account few months ago that they supposedly mailed to their customers. The new savings account rule is that you have to remain your account with $250 and no less than that. If your account goes low than $250 you will be charged $35 fee after 5 days. I believe this is ridiculous. Economy is not that great and not everyone can afford to keep $250 in the savings account. I have been a customer for more than 7 years and never had to deal with these issues.
I closed my savings account right after I found out that my account went into negative balance because of their new rules. They only notified by mail. I never received a message in my account box or by phone call. I believe if they have such dramatic change to the accounts they should notify their customers by phone, mail and message in the account box. So everyone would be prepared to make a change. I am sure there are many individuals who got screwed by such change. |
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This has been happening all year to me as well. Same as above. What I noticed this weekend was:
Pending transactions deducted leaving a $17.00 balance.
Another transaction came thru (that I forgot about) and overdrew my account by $1.75.
The bank then charged me a $35.00 fee on ALL of the pending transactions. There was 5 or 6 in all - going back to school shopping.
If it's already deducted from my account, how can they then go and charge a fee for every pending transaction that had not yet posted!!
I am livid. To top it off - they charged me ANOTHER $35 this morning because my account was overdrawn.
I cannot even add up the hundreds of dollars they've taken from me. And, as many of you have said, the online banking account or the ATM printouts constantly change accordingly to benefit them. It's never the same way. I was also told by a manager at the TD Bank in Keene, NH that all charges are deducted as they come in or authorized or whatever, but deposits may or may not be credited to your account that same day. His answer was, and I quote: "Once the teller closes out, it could be anytime up until 11 pm that evening before a deposit shows on your account."
This cannot possibly be a legal practice. |
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I have been a victim of TD Bank as well. I signed up for free checking w/ no minimum balance, and then low and behold they change the rules. That is not the contract I signed up for. If they had at least informed me I would have closed out the account before I had fees that I had no knowledge of put me in the negative on this account I hardly ever use. It is used for specific purposes. I have also had money stolen for OD fees when there was actually a balance to cover any activity. I have had quite enough.
I did not realize and should have, that TD Banknorth is a Canadian Corporation. I have a practice of only doing business with American companies and corporations – not that they are any better these days. The American consumer has become so complacent and apathetic, allowing these companies to treat us a door mats. This consumer says not anymore.
Banknorth lost a lawsuit back in April, costing them $50 million; perhaps this is why they have begun these predatory practices. They would have been far better off to not conduct business in such a way that it put them in the position to lose such a lawsuit.
For all of you complaining on this and other boards – do more. Email everyone on your contact list; tell everyone you know to beware. Complain to the FDIC, BBB and AG if applicable. Bad word of mouth can be very damning to a company. Email everyone in the company that you can. Call everyone in the company that you can. Do not take no for an answer – you can and should fight back. By calling executives and the like you are costing the bank money. These people are highly paid and the time spent with dissatisfied customers is time away from what they consider more important business, business that generates high revenue for the bank.
Below are email addresses for executives of TD Bank. I will be posting some Blackberry and office numbers of these executives in a few days. Call them, bother them, cost them money – after all they are taking yours. Stop being a victim!
Bharat Masrani <Bharat.Masrani@tdbank.com>; cheryl cornish <cheryl.cornish@tdbank.com>; Cheryl Cornish <Cheryl.Cornish@tdbanknorth.com>; fred graziano <fred.graziano@tdbank.com>; kathy brown <katherine.brown@tdbank.com>; robert falese <robert.falese@tdbank.com>; stephen boyle <stephen.boyle@tdbank.com>; william ryan <william.ryan@tdbanknorth.com> |
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I am an attorney investigating the following situation:
TD BANK INCLUDES YOUR OVERDRAFT CREDIT LINE IN
YOUR "AVAILABLE BALANCE" ON ATM SLIPS!
Even though your credit line is subject to a 14% interest charge.
THEY DO NOT TELL YOU THIS!
They do not tell you that your "Available Balance" includes the amount of your overdraft credit limit (usually $500) and if you withdraw that amount (from an ATM machine or bank) you will be charged 14% interest!
They do not tell you that the difference between your "Available Balance" and your "Current Balance" is the amount of your overdraft limit (usually $500) and if you withdraw that amount (from an ATM machine or bank) you will be charged 14% interest!
INVESTIGATION - If you have inadvertently withdrawn money from your overdraft credit line, and were charged interest complete the form at http://e-squire.net/tdbankwarning.html or contact:
Steven G. Tyson, Esq.
610-876-1482
steve@e-squire.net |
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TD Bank is playing funny games here. Commerce Bank was so good, I cannot believe they sold out to these shiesters.
Here's what TD bank does, even after correcting their system, and claiming all is well once again:
(1) Let's say you use your debit card, and the charge is run as a credit card charge instead of a debit. They take three entire business days to post, when Commerce posted immediately or the next day.
(2) Let's say you share a card with a family member, you live apart, and you do not communicate about who took what money out of the shared account. This is exactly the scenario TD bank hopes for, because they let the charges go through even on insufficient positive funds, they add the charges all together three days later, and charge you $35 for every overdraft.
(3) Try this experiment: Try to use your card as a credit card when there is a negative balance. I did this several times, out of curiosity. It is impossible to overdraft when your card has a negative balance. yet it is possible to overdraft if you have a positive $1 balance. This means, from a software transaction perspective, they are checking for negative balances, but not checking for sufficient balances, when they easily could.
THIS IS PREDATORY. Some fat executive thought this would be a great scam to rake in more fees, and supposedly "punish" the poor, or "irresponsible". THIS IS PREDATORY. BYE BYE JD POWER AWARD. Let's get a class action suit going, and start blogging about it everywhere. |
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| TD Banknorth continues to rip off my boyfriend and I. After discovering that we had 200 dollars in overdraft fees at our bank despite having had enough money in our account to cover our spending, my bf went to our local branch and had them print out his transactions. Even the workers thought the charges were fraudulent. Our account never went into the negative until they charged us overdraft fees. So what exactly did they do to deserve those funds? I mean, to collect overdraft fees the bank should legally have to pay on an overdraft. We had the money in our account to cover every charge we made. Grrrr... This bank is frustrating the crap out of me. |
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14th of Apr, 2008 by Frank 
17th of Oct, 2008 by Erik Shifflett 
