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TD Bank / predatory practices

1 Blackwood, NJ, United States Review updated:

Ever since TD Bank took over for our beloved Commerce Bank here in south jersey, there have been hints at some of the recent troubles. From the entire offline fiasco which cost me 200+ in overdraft fees, to the change in policy overnight. However, the recent realization that TD Bank intentionally holds your money after you buy something on debit set me over the edge. I have recently had a debit for a gas station in the amount of $40 take 7 full days to post. My girlfriend had a mortgage payment take 19 days to come out of her account. 19! And since they held it for 19 days, every debit she made in those 19 days was taken out AFTER they finally took the $1000 mortgage payment out. They charged her account for 7 overdraft fees.

On top of all that, we have found that TD Bank has changed their policy towards insufficient funds. You will never have insufficient funds again with TD Bank! You know why? Because even if you have 0.00 balance in your checking account, they will still allow money to be taken out. Lets say Ebay is set up to take out whatever you owe on a monthly basis. Prior to TD Bank taking over, if I didn't have the funds, the money would not come out until I did. Same with Netflix. They would just keep trying until they got their money. I'm talking minor transactions of less than $20 here. But TD, oh yes, they want you to go negative. So they now allow any merchant, no matter who it is, to take your money out of your account, no matter how much is in there or how much the transaction is. If you have $2 in your account, and you have a huge bill that automatically comes out, it comes out, along with $35 overdraft fee AND a $35 insufficient funds fee. Now here's where it gets good. Since they've been holding your prior debits for about a week, they take that opportunity to run them all through at once, causing multiples of the $35 fees. Honestly I could go on and on with little discrepancies here and there, but you get the picture, and I'm certainly not the only one experiencing this absolute joke of a companies shady business tactics.

Now, is any of this illegal? Not necessarily, but it is predatory. It was changed from previous policy under dark of night sent in a document the size of an unabridged dictionary, and they've been shoveling it down our throats. If anyone would like to start a class action lawsuit, I would be very interested.

Jd
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Comments

  • Vi
      17th of Feb, 2010
    0 Votes

    This is a perfect description of what I have noticed as well. I have no issue with items "pending" for a while...but when they finally post they should certainly post on the day they occurred. The bank has literally decided it can change the dates of multiple debit transactions so that they can wait for your account to overdraft and charge multiple fees. The closest word I can think to describe this situation is SCAM. It really is.

  • Tf
      24th of Feb, 2010
    0 Votes

    Balance your checkbooks and this won't happen...I used to work there..I hated working there because customers were so idiotic...You should know how much money you have...Stop complaining

  • Ma
      25th of Feb, 2010
    0 Votes

    I learned about this stupid practice of allowing your check card to still authorize charges back in December. You have to opt out so that your card gets declined. I opted out. Guess what? My card still won't declined. So I called today because of the $270 in overdraft fees that I have due to a $3.95 charge not posting to MY PENDING transactions until 5 DAYS LATER and she confirmed that I had opted out but that it's not guaranteed that the charge won't go through if it's a negative amount.
    WT[censored]
    I'll be at Beneficial tomorrow morning to open a new account.

  • Mi
      10th of Dec, 2015
    0 Votes

    Here in Canada I have closed all of my TD and TD related accounts.
    This included insurance policies, pension deposits and credit cards.
    They are extremely mercenary and predatory when it comes to fees.
    You can sense it when you simply deal with any of their employees and agents.

  • Ch
      5th of Apr, 2016
    0 Votes

    I have tried every possible means to pay my bill with them, fred meyers jeweler uses them as their financier for their retail credit cards, i have spent over 3 hours on hold with these people to be disconnected or rerouted to the very beginning of the automated service. I have emailed them AND EVEN MAILED A CHECK to these [censored]heads to pay my credit card even though ive never received a bill (tried changing my address multiple times but could NEVER get to s rep and when i did theyd put me back on hold to get mysteriously redirected to the start or disconnected again) cant even use their online service cause i had no account number. Filed a BBB complaint. They are blatantly inhibiting my ability to pay of my loan and adding 75 bucks of late fees for every WEEK its late

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