TD Bank / predatory practices
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.
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