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TD Bank - New York / Overdraft Fees

1 Staten Island, NY, United States Review updated:

Let me start by saying that we are a single income family with three children, all in school. After a rough financial year in 2009, we've spent most of 2010 playing catch up and just trying to make ends meet. Running a household on one income is not an easy thing to do as I'm sure many of you know. I started noticing these insane overdraft fee's being deducted from our account back in September when school began. They hit us with $175 which is a lot of money to us. Especially when school supplies & uniforms and all that good stuff need to be purchased. I am by no means saying that we never go negative in our account because there are times when we do and a fee is of course warranted...however I began noticing that TD seems to have this very calculated way of picking & choosing what they clear and when they clear it and it's ALWAYS in their best interest. The latest incident, which is what provoked me to begin looking into their practices and ultimately brought me to this sight began this past weekend. We noticed that we were negative in our account after 5 pending items had come in. We made two separate cash deposits to cover this negative balance over the weekend. I wake this morning to find that we were hit with $175 in overdraft fees. I checked our history and saw that both deposits were "cleared" on the 29th and two of the five pending items were also paid out on the 29th. How convenient. So someone please explain to me what the $175 is for ? If I were hit with say $70 in overdraft fees I would say ok...two pending items came in, the cash hadn't cleared yet and they paid it out anyway, we owe them $70 for doing so. But $175 for what ? There are still 3 items in pending which haven't even cleared yet...how are you charging me an overdraft fee for that ? I could go on and on here but the bottom line is that TD BANK IS JUST PLAIN AWFUL to their customers. When you call customer service it's like they are reading off of a cue card and that's all they have for you. No help, no assistance just some well thought out explanation of why they are taking money from you. It's Christmas time folks...that $175 could have bought a lot of gifts for my kids, instead it is sitting with TD BANK...I plan on reading every last complaint here to find out where and who I have to talk to to shed some light on their unethical, immoral and plain old WRONG way of doing things.

Al
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Comments

  • Kh
      30th of Nov, 2010
    0 Votes

    You swiped your card BEFORE you deposited money. You can NOT 'float' anymore...the instant you swipe your card it is gone and you have a fee if your AVAILABLE balance is less then what you swiped your card for. You opted in for OD coverage or they would not be approving your card swipes if your account had no money in it. Opt out. Warning...opting out will not stop all over draft fees. You will still get check and electric automated overdraft fees if you pay a bill that way and you do not have money in your account.

  • Kh
      30th of Nov, 2010
    0 Votes

    wow...that is some wack qoutation marks there...

  • No
      30th of Nov, 2010
    -1 Votes

    Apparently the last 2 comments are from TD employees

  • No
      30th of Nov, 2010
    -2 Votes

    Meant the first couple of comments

  • Kh
      30th of Nov, 2010
    0 Votes

    idiot I work for the cable company. NOT a bank

  • Po
      30th of Nov, 2010
    0 Votes

    Here is an awesome tip: If you don't spend money you don't have, then you won't get overdraft fees at all! Opting out of overdraft protection really does help, as does scrutinizing every single penny of your money. As soon as you purchase something, subtract it from your own personal register and never look back. Also, don't add your paycheck in until it's actually in your account.

  • No
      30th of Nov, 2010
    -2 Votes

    Q. What are Pending Transactions?

    Pending Transactions are authorized or submitted items not yet posted to your account. When the items have posted, they will be reflected in your statement history. These items may affect your available balance.

    So that's a pending item. So tell me all you so-called "investment advisors", why is it that when you deposit cash into TD, it goes into pending transactions, and not right into the history to cover those pending transactions?

  • Kh
      30th of Nov, 2010
    0 Votes

    cause it was deposited after the 'cut off' for that day. I bank with 5/3. After 3pm anything I deposit( even cash) is posted to the next business day. Why? Cause they have to do the books for that day before they close the bank down. They would never get done ( the daily reports) if people kept adding accounts to it. All banks clearly post this. The feds mandate they run a daily report on business days ( days the federal reserve is open) . For them to get it done there has to be a 'cut off' time. Which is why after a certain time and on weekends/ holidays stuff does not post until the next business day. Cause they dont run reports on the days the Fed reserve is not open

  • Kh
      30th of Nov, 2010
    0 Votes

    in fact I dont think they even can run reports on days the federal reserve is not open because each report has to be logged. Hence the fact weekends and non business days something will not post

  • No
      30th of Nov, 2010
    0 Votes

    All I know is that when I bank with Chase and Citi, the cash was available right after you deposit it. Didn't matter what day or time it was.

  • Lo
      3rd of Dec, 2010
    0 Votes

    I have to disagree with all of you taking the side of the bank.

    I am a new TD customer with no issues to report about them.

    However im also an RBS Citizens customer and in two separate occasions their systems did not credit cash deposits to my account(s).

    Im told when this occurs I won't be responsible for fees. However my account will still go negative but it's no foul because the cash is in the bank.

    So the bank has an error, they don't pay me for it.

    This whole thing of charging overdrafts for pending authorizations has been in debit card regulations for quite awhile but alot of banks didn't do it. Now the biggest bailed out banks are doing it. I had the same problem with PNC bank charging me over $180 for a total of $30 in purchases.

    I didn't make a deposit in time because my car broke down and the branch closed early without notice (was a holiday closing).

    They said they put the notice up "that day" and that I should of known.

    Well I didn't know and my car broke down. So over that I had to pay $180 in fees for PENDING authorizations.

    Banking hours are I believe around 9-2 M-F (EST) That's why you see that notice about your funds being available the next day after 2... However the banks process transactions up until 8PM EST (since that's 5PM PST) even though 5PM PST would be the "cutoff" time.

    The banks use their policy when it works for them. When it works against you they screw you.

    If the banks didn't get bailed out I wouldn't post this but now here we are.

    I don't care who paid what back, we need bailouts now.

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