TD Bank / excessive overdraft fees

Norwalk, CT, US Review updated:

My husband and I opened 2 checking accounts with TD Bank a year and a 1/2 ago, right before they merged with Commerce Bank and at the time there wasn't a monthly maintenance fee or fees for using the ATM. Now, we have a fee every month and on top of that extremely excessive overdraft fees! I have been charged over $1, 000 in fees this summer because they balance they keep isn't accurate. On top of that they deduct transactions from highest to lowest, not in the order that they were done! Not only that but if you're overdrawn for 5 consecutive days you will be charged $35 and continue to be charged $35 every 5 days until a deposit is made! And this is the best one, I was charged a $35 overdraft fee for a $18 transaction from Netflix because when it was authorized I only had $11 in my account (it's automatic every month) and then when it came out of pending and it actually "posted" to my account I was charged $35 again! I called customer service and the rep said that they will mail me the "Schedule of Deposit Account Charges" for me to review.

This bank is ridiculous! With the economy the way it is how do they get away with charging these fees! There has to e something to do about it. I am closing my accounts with TD Bank today!

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  • In
      Jan 12, 2010

    It all started on 9/25/2009. "The Great Glitch" as TD Bank called it. I went to withdraw $50.00 out of my account and couldn't get any money out. Went home to check my accounts online and couldn't get access to them. Then tried to call and couldn't get through to customer service.

    Keep in mind that all of my paychecks are direct deposit along with my husbands Social Security. Because I work 2 full time jobs for a total of 75 hours a week, everything I do is online. Auto Pay, Direct Deposit, etc.. According to TD Bank they were implementing a new program and changing the way they charged overdraft fees. Since everything I do is automatic, TD Bank would process all my direct payments 1st, return them, charge me outrageous fees and then post my direct deposit payroll. Of course at that point I would have a negative balance . Some weeks I would have around $15.00 left out of a $1000.00 paycheck and no real bills covered. They had returned them all, charged their fees and then credit my paycheck.

    I couldn't hardly get it stopped, because they would get my paycheck, before I could and take all their fees first. This has sent me into a financial tailspin, that I am having a hard time getting out of. I work so many hours, because I am trying to climb out of a financial mess from my husbands illness and the last thing I needed is their thievery.

    I went in to the branches several times, made numerous calls, all to no avail. As of 1/12/2010 they have taken $4, 370.00 in overdraft fees. By the time I realized they were not going to correct anything, it took my companies several weeks to change my direct deposits and I am still working on canceling the auto payments. After finally contacting the BBB, they are now offering to zero the negative balances out, but "too bad" about my $4, 370.00 in fees, not including all the fees charged by the companies who got things returned to them.

    Someone should seriously look at the banks and begin regulating their fee scales. This is detrimental to the "little man" who has to work for a living.

    0 Votes
  • Ti
      Jan 12, 2010

    Here's a thought -- don't spend the money until AFTER it's posted to your account!

    +1 Votes
  • An
      Jan 17, 2010

    YES!!! TD is in fact using dishonest methods to line thier pockets! A Payroll check that used to clear in a day all of a sudden stalls and they don't clear it. In the meantime about 14 small purchaces like coffee, etc totaling perhaps $50 caused over $500 in overdraft fees. As things get quicker and faster why dose that become mysteriously slower. The point is the depost was made with a large companies payroll check like it had been for years without any problems. The money I spent was MY money - not like I emptied my account and kept going. They let the compound overdrafting go on for days before I received the first notification which never mentioned the very first one that seemed to cause the domino effect. I asked for a copy or confirmation that such a notice went out an they said "We don't keep records". The Bank manager was downright rude and even laughed at me. When asked for his superior I was handed an 800 number to call without results. It is Clear that they have set up a self imposed defacto usary lending system forced down the customers throght by stalling deposits and imposing predatory fees." In the meatime CEOs get multi millions in bonuses after athe Bailouts. WHERE are our LEGISLATORS???????

    0 Votes
  • An
      Jan 24, 2010

    I am 21 year old college student who does not make a lot of money working retail. This past friday i deposited my check for $ 475. They said the check will not clear till tuesday im assuming this is because monday was martin luther king day. so i manage to do without any money till monday in which i checked my accout balance that said Balance: 475 and Available: 10. being naive as i am i thought that i was able to use this money without any over drafting fees. however that monday i spent around 105 dollars on several menail items which were all approved, now on saturday i recieve a letter telling me that i am being charged 210 DOLLARS in over drafting fees, which now leaves my account balace at $-230... is there any way to fight this??? i do not any means of going three weeks without money...

    +1 Votes
  • Ta
      Jul 21, 2010

    Maggie writes, "If the money is already in your account before you make the debits/checks, it won't matter how they order the posting". Guess what, you are wrong. TD Bank will charge you overdraft fees on debit card purchases on a Friday that were paid for on a Monday. Let's be clear, these purchases are not gas purchases where there is a lag time, they were purchases where the money was in the account at the time of the purchase. The funny thing is not one customer rep. could explain to me how this is possible. I have been send information three times, none of which explained why they are charging overdraft to debit transactions that have already been paid.

    On TD's website under pendind transactions it clearly states, 'It is important to remember that your money is considered spent when you conduct the transaction; not when it posts to your account'. Really, well aparently TD bank has not read their own website. One customer rep. actually said to me that it only looks like that is happening.

    Charging overdraft fees to a debit card purchase when it posts is clearly a direct contradiction to their website. When I pointed this out to TD Bank, they closed my account an put me on the chexsystem. Well...I'm off to small claims court.

    0 Votes
  • Ke
      Aug 31, 2010

    TD Bank irobs people and their practices are ridiculous. Whnen it was Commerce Bank, you knew why over overdrew something, it was clear as day. With this ridiculous bank... not only do you get a fee for somethingt hat makes absolutely ZERO sense, it seems that there is never just one, there is ALWAYS at least two. I have recently changed banks because I'm tired of this. I am responsible with my money and to get charged OD fees all the time for things that literally make no sense to me seems shady. They truly are lining their pockets!! They say the do not charge OD fees on "pending transactions"..the hell they don't!! Not only do they charge it when it is pending, but they charge it again once it posts!! I cannot grasp why in the hell you have mpney on your account that you use and later they tell you that you really didn't have it??!! I have an avail balance of $28 after my vacation, of which I did not use, however, the CSR said to me that it said I had $28 as my avail balance but I really didn't. When I asked him to explain that he basically said that it just wasn't there... that is strange considering NOTHING else was coming out of my account that week I was on a cruise, and everything I spent was charged at the end... my original balance 1680.00, my charges 1652, my avail balaance 28...however, it wasn't really there??? MAKES NO DAMN SENSE!!! It was there and that was teh final straw for me, I have since switched I have peace of mind that I am not being ripped off!!!

    0 Votes
  • Ja
      Apr 06, 2013

    My complaint is quite different from those posted above. Because TD Bank did not respond to problems we had with the IRS, we had to hire a tax consultant to take care of things. FACT: TD Bank was responsible for filing our employee withholding, which we did. The MONEY WAS MISROUTED to the IRS and our account showed no payment was made. TD Bank was NONRESPONSIVE to both us and our tax consultant. We are still thrashing this out with the IRS after 5 years.
    Now we have a levy on our checking account from the State of NH for a Tax Warrant. This is outrageous for two reasons. First, we don't owe any money to the State of NH and such a levy should have never been made against an account that has federal funds such as SS payments in it. This is federal law. Clearly, the Bank has violated federal law. I'm sure this will take weeks, months, or possibly years to reconcile. In the meantime, we are living on nothing. This bank should not be allowed to operate since it clearly doesn't know what the law is nor does it care about its customers.

    I will be moving ALL of my accounts to another bank on Monday morning 4/8/13.

    Jane C. Conway

    +1 Votes

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