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TD Bankhidden fees

1
A Review updated:

I have had a TD Bank account since I was 18. Recently, I was trying to navigate their recently unveiled "new and improved" website and noticed some service fees. Three different $15 fees appeared on my account over the past two months. After calling customer service, I learned that they charged my account because the balance had "slipped" below $100. I told them that might type of checking did not have a minimum balance and they, in turn, informed me that according to a "green booklet" I should have received in May that they had recently instituted one. They told me that I could switch to another checking account that did not have a min. balance. I asked them why they turned my account into an account type that was nothing like my original when there was clearly one more similar. I also asked them if they were also going to start rewarding me with these service fees every time my account was over $1000 which it is most of the time. When I asked the brilliant CS rep what service was being carried out on m behalf, he told me that it was meant to make sure that customers always had a "cushion" and were given a "warning" when their account balance became too low. Ha! I told him it would be much more productive to send some sort of email alert and he let me know that they also have that service as well. After refunding $30 of the fees as a courtesy gesture, he told me to not be surprised if I saw another charge next month since my bank account was currently at $96.75. I told him that when the $30 refund was added I would be over $100. He said unfortunately all transactions had to be posted by 5 p.m. It was 5:15. This bank is desperate- switch to another immediately.

Responses

  • T
      Sep 10, 2009

    As we Build the Better Bank our goal is to establish a common product set. These product changes will ensure that our Customers from Maine to Florida all have access to the same financial products. These changes did affect some fees and products. But our new product set offers more options, making it easier for Customers to find a product that fits their banking preferences. Our store representatives are happy to discuss options with you. Please contact your local store or our 24/7 call center at [protected]. Thank you!

    -1 Votes
  • I
      Oct 05, 2009

    To "TD Bank- Customer Care "
    In reference to your statement, "But our new product set offers more options, making it easier for Customers to find a product that fits their banking preferences." I already HAD a product that fit my banking prefrences, that's why I selected it in the first place. You changing it has nothing to do with me, only yourselves. I switched to TDBanknorth (about 1 year before the merger with Commerce) precisely because they had a free checking and savings account that met my needs. When they merged with Commerce, conveniently the named changed to 'TDBank' but all the accounts changed to Commerce accounts with minimum balances and outrageous fees. Like the writer said, if there was a 'new' account more similar to the old account, they should have been placed there. Instead TDBank placed them where it suited them best, not suited the customer best. Which is precisely why I never opened a Commerce bank account.
    When Citizens Bank bought Commonwealth Bank (a PA bank with branches in eastern PA), they matched my checking and savings account with the best suited option from their catalog. They were also nice enough to grandfather the Commonwealth Bank fee structure which was an added bonus as Citizens fees were higher. When TDBanknorth and Commerce merged, I had hoped they would do the same since both banks advertise how convenient and customer-focused they are. But I now see how wrong I was when I find the minimum balance for my TDBank savings account seemly changed twice (from $0 with TDBanknorth, to $100 when they told me of the conversion, to $250 on Sept 25 which I never heard of). I'm now having to shop around again for a bank.

    0 Votes
  • A
      Oct 07, 2009

    FYI, Key Bank's "Key Saver" (savings account) terms and conditions state $300 as the minimum daily balance. The "Key Express Free Checking" (checking account) T&C has zero minimum balance.

    A few years ago I overdrafted my checking account and expected the savings account balance to be used to cover the discrepancy, as Wells Fargo did for me when I lived on the West Coast. Key didn't do that, which took me by surprise, and charged every ensuing transaction some large fee. I complained in person at a Key Bank branch and they set me up with an overdraft account that is more or less a credit line. There was no charge for setting it up and the only drawback is that any balance remaining in there should be paid quickly (usually via the website), as it incurs interest.

    0 Votes

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