TD Bank — horrible bank
I've been reading a lot of the complaints listed on here and see that 9 times out of 10 some random login will turn it around and blame it on the customer. Here is a situation I challenge anyone to say is my fault or a lack of responsibility on my part... instead of another example of poor business practices by TD Bank.
I have been a customer of TD Bank since Jan 11 and will be closing my account after my deposit clears and my account is reconciled. I have had numerous issues with this bank but the one that tips the iceberg is as follows. On a Monday evening, I used the ATM to deposit a government-issues child support check (the same exact check I deposit to the same exact branch every month at the same day/time). I deposit the check and within 1-3 business days the check clears so no one needs to explain pending transactions to me. Here is where the issue comes in. I have not used my account waiting for the check to clear (day one they release $100 and hold the other $700 until the check has been verified)... so usually I just don't touch my account until the deposit is shown as cleared which I did this time. Woke up this morning to find that my account was showing no pending transactions and my available balance the amount of the check and proceeded to pay my bills online. Everything was fine until I go to use my debit card for lunch and it is declined... why? Because TD Bank has arbitrarily decided to put an extended hold on the check AFTER it had already listed it as cleared. At this point, not even the first hundred is showing as available (which coincidentally will make anything that comes in from the bills I paid overdraw my account). I spent over an hour on the phone being switched from person to person to figure out what could be done to fix this since it was clearly an issue TD Bank caused. In the end I was lectured about pending transaction times... to which I clearly stated I understand that but if my account is showing that my deposit had cleared and 100% of my money is available... that is not an issue of not waiting out the hold check time. She then told me that the system changes over in the night so there will be fluctations in balances (ummm... from a check cleared to not cleared... umm that's a bit more than a fluctuation... and basically you are telling me not to trust the information the bank gives me). Next, I was told that my check had cleared but then was put on an extended hold by this mysterious "back office" as I'd never made an ATM deposit before... I stated to the Bank Manager (because I'd progressed that high at that point) that I was looking at my statements which clearly showed that I had made previous ATM deposits so again why was this check being held for this reason. After I pointed this out the woman got really nasty and said she wasn't going to argue with me. It wasn't an argument when the bank is holding my money for wrong reasons. She then refers me to some supervisor at another bank branch. I express to this woman... I'm not upset about the time it takes for my deposit to clear, I understand holds but what concerns me is that my account showed everything cleared with no pending transactions so I went ahead and paid bills... now I'm facing overdraft fees if the deposit is not removed from this hold before they come in... and no one has addressed this. To which she replied... well, it will be fine. Like I had no reason to be concerned. She then cut me off by saying is there anything else she could help me with today... I laughed and told her since she hadn't helped in the first place... no. So that wasn't very polite but after 60+ minutes on the phone being treated like I was stupid or wrong... I'd had enough. I should also point out that I wasn't even expecting the check to clear until tomorrow so never would have paid these bills had my account not stated that the checks had cleared. And because of the past inconsistencies in clearing times... I had no reason to suspect that this would happen.
Why did they not put a note on my account to not charge fees or return my payments should they come in because this was a bank "glitch"? Why did they not release my funds or say they'd release them by COB? How hard is it to verify a government-issued check?
I'll be switching banks because like I said this is the last straw in a long line of issues I've had with TD Bank. I will also ensure that EVERYONE I know knows about this to ensure no one makes the mistake of banking at TD Bank.