TD Bank Has Ruined Commerce Bank’s Reputation

Talk about an epic failure. For those of you that don’t know, TD Bank merged the old Commerce Bank and TD Banknorth databases last weekend. In the process, they managed to unleash a variety of glitches in their online system and transaction posting system. What does that mean?

In short, it means that if you had a direct deposit going to your TD Bank checking account at any time from September 27th through, well, today (they’re still having some problems) then there is a strong chance that your account won’t reflect that deposit. You won’t see it when you log-in online nor will you see it when you go to the ATM.

Some of you might be thinking, “Why is this an epic failure if it is a technical glitch?” Ah ha! Good question! Most technical glitches are, in fact, glitches. What TD Bank did was a gigantic bomb. They turned off their customer service hotlines (including their automated 24 hour service). Instead, customers were treated to a recorded message saying that calls could not be completed at this time. Customer friendly? I think not.

When TD bought Commerce Bank, many New Jerseyans were aggravated because Commerce really was a customer friendly bank. Their tagline, “America’s Most Convenient Bank” was true for many of their customers who loved the fact that they could go into the bank on the weekends to complete some transactions. The West Long Branch bank, in particular, was great because they worked with groups out of Monmouth University to create “business” checking accounts that had no fees (something that TD Bank recently announced it was overturning).

Now many Commerce Bank customers (myself included) are wondering what we’re going to do about TD Bank. They crashed their online system and couldn’t fix the problem over the course of a week. Oh, and it wasn’t just ANY week that they decided to do this – they decided to do it during a week that included the end of one month and the beginning of another. When do most people get paid or receive their subsidies from the government? Right…the end and beginning of the month. When those dollars aren’t there, people begin to panic because of automatic debits that may be preset to hit their accounts or because of other bills that need to be paid. And TD Bank just told people that they were working on it. Completely unacceptable.

So, again, what are customers of TD Bank left to do? I’ve decided that I’m going to explore other checking account options at other banks. In particular, I’m going to look at Central Jersey Bank (which was recently acquired by OceanFirst Bank). The Central Jersey Bank/OceanFirst Bank operates in Monmouth, Ocean, and Middlesex counties in New Jersey and – most importantly – is headquartered in this part of the state, too. Unlike TD Bank, which is now headquartered out of Canada, it appears that Central Jersey Bank/OceanFirst Bank understands the people in this region.

Later today, I’m going to head over to the big Central Jersey Bank on Route 35 in Ocean Township and inquire about a checking account. TD Bank has ruined Commerce Bank’s stellar reputation and they aren’t worth the hassle any more.

  • TD Bank

    TD Bank Update on Transaction Delays:

    We’re making progress in resolving the processing delays, but recognize any delay is frustrating for customers and we want to sincerely apologize for that inconvenience. Customers now have access to all expected direct deposits. We have completed processing all of today’s direct deposits.

    Customers receiving direct deposits dated October 2nd will now see those deposits in their account. The processing of today’s credits and debits began earlier today. Customers will begin to see updates to their accounts later today. We encourage customers to visit a store or call the call center so we can continue to help them resolve individual issues.

    We have completed processing all of yesterday’s transactions. As a result, Customers currently can see account balances as of end-of-day Thursday. This is a significant improvement compared to yesterday’s delay, but Customers are not yet seeing their account balances updated in real time.

  • ProfD

    Although I was not directly affected since I moved money around prior to the system update and then so-called glitch, I have lost complete confidence in TD Bank. Since the merger, things were not the same and have progressively got worse in my opinion.

    First, although this may be an unpopular sentiment with some, I am not comfortable banking at an institution that is now foreign owned.

    Second, the continued use of the term “glitch” is insulting and disingenuous. A “glitch” is a problem that is relatively easy to correct. This was a massive systems failure. To be frank, I am not buying the “glitch” scenario. I believe the problem to be bigger, perhaps a missing ACH batch file that never ended up at the Federal Reserve. TD should explain the problem a little better, regardless of the cause.

    Third, the shutting down of the phone lines was just a ludicrous, “ostrich’s head in the sand” response to the problem. I mean really, do SOMETHING, ANYTHING! Play a recording of Bobby McFerrin’s “Don’t Worry be Happy”. Give the illusion at least that you have a sense of what is going on.

    Fourth, the design of the system in and of itself is troubling. Not only did customers not have access to their banking details, branches did not have access, customer service reps did not have access, and some ATM machines were also affected. The key words in banking should be “Redundant Systems”.

    Sorry TD, I hope you can recover, but I cannot trust you with my money. Consider me a former customer.

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  • Joe

    @TD Bank: I definitely appreciate when public relations firms post generic entries on blogs such as this one when their clients have bungled up big time. However, this particular comment proves that TD Bank is out of touch with their rank and file clientele. Commerce Bank understood where we were coming from – TD Bank has no idea.

    @ProfD: I work in finance and it has become well known that since TD purchased Commerce Bank, they’ve become a tougher organization to work with because the higher-ups are now based out of a different country. So your comment about things getting progressively worse is well taken. I also no longer trust TD Bank with my money and I’ve opted to switch to Central Jersey Bank.

  • xtine

    ugh WTF is going on with TDBANK this shyt is frustrating

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