Finally Done With TD Bank – Thank God!

America’s Most Miserable Bank (a.k.a. TD Bank) officially has one less customer as of this morning. As I’ve chronicled on this blog a few times, I’ve been transitioning my direct deposits and direct debits out of TD Bank ever since they bungled the merger of TD Banknorth and TD Bank’s online systems back at the end of September. In reality, I probably finished transitioning to Central Jersey Bank at some point in November, but I decided to keep the TD Bank account – just in case I needed it for something.

My thought process was, “Hey, you never know, right?”

Apparently, I was too idealistic. The fact is that TD Bank has absolutely destroyed whatever good will existed between the company and its old Commerce Bank customers. In fact, while looking through my online account, I found the following message that I sent back in October…which has still gone unanswered.

October 1, 2009
When will my account be updated via the online interface again? I have not been able to see my real-time account information for a few days and that is unacceptable. I need to know what my balance is and whether or not my direct deposit for my paycheck hit my account yesterday. I have automatic debits coming out of this checking account today and tomorrow that absolutely must be honored.

I’ve tried calling the customer service lines and they’ve been disconnected, which is unacceptable. At this point, I am exploring checking account offers at other banks. This is not the level of customer service that Commerce Bank was built on and that I grew to enjoy from that bank. If this is how TD is going to run its operations, then I don’t see myself being a customer of this bank for too much longer.

In the year 2009 and almost 2010, this is completely unacceptable. TD Bank ought to be ashamed of itself.

Well, TD Bank certainly wasn’t ashamed of itself for that blunder. In fact, they began treating their clients worse and worse, which brings me to my latest (and final) online interaction with this horrible, customer unfriendly bank. These guys changed the type of account that I had (without my consent) and began charging me whenever my account dipped below $100. Take a read of the message that I sent to TD Bank a few days ago.

January 7, 2010
Why am I constantly charged a $15 fee when my account goes below $100? That is absolutely unacceptable. I have accounts with a local bank, Bank of America, and Sovereign Bank in addition to TD Bank and yet TD Bank is the only one that charges this absolutely unacceptable fee.

Please refund this fee immediately. I am at the point where TD Bank’s consistent unacceptable treatment of its customers is making me want to close this account.

I thought that was a pretty tough statement – straight and to the point. I figured that TD Bank would respond by saying something that was customer friendly. Instead, I received this message.

January 8, 2010
Thank you for contacting us.

On September 25, 2009, your account was changed to the Convenience Checking, which has a $100.00 minimum balance requirement to avoid a $15.00 fee. Unfortunately, we will no longer be offering a free account. However, we do have other options that may better suit your banking needs. Our Value Checking does not have a minimum balance requirement. This account has an automatic $3.00 monthly fee and allows 8 checks written per statement cycle. Each check written over 8 per statement has a $0.50 charge.

This information was mailed in August and outlined what your account type would be changed to.

We encourage you to review other products that we currently offer, as you may find that we offer an account more suitable to your needs.

This fee is not an error and cannot be reversed.

If you have any further questions, please contact us via email or call 1-888-751-9000 to speak with a Customer Service Representative, 24 hours a day, 7 days a week.

Regards,

Eric
TD Bank On-Line
E-mail Specialist

Seriously… that’s what they sent me. They sent that to me – a guy who has been a customer of this bank for about a decade, a guy who has never EVER bounced a check, a guy who consistently has well above $1,500 in his checking account. Why was my account below $100? Because I was transitioning my direct debits and direct deposits out to Central Jersey Bank – and I’m glad that I did! I’ve had enough of the shameless nickel and diming that goes on at TD Bank. When you combine this nickel and diming with the bank’s absolutely pathetic approach towards customer service, how can anyone remain a customer of this institution?

I responded to the message above with the one below.

January 9, 2010
I’ll be closing this account on Saturday. TD Bank has ruined Commerce Bank’s reputation in New Jersey.

And that’s that. I closed my account earlier today and I am so glad that I did. TD Bank got their $15 as I saw my way out of being a customer. I hope those measly $15 were worth losing an outstanding customer (who happens to have an online vehicle to write the type of annoyed, fed-up article that you’re reading right now…which will be online in perpetuity). Enjoy the $15, TD Bank…because I’m going to enjoy bashing your pathetic company for the rest of its sorry existence.

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  • HateTDBank

    Good for you!! I’m in the process of transitioning my funds from TD to PNC Bank. I had been a customer of Commerce Bank for 10+ years and I find TD to be too difficult to deal with. I work in finance and have problems with both my work accounts and my own personal account. The breaking point came when I found I was unable to access any online statements after 9/18/09. It’s now January 2010!! I’ve spent countless time on the phone with TD “Customer Service” (I say that loosely) and was told that TD “is aware of the online statement problem and is working on it.” Still working on it after 4 months??? See yaaaa!!! I’ve only been with PNC for less than two weeks, but am happy with them so far. As soon as all my automatic withdrawals are switched out of TD, I AM OUTTA THERE!! What a crappy bank!!

  • http://www.jerseysmarts.com/ Joe

    Congratulations, HateTDBank! I also work in the finance industry and if I treated my customers the way that TD Bank treated their customers, I’d be out of business in the blink of an eye.

    Good luck with PNC Bank. Central Jersey Bank has been terrific thus far – amazing what banks that are headquartered in America can do, huh? ;-)

  • Maureen

    Good! I, unfortunately, work for TD Bank. I believe that the $15 fee is astronomical! I understand that as a business, they need to make money, but to rip its customers off is not the way to do it. I am still debating whether or not to close my accounts and take them to another local bank. I have two accounts, one which was grandfathered in to not be charged $15 if I fall below $100. My other account, I automatically subtracted $100, so I have yet to fall below (which means TD Bank has yet to get $15 out of me!!) I have seen way too many people close out there accounts due this crazy charge. Hopefully they realize their mistake and change the type of accounts

  • ummm

    I hate TD like the rest of you but you are stupid… you apparently did not read the agreement you signed when you OPENED your free checking account with Commerce. It is only free for 12 months and then there is a 15 dollar maintenance charge if the balance is below 100 dollars. So you DID consent to an account change…12 months ago. That is not TDs fault, that is yours for not reading the fine print.

  • http://www.jerseysmarts.com/ Joe

    Ah, you dumb, dumb, stupid son of a bitch. In fact, I DID read the fine print when I opened up my Commerce Bank checking account about a decade ago. And there was no service charge in any of that fine print (if you read anything else on this blog you’d know that I work in finance so my life is consumed with reading the fine print). When TD purchased Commerce and they made these changes, I specifically asked at the branch and on the phone if any of these bullshit service charges would affect my account and I was told that they would not because I was a legacy customer in good standing.

    Apparently, that doesn’t count for shit with TD Bank. You should try not to be so “stupid” in your comments, dummy.

  • Jen

    Joe your hilarious!! (“Ah, you dumb, dumb, stupid son of a bitch.”)

    I am a Canadian TD customer and I can tell you it is no better here either. We have a different version then your banking system. But they are no different about ripping us off. Hell you get it even worse if you are “poor”. Every time I turn around there is a new fee for something. God forbid you bounce a check. They stick you with a $42 fee, even on a $25 dollar check. Sure I should have been more responsible. But come on!! My monthly service fees add up to $30 dollars a month! Sometimes more. If you withdrawal your money from another banks ATM machine you get penalized 3 bucks. $1.50 to TD and $1.50 to the other bank. The only ATM machines TD has though, are at their damn banks. Sure I’d love to stick it to them and say to hell with them. Except believe it or not, they are one of the better banks here ( or Trust as they like to call themselves)

    But good for you both for “sticking it to ‘em”!!

  • http://vomitcomet.blogspot.com Steve

    I’ve never had a bounce, but those fees always baffled me. You’d think if you’re a bank you’d be good at math, but none of these dingleberries has figured out that no money minus $40 or whatever it is does not equal a positive number. Tools.

    But yeah, there really isn’t a lot of choice in Canada when it comes to what you might call a good bank. We have shitty banks, really shitty banks and slightly less shitty banks.

  • Mike

    Taking anything a CSR has to say at face value at any business is an ill advised move. At any bank, they’re uneducated highschool kids making $10 an hour. What I know for a fact is that you received a letter explaining any account changes, which would have included the migration to the convenience checking account and the requirement to maintain a minimum balance to avoid a fee. You incurred that fee by mismanaging your transfer of funds to your new account.

    TD Bank has the most locations, best hours, and best people. Every bank charges weird fees, and they’re usually avoided if you manage your finances actively and responsibly. And you’re going to see every bank in the country add on even more fees because with the CARD Act, Dodd-Frank Act, and other new regulation enacted by your congress. Banks are going to pass on their new costs of doing business to the customer.

    Personally, I never get charged fees, and TD Bank kept my ATM fee reimbursement account provision from a legacy TD Banknorth account I had, so they actually PAY ME about $10 a month for fees OTHER BANKS charge me for using their ATMs. Find another bank in the world that will do that… you won’t.

    If you thought going through a bank merger was a painful experience, switching to a small community bank was a terrible idea as any bank less than $5 billion has a pretty good chance to be acquired by someone else in a 5 year period.

  • http://www.jerseysmarts.com/ Joe

    Ha ha ha! Well it looks like we either have someone from TD Bank trolling this old, old entry or someone who is a fanatic about the bank (as I used to be) coming through for a visit. I’d go through your comment line by line and respond, but it’s such old news at this point that it’s not worth it. I made my points, everyone has their spin and their take on them, and that’s for everyone else to worry about – not me.

    The comment that I do take offense with is the final one bashing community banks. I’ve been with this community bank since I began the process of leaving TD Bank last year and it has been nothing short of phenomenal. I’ve worked in the banking sector for years (and I suspect that you have, too) and I’ve had nothing but wonderful, excellent experiences with community banks. Have some of them been purchased by larger banks and ruined? Absolutely. But I’ve not had a bad experience yet either professionally or as a customer so I refuse to accept the notion that switching to a community bank was a terrible idea.

    Thanks for the comment.

  • jacob

    this just happened to me — screw TD Bank! i got the charge reversed when i first saw it “as a courtesy” but then since the next billing cycle had already begun — and my account was below $100 balance for a few days of the new billing cycle — i got hit with another $15 charge.

    i loved commerce bank. but fuck this shit. i’m closing my account.

  • http://www.jerseysmarts.com/ Joe

    Get out while you can, Jacob. These idiots at TD Bank have absolutely destroyed what used to be a great, customer-friendly bank. Here’s hoping TD Bank goes belly up.

  • Pingback: One Year Free From TD Bank’s Craziness | JerseySmarts.com()

  • Rob

    That $15 fee is just the proverbial straw……..I was with Commerce and stayed after TD took over. I like the coin machines and the lollipops. And the dog biscuits are cute. Plus the great hours. But as a bank? Bad deal. Their online banking is almost archaic in comparison to, say, Chase’s online banking. But it is the little things isn’t it? The $15 fee sent me out the door. I now bank with Chase. I had a hard time moving there as they own the friggin’ world, don’t they? But their services are great and everything is high-tech, top-notch. Their business banking is even better. talk about royal treatment. Bye-bye TD. I will miss the purple lollipops.

  • Alarice

    Fuck td bank!!!!..i just received a letter from collections in the amount of $72 ALL in maintenance fees bc they decided to switch my free student account to convienence checking without telling me and even though I haven’t used my account in MONTHS and I’m still a student, when I called I was told that there is nothing they can do and that I have to pay it

  • Bob

    TD Bank just sent out 1099 INT Tax Year 2010 Statement of Interest Income to me and I am sure millions of others for changing our old Commerce Bank account numbers to new TD Bank account numbers because they sent us a $25.00 gift card to purchase new checks because of their decision to change our account numbers. This is unbelievable, they want us to pay for their cost to merge the two banks. This is an obvious merger expense and they found away to get us to pay for it. What a rip off!!!

    Close your account and show the banks that the people who make them billions are not going to take this laying down.

  • I HATE TD BANK!!!

    Great post. Everyone, make sure to check out the Facebook page “I HATE TD BANK!!!” They really need to go down. GREAT STORIES EVERYONE!!!!

  • Mike

    A few things to realize:

    Do not feel that a community bank or credit union is not a good choice just because someone will acquire them in a few years. Many of them have a provision they can’t be acquired, especially in MA.

    Not every bank charges high and silly fees. Some banks in my area offer rewards checking that yields 3% interest on a 25k balance. That’s $750 extra in my pocket! What are you going to get from TD Bank? 0.25% at the most; most likely a goose egg. Even in NYC, as I have an uncle that lives there, there are better choices, as that is laden with big corporate banks. Capital One at least gives rewards or interest on a checking account at their B&M banks and the savings are at 1.2% at a B&M bank. My bank in my area also keeps transactions ordered chronologically to minimize fees and then the other one orders transactions; credits first high to low and then debits high to low.

    Numerous banks offer ATM rebates; mostly community banks and credit unions though. If you are prudent and use your credit or debit card wherever possible and use cashback from debit, you should very rarely, if ever, need this. The other one I am (Salem Five) with gives 0.5% back on debit card transactions plus reimburses $15 in other banks ATM fees (and a network is always free and a separate network is always free for deposits). You do not need to keep a minimum in the account for the ATM fee rebate. Plus, they give 0.6% interest and do not charge maintenance fees. Only catch they give with the account is that you must open online.

  • Jessica

    This honestly cracks me up. Commerce Bank was acquired by TD Bank because it was failing. Commerce Bank didn’t charge you these fees, they didn’t penalizing you for misusing your accounts, and that it why they are no longer in existence. Stop complaining about fees, because they are all easily avoidable. Don’t spend more that you have in the account. Keep the minimum balance, and if you can’t, enroll in a product that has no minimum. Don’t have any checks returned. READ THE MAIL that your bank sends you – it will notify of any changes to come. They are your financial institution, if they are mailing you, you MAY want to know why.

    Account terms and conditions are given at time of account opening, and yearly after that. All product change notifications are sent out by mail. If you have any questions about fees and dont trust your customer service representative, call in and request an updated copy of the terms and fee schedule. It amazes me that so many people can claim “I didn’t know” as an excuse. The Bank holds all of your money. Express due diligence as a customer and learn what your responsibilities are. THEN get a bank account.

  • Sidenote

    Just as a sidenote, Maureen is obviously not a TD employee (unless shes a janitor contracted by an outside source) because TD does not charge their employees checking account fees. Whether you want to believe it or not, TD is really great to their employees (and customers IMHO). Yes, TD went through a lot of crap when they merged, yes you got some fees you didn’t get before. Is it worth pitching a fit about? No (IMHO).

  • http://www.jerseysmarts.com/ Joe

    Thanks for the comment, Sidenote. We happen to disagree on this point, but all opinions are welcome!

  • Daniella

    I actually opened my account in college about 15 or more years ago when it was SIS. Then it was acquired by Family Bank, then, I don’t even remember, Banknorth, then TD, it went on and on, and I just didn’t want to change. They were so good in the beginning. Then I found out my savings account was being eaten away little by little, and found out they were suddenly charging me (was never grandfathered into anything, and had known the tellers by name in the beginning, what a change), and I lost most of that account and then they really made me go through hell to close that account. So I am really curious if closing your account was as difficult as it was for my savings, and from what I have been reading online, others have been saying they are being made to jump through hoops to shut down their checking accounts (which I dreaded). I am so ready after being charged $190 this month in overdraft fees (hadn’t enrolled in overdraft, but was charged anyway, then they told me someone had just put through 4 checks I had written her (babysitter) all at the same time that I paid my student account loans for the month) and a new maintenance fee I just learned about. People are so rough on each other (really, name calling?) when another person states that a bank charged them and they didn’t see it coming, some people saying it’s your own fault, blah blah blah. I know I don’t read every comment, with every bill that comes in, medical problems, being laid off, screaming children, and new fees from the bank (yes, I am living the american dream, everyone else in the world is so jealous!) when you didn’t get time to read it. I get time once in awhile to sit and breathe, and not think about every upsetting, unsettling bit of news, rarely. Wishing we could get “Jessica” and “ummmm” in a room, and let my kids loose on them. Oh, I love that thought. Then we’ll go to TD Banknorth next. Oh, loving that thought too, we’ll go to each lobby of each TD Banknorth after a bag of Halloween treats, it’ll be perfectly innocent chaos that takes down TD Banknorth! Anyway, glad you got out Joe, wish us all the same!

  • Chrissy

    It amazes me that people still do business with this bank after all the fees to do this, that, and the other thing. TD Bank makes it impossible to want to do business with any bank. We closed our savings account with no issues but every time we transferred money for bills and such we got a letter saying that we couldn’t do it. Umm.. it’s my money and I’ll do whatever I want with it. Now comes the issue with the checking account.. OMG! Their overdraft fees are excruciating and add up rather quickly. I don’t think they apply debits fast enough. Once you pay for something there should not be 3 days to process the transaction and this is what has screwed us. With TD Bank the money is there one minute.. a day later you’re bombarded with od fees. Now I know part of it is my fault but I think their processing of debits should be faster so you know exactly what you’re working with. The register is old school and may help but really I’m done with TD Bank and their overdraft fees along with other stupid fees.. they can take their America’s most convenient bank and shove it.

  • JZS

    I had to ask three times for them to close the savings I had set up and not used. The third person tried to change my mind. Ha!

  • xomichael

    So… is PNC better? I am currently with SunTrust for personal and Capital One (ex Chevy Chase Bank) for business, and I really would like to change both.

  • Linda

    I will be closing my account with TD bank today!!! They are beyond rude, have made several errors on my account. Just last week they took $2500.00 out of my account that I did have. This caused all my checks to bounce. Turns out they took the monies out of the wrong account!! It took me nearly 1/2 my day to get this resolved. There was no apology, nothing!!!! I cannot stand the way they do “business”.

  • http://www.jerseysmarts.com/ Joe

    Daniella – I absolutely wish you the same. Good luck!

    Chrissy – I’m also amazed that these people are still in business. It’s ridiculous. They’re the worst bank that I’ve ever dealt with in terms of customer service. The WORST!

    JZS – That’s insane! You’d think a simple request like closing an account would be easy for these folks to accomplish. I guess not…

    xomichael – Not sure about PNC Bank as I don’t have any accounts there. However, I did look at their website and it appears that they have an attractive small business checking account, which I might look into one of these days.

    Linda – Sounds like more of the same poor, horrible customer service from TD Bank. Talk about ruining Commerce Bank’s reputation – TD Bank not only ruined it, they destroyed it!

  • Alexander

    I’m a soon-to-be ex-TD Bank customer (only had the account for a month.) This seems like a good place to vent my frustrations.

    I would advise against banking with them. When you open a checking account there’s only a few things that need to be done:
    1. Get the ATM/debit card
    2. Get checks
    3. Set up online banking

    Every step of the way TD Bank screwed this up. Their systems were down the day I opened the account (I wish they’d told me that up front) so I couldn’t get the ATM card until later. While the account was supposed to come with a free order of checks, an order I was told was placed when I opened the account, four weeks later (when I was still without checks) I learned no order had been placed. Finally, activating the online banking should be an easy process: the system only asked for my social security number, routing number, and account number. For some reason it kept rejecting the data I provided. When I called customer service they said all of the data I had provided was correct and that the error must have been with the online system.

    I also applied for a credit card with them. I got rejected … twice. Both times the letter stated it was because I had already applied. I called customer service about this and they said it seemed the customer service agent at the bank had made multiple applications in the same day (maybe a result of the system being down again). It was these duplicates I was rejected for. I asked about the initial application and was told I had been rejected for that due to poor credit, which came to me as quite a shock. Not only being accused of having poor credit but also because I had never received notice of this.

    So I applied for a card with someone else (Chase/Amazon). I got approved instantly. So much for that bad credit. Here’s the real kicker; I log on to my account today and suddenly there’s a TD Credit Card showing (with a limit of $1,000? How insulting, my BofA Visa had an $11,000 limit and I never exceeded $5,000 on it.) I’m assuming I’ll get the card in the mail at some point, not that I want it anymore. And why did it take a month to approve me?

    I give up. This Saturday I’m closing my checking account and opening one elsewhere. This is far too many screw ups in too short a time to tolerate. At this point I have to assume that incompetence is endemic at every level of the business.

  • jenn3535

    I am closing my accounts with TD next week after 16 years with them.

    If you don’t carry a HUGE balance, you are considered a second class citizen and not worthy of decent service.

    I’ve had a few difficulties with them over the years. First it started in university when they gave me a $300 line of credit. I used it up for books pretty quick and when I went to put paycheques in, they would be on hold and I wasn’t able to access any of the money for weeks. So I decided that I would just pay off the line of credit bit by bit and open an account at the local credit union. I was treated like absolute gold there, and for the next little or so, I kept puttint 10 or 20 bucks in the bank machine when I had it. Then one day I go to the bank machine to deposit twenty bucks and it rejects it, with a message to call the branch in the morning. I did so, and they claimed they sent a collections letter wanting the whole balance immediately. I said I couldn’t do it, since I was a poor, struggling student, and I was paying them money when I could. They said they see that in the system but that they were also legally able to collect the whole balance whenever they wanted. I said I couldn’t do it right away and that I had the twenty bucks for them and they said they didn’t want it. That weekend, my boyfriend surprised me for Valentines Day with a trip to Whistler for the weekend. My trip was ruined by the constant calls from TD that consisted of calling me a deadbeat (yes, that was the term they used) and that if I was in Whistler, I obviously could pay my bills. My boyfriend paid for the trip, I had twenty dollars to my name, which was the money I would have given to TD! I was crying hysterically in the bathroom hallway of a restaurant on a romantic trip because of this. My boyfriend felt so bad about it that he stormed to the bank, withdrew the money out of his own TD account and went in to pay my account off. Later that month I got a call while I was eating breakfast from an awful CSR who said I still owed money and that I needed to go to the branch and talk to them about it. I worked 12 hour shifts and was in full time school so I said that I couldn’t just drop everything and go to the bank for something that was their mistake. The girl called me a liar and said that I was just trying to get out of going to the bank by claiming that I was working. I asked her to repeat that statement and she said that if I was working so much, why aren’t you able to pay your bills. I said that I was paying my bills with another account I had at a credit union, that I had recently opened and that I wanted her name so that I could notify TD of her amazing service. She refused, but I had written her name down at the beginning of the conversation luckily. I contacted TD head office and notified them of the awful service, and I received a letter that they had heard the recorded conversation and that the girl was being reprimanded.

    A few years later, I moved to Ontario and opened a student account with my grandma’s TD branch, thinking that I would be able to access a TD bank easier, since I did live with my grandma at the time. Well well well, it has been pure hell.
    After an argument with the teller and manager, they stopped putting TD paycheques on hold when I was depositing it at the teller. I told the guy to look at the cheque amount and tell me how the hell I’m supposed to survive with me not being able to pay bills or buy food for the “5 business day hold”. Finally, they told me that as long as I deposited in person, they wouldn’t hold, which has still lead to some arguments but never any more holds. I shouldn’t have had to do any of that though…..

    I switched jobs and still get a cheque on payday. Well, I have two cheques deposited over a week ago, both still on hold for what seems like another week or so. When I asked why, they said that its based on credit and the amount of the cheque. I asked how they expect someone depositing an 800 dollars paycheque is able to live off nothing for the TWO WEEKS they put my cheques on hold for. They said its standard for a cheque to be on hold for 5 days. So when I inquired as to whether I have bounced a cheque or deposited a fraudulent cheque, they said that indeed, I had NOT. So why is my pay on hold for two weeks? They haven’t given me a straight answer so far. I have bills to pay that are all now subject to late fees, so TD is costing me more money, all because they won’t let me touch the money I earned fair and square. I let them know that I was closing my accounts as soon as I could touch my money and they don’t care. They weren’t making much money off me and they don’t care that I have had to borrow money off to get by. They have said they would regret to lose me but that they are forwarding my emails to the appropriate department, whatever that means.

    I asked them how I was supposed to feel when I have two paycheques in the bank right now and when I go to pay for something, the machine beeps and says there are insufficient funds. Its brutal and so embarassing, yet they still won’t do anything about it. My own grandmother has tried to get involved, since she has several accounts with them and has her investments through them, and they won’t listen to her either. They’ll help HER but when she asks why her granddaughters cheques go on hold for so long, they go on about “5 days hold”, which is such bullshit, I don’t know how they even have any customers at all

    So in a few months when my cheques are finally released, I will be withdrawing every single cent and going to a bank that doesn’t treat me like I’m a nobody

    Oh, and I had a student account, which they have switched to something else, even though I’m still a student at a local college. Never notified me or anything. They claimed that with a student account, cheques are ALWAYS on hold, which I also know to be false, since a co worker has the same account and there are no holds….but when I tried to discuss this with a rep on the phone, they said I don’t have a student account and haven’t since last year. I asked when I was notified of this and they said I didn’t have to be notified legally and that I should be more knowledgeable on my accounts and should have realized sooner. Fuck TD

  • Nick

    I work for TD and “Mike” I am no uneducated high school kid, I am a university graduate and I can tell everyone here that the reason that America is floundering in its own economic crap is because they have 14,000 banks. That being said, I understand fees are awful at every bank I suggest a credit union as the only way they make money is interest rate differential on credit products. I do hope if anyone here speaks to another CSR they aren’t treated horribly because its our job to make you feel welcomed

  • Nuadormrac

    At ummm,

    I just “love” how some people will take a bit of new info, which was presented in more recent times and apply it to people, while calling them dumb, stupid, n00bs, etc, because “things aren’t stated like that anymore”. And though not on this thread, I’ve even seen some in online postings, go back, and reply to a 5 year old post, all date stamped and everything all to tell the person how wrong they are, because…. And for anyone who knows, what they said WAS TRUE AT THE TIME THEY SAID IT, and only changed after the fact.

    People can’t be held accountable for whatever might change years into the future, no one is even prophetic enough, or has enough forsight to know, “for all time to come”, such and such will be. If the person being replied to opened his account 10 years ago, or perhaps more? (depends when he posted his post), the terms, conditions, and what not did not necessarily have to be what they are today. I doubt 10 years ago, people at Commerce Bank were thinking “well in a decades time, we’ll be merging with a bank that will be called TD North, following this recession which will follow a housing collapse which won’t hit until 6-8 years down the road, and the bank we’re merging with will put these conditions on new accounts, so we best put this in the fine print, before the fact). It’s always nice to judge people on matters that wouldn’t have even existed at the time they would go through the paper work, make a statement, or whatever; as if people are supposed to be somehow omniscient, or prophetic enough to know the future without fail ./yawn And exactly how a human, as opposed to some sort “god” who could gaze the future outa some sort of crystal ball is supposed to do this? Eh, whatever….

    And at these minimum balances in A NON-INTEREST BARING CHECKING ACCOUNT, the banks looking at this are out of their ever living mind. This is simply floating banks, interest free, which they can use to make money off of, via investing or making loans, more so then the actual deposit amount, due to fractional reserve banking, and the ability to multiply the money supply through repeated lending. A sane person with money to go leaving in the bank, would put it in some form of a money market, CD, or other interest baring account, which would allow the money to go to work for the customer, and make them a profit also. Not just in an interest free account, which would allow the bank to use the money without a return being provided. Now this policy of near 0% interest which the Fed is encouraging is part of the problem. Supposedly it keeps interest rates down, but when looking at credit card terms and the like, is that really passed onto the customer? Has it really encouraged lending? Or is it just a way for banks to make bigger profits, while providing no return for the use of customers money, to them in the form of interest.

    And part of it is this inane idea of having people set aside some minimum balance to the bank, which the bank can make a profit off of, while not paying a usery fee to the customer, or some form of interest; by trying to make them keep the money in a non interest baring account, else hit them with a penalty. At the very least, any minimum balance should be accross ALL ACCOUNTS, including savings, money market, CDs, etc, and not the checking alone. And that is a very least, checking would be daily expenses. Who really, would want to park any sum of money in an account, outside something which would serve as part of their investment portfolio?

  • Nuadormrac

    BTW, no way to edit, but slight typo, his old bank was Commerce. I’d edit the above if there was a way to…

  • http://www.jerseysmarts.com/ Joe

    Hear, hear Nuadormrac. Excellent response and discussion.

  • Laurie

    I just wish TD would move its online banking interface out of the 1990s. Here it is almost 2012, and I STILL can’t transfer money to an account at another bank. WTF?!

  • Nicole

    Yes TD is the worst but what are your thoughts on CHASE???? Their customer service is APPALLING!!!!!!!!

  • csjthomas

    TD Bank sucks! they start charging $15 monthly fees even without a notice to their customers. Stay away!!

  • Jess

    They just started charging me these fees last month. When I went to deposit my Christmas money today I noticed that my balance was below what it should be and thought someone had stolen my debit card information! Turns out I’d been charged $30 over the last month. Umm, excuse me? I got no notice of this new scam in the mail, or I would’ve left immediately.

    I’m a student. I’m scraping by. I use cash for the majority of my transactions and my debit card is a backup for online transactions of when I’m in a jam and run out of cash. I can’t afford $15 dollars to be stolen from me each month!

    Why is it that these over-bloated banks who throw their bailouts away think that it’s ok to abuse the poor, those of us who actually need the money in our accounts? Obviously if we’re struggling to keep more than $100 in our account it’s because we don’t have that much to begin with? Makes me sick to my stomach that they think this is acceptable. I’m going to write my own rant on this along with finding a bank that doesn’t punish me for being poor.

  • http://www.jerseysmarts.com/ Joe

    Jess – try going to a local community bank. As soon as I went to a community bank, the silly fees went away and the people in the local branch actually remembered me and knew my name every time I went in to make a deposit. It’s been great!

  • http://patirwindesign.com Pat I

    I hold multiple business accounts at TD Bank. That is, until today. One of these accounts has EXPLICIT guidelines of: NO counter withdrawals, NO Debit Card Transactions and TWO signers required on a check. Yet TD Bank saw fit to issue a counter withdrawal of over $500.00 in a branch in NYC, which has caused a domino effect of NSF charges. Their excuse: the withdrawal was made because of “a customer with a similar account number made a withdrawal.” Really? I’m not buying that lame excuse, but even if that were the case, the teller should have seen the EXPLICIT instructions regarding counter transactions and followed them. TD Bank says it will take over a week to replace the funds that THEY took out against instruction and handed it to the wrong customer, and WILL NOT reimburse me for the NSF charges; saying to me that I “should always have more funds in the account than needed.”

    I am so fed up with wasting time and money with TeDious Bank and am moving to a local credit union.

    In addition to closing my accounts, I will be filing a complaint with the FDIC

  • http://patirwindesign.com Pat I

    An update from my comment on 1/9/2012: TD Bank felt that charging me $140.00 in overdrafts fees due to their dispersing funds from my account because of a miskey, by a teller at branch #460, was appropriate. When I caught the error that THEY initiated, I made a CASH deposit to the account in question, in order to ensure pending checks would clear and not be returned to the merchant while TD Bank sorted out the mess they created and returned the funds to my account. Instead, TD Bank decided to process/post the debits FIRST, then post the CASH deposit. This allowed them to charge NSF fees since the checks were processed first, and they feel that this is also appropriate. I was always under the impression that a cash deposit was available immediately since it is…well… cash. Not in the universe of TD Bank. Their claim is that cash deposits post after midnight because it is a “business account which operate under different guidelines” and that they have to process items in the order in which they are received. They claim that since the checks which generated the NSF charges were written on the 29th and 30 of Dec 2011, and the cash deposit was made on the 8th of Jan, 2012 they had to process things in that order, even though they were part of the same batch. I swear, they make this crap up as they go along.

    So…they act as if they are doing me a favor by eliminating one of the four NSF charges, which would never have occurred, had their employee not made a keying error and not ignored the on-screen account limitations. They told me, “we normally will not do this, but we will make a one-time exception for one of the NSF fees.” I then promptly close out all three business accounts when they refuse to budge on the other $105.00 of what I now consider, fraudulent NSF charges. TD Banks last and final insult to me, customer service practices, common sense and any notion of ethical banking practices is to charge me another $25.00 PER ACCOUNT. TD Banks reason for this is: in closing these accounts, that made the balance(s) fall below the monthly minimum of $1000.00 for each account. Apparently, the only way to close a TD Bank account without incurring this fraudulent charge, is to close it on the fraction of a second between the last day of the month and the first day of the month.

    After all of this, I had to spend another 20 minutes arguing with the branch manager to get him to print and sign a letter stating that the accounts were fully closed/terminated and put out of service on date “X” – Had I not gotten that letter, I would fully expect TD Bank to keep the accounts open with a “0” balance, then charge me for not having the minimum balance a month later.

    It truly is a shame that the once friendly, hassle-free, Commerce Bank has turned into a financial institution whose only goal seems to be finding ways and means to nickle and dime their long-term clients every chance they get. TD Bank has demonstrated to me a repeated history of deception, manipulation, lack of accountability, unethical and fraudulent practices in addition to being down right hostile in the face of undisputed and overwhelming evidence which shows their numerous mistakes and oversights. Based on the amount of complaints on this and other locations throughout the internet, I find it amazing that TD Bank is still in business and not the subject of numerous investigations on a Federal level.

    It is my intention to strongly suggest to anyone whom I do business with to NOT utilize TD Bank for any reason other than a landmark while driving. I intend on filing a formal complaint with the FDIC, the Federal Reserve, The Office of the Comptroller of Currency and the State of New Jersey Attorney Generals Office, with carbon copies sent to TD Bank upper management. I strongly suggest that anyone else who has suffered to ANY degree, loss and charges stemming from the shady practices of TD Bank, do the same. Below is a list of web address’ you may utilize to file complaints.

    FDIC: https://www2.fdic.gov/starsmail/index.asp
    Federal Reserve: http://www.federalreserve.gov/
    The Office of the Comptroller of Currency: http://www.occ.gov/topics/consumer-protection/index-consumer-protection.html
    State of NJ OAG: http://www.njconsumeraffairs.gov/

    TD Bank, N.A.
    1701 Route 70 East
    Cherry Hill, New Jersey 08034

  • http://www.jerseysmarts.com/ Joe

    You hit the nail directly on the head, Pat. I couldn’t have explained how frustrating and completely outrageous TD Bank is to work with on issues where they are clearly in the wrong.

    Here’s hoping your FDIC complaint bears fruit. TD Bank has to be stopped – they’re out of control.

    And in a very brief update to my own story about TD Bank – I just joined the Board of a local organization that utilizes TD Bank for their daily banking. If it was up to me (and it will be, soon), we’ll be moving that account to a local bank.

  • salsmith

    Here is what bugs me. They charge you $10 maintenance fee if ONCE in a month your account falls below $250. SO a person who has an AVERAGE DAILY BALANCE OF $2000, but falls below $250 for one day is hit with $10, but a person with an AVERAGE DAILY BALANCE of $300 and does not fall below $250 is not charged? The only value that should matter is AVERAGE DAILY BALANCE, nothing else. I have been with them 20 years but it is time to change.

  • tanks4ntn

    I could not agree more with your sentiments. i had exactly the same sentiments. When I went into TD to close my account, they asked me why. I told them I was sick of their fees that they charge to use my money. I told them that I went to a bank that appreciated my business and that would not charge me fees. The CSR (at the Marsh Road, Wilmington, DE branch) actually told me that the other banks did not have as many customers, implying (at least to me) that because they had more, they could abuse them with impunity? I have to congratulate the CSR for her directness. There was no mincing words. We are bigger, so we can get away with abusing you more. I am speechless.

  • http://www.jerseysmarts.com/ Joe

    Seems like we have a great dialogue going here. I’m glad everyone is contributing with their experiences. Unfortunately, some weirdos tried to spam this site and add some vicious, not-fact-based arguments to the conversation so I had to mark them as the spam that they were, but it’s good to see that so many people are beginning to take control of their finances. Good for you all and keep it up!

  • michael

    Hey Joey, not sure if you heard or are interested, but Wrestlemania is coming to MetLife Stadium…how cool is that.

  • http://www.jerseysmarts.com/ Joe

    Yeah – it’s going to be awesome. I’m definitely going to go next year. How could you not?

  • john

    I am also a TD victim.. I can verify what tanks4ntn says in his comment. They act as if they are bigger then they are.. They act as if they are better and have the arrogance to do what they want to do. The more people that leave the less they can act as if..

    They bought my bank that I had over 6 accounts with for over 9 years (with the bank they bought) . All of a a sudden my status at my local branch went from great customer we want to keep and make happy to treating me like a kid with 50 dollars in the bank. I closed 5 of the 6 accounts, leaving them with almost $100,000 less in there care. I had them give me all of the money that moment in cashier’s checks that I put in another bank that now at least does not nickel and dime me for every little thing. I don’t want to be treated like some sort of celebrity. I enjoyed the service of the bank before TD took over and those services went away. So I went away also. As for the 1 account I left for TD. It was only to wait until outstanding payments cleared then that was closed also. I hope the many people that have a problem with TD will remove their money ASAP. No money and they will go away. I know its not likely to happen but we can dream.