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.
TD Bank On-Line
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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