Why I Hate TD Bank: Fraudulent Charges and Deceptive Practices

I have had it with TD Bank after only signing up 3 months ago I am closing out my account and keeping my money else where.

Never have I dealt with a bank that has been so incredibly rude, deceptive and fraudulent in my dealings in my years on this earth.

I just happened to call in to check my account over the weekend and realized that i was charged $175 in fees!!

I call up to TD Bank only to realize that they enrolled me in some debit advance feature which fronts the money but charges you $35 for each transaction over the limit regardless of the amount! Knowing about this practice, I initially asked the representative when signing up not to enroll me and to opt me out of this program because if the money isn’t in the account I don’t want the card to go through, it should just be declined.

She stated that she would do so. We completed the sign up process and I went on my way.

Over the course of the month I would call in to make sure that I had the available funds in the account to make purchases. Once confirmed I went ahead and now all of a sudden, the money was never in the account?? Other issues like depositing cash and not having it post until the next day causing even more fees to be assessed!

Fast forward to today when I realize that my account is over the limit and I call in to realize that she never opted me out of this program. One representative agreed to remove $105 but I then asked her to let me speak with her supervisor who then told me he would only remove $70. He was rude and condescending to me on the phone stating that he had no proof that I was never given the deposit agreement and that he felt that $70 was fair. o_O

So I did what any pissed off customer would do: I joined People Against TD Bank, I Hate TD Bank to find others in my situation and filed a complaint with Bank-Overdraft.com and HelpWith MyBank.Gov I was also told to call the branch manager to rectify the situation further and have yet to hear back from them.

What I do know is that I am pulling my money from TD Bank because they are not worth the hassle. Sure, their store employees have been generally pleasant to deal with but I can’t deal with their sketchy practices which are documented all over the People Against TD Bank and I Hate TD Bank! Facebook page:

I have been charged overdraft fees so many times because of how TD re-orders your ATM card transactions before they post. After going to the bank today to find that my account was negative $240 with fees, I have finally had enough and closed my account. This is so wrong and seemingly illegal. I can’t believe this has been happening to so many people and is still going on. Amd here I thought I was the only one

Everyone make sure you opt out of the Debit Card Advance!!!! This will prevent 95% of all overdraft fees which they call a ‘courtesy’. Such scam artists…

fees and they hide so they can charge you $35 then they try to act like it your fault…….big time crooks!!!

Good Job to who ever created this page. I AM CLOSING MY ACCOUNT WITH TD BANK TODAY!!! Their customer service used to be great. I loved everyone who answered the phone and who I came in contact with at the branches but lately, I am always on verge of going postal at every branch I enter. How the hell is something “pending” and no longer available to me but I still get charged fees for transactions that is already pending?!! To add insult to injury, these animals act like they are doing you a favor??!! If I had the money available, how the hell did you pay on the same pending transaction? BullSh*t!!

Hello,
Would anyone like to (or CAN we even) launch a complaint with the Federal Government AGAINST TD Bank? This “bank” is the most despicable, usurious group imaginable!! Since the “NA” (National Association) comes after their name, they are Federally Chartered, so we can go after them on a national (not just state) level. If there is ALREADY a COMPLAINT FILED, how do I join it?
Thank You

TD Debit Card Advance is different from other forms of overdraft coverage in that it does not transfer funds from an approved line of credit, savings account, or home equity line of credit. Transactions will not be processed in the order in which they occurred. The order in which they are processed may affect the total amount of overdraft fees incurred.

I submitted my case to join the TD BANK national class action lawsuit and if you’ve had similar experiences them you should too.

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GingerGirls Just Wanna Have Funds is a personal finance website dedicated to educating and empowering women in the area of personal finance. Our articles center on money management: making it, saving it and growing it which supports our theme: Breaking Financial Ceilings One Stiletto At A Time. We have been featured in Business Insider (contributor), Lifehacker, Consumerist, MSNBC, Essence, Wall Street Journal, Good Morning America and MSN Project Engage Web Series. I believe in a future where women can have financial freedom and choose the life they want to live by taking control of their finances. You only need to want it hard enough while letting go of limiting beliefs around money. Join me as I share tips that will help you light up your financial life and take control.View all posts by Ginger →

Stacey

http://www.thepetitionsite.com/1/td-bank-needs-to-protect-its-customers-not-its-thieves/

Can you help get the word out how TD Bank is not helping me the victim and protecting the thief?

http://www.girlsjustwannahaveufunds.com/ Ginger-GirlsJustWannaHaveFunds

Done!

http://profile.yahoo.com/GXK47TI7STXANJJURXSC4ESMLA dawnie

I have to say I’ve been with TD Bank since they were commerce and never had a problem. I’ve even had business accounts as well. Of course, I always have plenty of money in my account and teller even told me about a program that could save us money on the ATM fees. With any bank you need to keep a close eye on your accounts to make sure they are in check. It’s your money and you need to be proactive about it. It really is important for you to not let your accounts get so low that they there is a chance you will need overdraft protection. Also don’t take the teller’s word for it that you have the money in the account, go online and make sure there are no pending charges or charges that haven’t posted to the account yet. Sometimes purchases don’t show up right away.
Ginger

Please read before posting. No checks were written. My new bank is fine . Unlike TD, they don’t need to reorder my purchases to get fees. TDi apologized and I am ok with that.

I called to check to make sure my deposits were posted to the account.
Smartinup

So you called to check.." if there was enough money to cover the charges"? Again…if you balanced your account wouldn't that mean that you had enough money and would not have to call? Sounds like you did a little purchasing and wrote some checks before you had the money in there.

All I can say now is….give my regards to your new bank!
http://www.girlsjustwannahavefunds.com Ginger

SMARTINUP, let's make a few things clear. The money was in the account. As I stated in the post, I called to make sure via the phone in customer service that the money was there and I was told I had enough to cover the charges. There were several cash deposits in addition to check and direct deposits. How TD Bank chooses to order the deposits affects the available balance. If I am depositing cash, I expect it to be available at minimum the next business day. That did not happen as they held deposits and pushed through the debits causing the fees as mentioned in the post.

As I said in another comment above, TD Bank has since returned the fees to my account in their entirety and the branch manager agreed that this practice is causing the bank to bleed customers and further the negative press.

You're entitled to your feelings, but not your own facts.
Smartinup

LOL!! Well HarHarHar sorry to disappoint you but I have never worked for a bank in my life:-P I actually took the time to read how charges post to my account and YOU clearly didn't! Which goes back to my previous suggestion of DON'T CHARGE ITEMS WHEN YOU DON"T HAVE THE MONEY! If you wrote down the charges and actually balanced your account then you would not be complaining about something you caused:) I have had an unathorized charged and all I did was call my bank and disputed it and the money was back in my account and hmmm let's see…the overdraft charge(s) were taking off my account:) As far as your overdraft charge when you haven't used your account???? You probably had a check out there that you DIDN'T write down and spent the money before it came in.
Guess your parents never taught you "ACCOUNTABILITY"!
HarHarHar

Thats funny smartinup. You are obviously genius. Explains why fat cat keeps on getting fatter, it certainly does. How does that justify charges being re arranged to maximize overdraft fees?Charges being held for over a week after request has been sent to the bank(without going into pending transactions) What about when you get an unauthorized charge that causes an overdraft? What about when they charge you an overdraft fee when you havnt even used your account in 8 days(yes please explain that)? And how my dear does that explain the multitudes of people who never got overdraft charges in 8+ years (myself included) when it was commerce?

I think TD bank is posting comments again.
Smartinup

You can say you "hate" TDBank but the bottom line is….."DON"T USE YOUR DEBIT CARD IF YOU DON"T HAVE THE MONEY!!!!!!" The bank is not your babysitter and if you can't manage a bank account then you should not have one. Oh…and the others in your situation….same goes for you!!!

Here are some tips:
DON"T USE MONEY YOU DON"T HAVE
USE A CHECK REGISTRY
HAVE SOMEONE ELSE MANAGE YOUR MONEY
TAKE RESPONSIBILITY FOR THE PROBLEMS YOU CREATE
Jeff Freeman

II have a mortgage with TD. Early 2011 I lost my job twice in three months. I was already behind in my mortgage payments & broke the payment arrangements that I had with their collection dept in Toronto. Now it is with their lawyers who will be commencing foreclosure proceedings Nov 1 if I can tcome up with the arrears. I have told them for weeks noe that I am working full time & can not only pay the monthly mortgage payment, I can pay some towards the arrears every month. Not good enough I was told. I have closed my account & moved my investments over to CIBC.
The Shadow Knows

How do you not know what's in your account? Don't blame the bank, that's your fault.
Robert Essesx

Fact of the matter, is deposits and withdraws are manipulated!! Most were scammed when it changed from COMMERCE BANK, to TD BANK with That phoney REGIS ADVERTISING, ITS THE SAME convenience BANK.. While they changed the rules from under our noses!! LOOK at the American as a whole and the bank reaping millions over small transaction made over the weekend, and deposits being delayed.. Not everyone has 3 different accounts with them to juggle there balance with.. Read below, and quit with the don't spend more than you have crap.. This is a whole different situation.. I had this happen to me a year ago, and was not aware of the changes that were made automatically without my knowledge.. I been with commerce/td bank for 8 years with no problems. Most people got hit with it in much later time.. Including the people who work for td bank.. And it's all automated in the banks computer system to do such evil deeds.. I moved all my money back over to my Federal credit union, and I don't even get charged for any atm fees at all.. Life been good since..

"TD Bank reorders the charges and purchases so that the largest charge or purchase is the first one paid by the bank. This manipulative practice is intentionally designed, the complaints allege, to maximize overdraft fee revenue.

TD Bank's overdraft fee collection practices have impacted millions of Americans. In many instances, the overdraft fees cost customers hundreds of dollars in a matter of days, or even hours, when they may be overdrawn by only a few dollars. A series of small transactions over a weekend can result in hundreds of dollars in bank charges. "
Grown-up

Why not live within your means? If you have a checking account that offers a debit card, don't use it as a credit card. If you need credit, apply for a credit card. It's not rocket science.
Cris M

I signed up for the Debit Card Advance knowing that we were experiencing financial difficulties and I thought it would at least help make sure important bills were paid. Their practice of reordering debits and holding deposits as pending for an extra day ended up costing me $1,890 in fees in a 2 month period, far more than it would be without these practices. The explanation I was given is that it's better to submit the larger amounts first because they're usually the more important bills. My questions is, "Why is that necessary when I just enrolled in a program to ensure ALL bills were paid?" They're scam artists.

http://www.girlsjustwannahavefunds.com Ginger

Cris this is exactly what happened to me. Since I wrote this post, TD Bank has since refunded all of my fees and their branch manager has apologized profusely begging me to rethink closing my account.

I am fine with my decision to leave them. The reality is, the way they choose to reorder the debits and deposits causes more fees on the account. The branch manager agreed and stated to be that it is an egregious practice which is causing the bank to lose more customers which causes more bad press.

Sue M

keep up with your account and you won't get fees. It's your reponsibility to know what is in your account. Don't spend what you don't have. Stop blaming the bank, it's your account.
In The Same Boat

if your ever in need of researching a better bank, try mybanktracker.com as it has the best information on all of the banks. Sorry to hear about your experience, after a bad experience at Chase I went to a credit union. Doesnt matter if your a good cust or not banks arent to be trusted.
jaup

Been with T.D. Bank 37 years I don't pay no Bank fees except foreign exchange rate which is discounted. Have a checking account,savings account,and a visa travel card. Everything is free including a safety deposit box guess it pays to be a good customer.
Scott M

Ugh, sorry to hear about your horrible experience. $175 is ridiculous! Keep us up to date with the situation and good luck.
http://www.promissorynotetemplatex.org Nancy

I still can't believe that so many banks (not just TD Bank) think that they don't have to pay attention to customer service! The thing is, they don't have a monopoly, there are plenty of banks out there. It's not like the cable company, or internet service for crying out loud…Thanks for the info, I like to hear about bad service so I can stay away too! Good luck with your new bank…
http://www.lifecover.ca Gary

$175! Wow! I've never heard of someone being charged that much. That's too bad. I use Scotiabank and they've been great for me.
Linda Galindo

This sounds exactly like what happened to me with a grocery "rewards" credit card backed by The Royal Bank of Scotland of all things. Took a lot of digging to figure it out. When I would call the headquarters of the store (Smith's Food King) they would say, "that's not us we contract with them." The bottom-line was that once you paid your balance, they held the funds for 10 days or more and then showed your balance as paid. Meanwhile, if you used the card the "over balance fee" kicked in. I saved the reams of paper and small print in the event there is ever a class action lawsuit filed on them. I just got out and now grocery shop at Whole Foods using cash.
http://countingourpennies.blogspot.com/ Renee

Wow, I was considering opening an account with them because of the fact that they are open 7 days a week and right across the street from my place of employment. I guess I will hold off. I can stay with my credit union even though they have less than ideal hours.
ames

I would also file a complaint with OCC Office of Comptroller of Currency.