TD Bank

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When my (now husband) and I decided to get married, we figured having a completely separate account from the ones we bank with daily would be perfect for saving up for our wedding. Out of sight, out of mind sort of thing. We opened an account with no hassles (although opening an account here literally took almost 3 hours of our time, which I thought was odd but in any case)... So over the course of our engagement, we didn't use TD for anything but writing checks and making deposits to the account.

We didn't use our cards nor pay any bills through the bank. After the wedding, we started merging everything into one bank and figured since we already had this as our joint account, to use it for everything. As soon as we used it for more than just saving money is when all the problems we have had started happening. For starters, NOBODY explained to us that they would take a monthly "fee" of $25 and transfer it to the savings we have connected to the checking. Ok fine.

What they don't tell you is they charge you to then transfer the money BACK should you need it. I don't know if it's just our account, or if this is a thing across the boards. You are only allowed a certain amount of transfers as well, which is terrible because my old bank allowed unlimited transfers. That was the first problem. Second problem is they take out money DAYS after things have been pending. It literally takes our grocery shopping trips almost 4 days to clear.

When I called the bank and asked they stated it was because they submit everything at the END of the business day. So the establishment doesn't get the request to take out the money until the FOLLOWING day. They told me to avoid this to use our pin. Ok, well we did and it STILL took almost 3 days for the charge to clear. My old bank (why did I switch again?) would literally show the money taken out the same day and you would know your balance right away.

Third problem. I set up to have overdraft protection just in case for some odd reason it ever happens. Well, it happened. (Same time we found out about how it takes days for things to clear and your "available balance" may not always be your real balance.) Anyways, we went over our account by about $20. No big deal, it happens. Well, even though you enroll in overdraft protection and they take the money from your savings, they charge you $10 to do this!!! So that $20 just turned into $30. Not a big deal, but those little fees could really add up. When I called and inquired about this as well it was sort of a "too bad" kind of situation. Unbelievable. If I go over by $20, take the $20 and leave it at that.

Fourth problem (does it ever end?). I didn't realize the $100 minimum balance until we started using the bank for everyday things. Sure, we don't deplete our account to $1, but if I have money and I need it, I'm going to spend it or pay for things. If you go under $100 in one statement cycle they charge you $15! So essentially, you are being charged for a bank to hold YOUR money. So if you look at it from a consumers point of view, there is $100 that you can never really spend unless you only want to have $85 of that because they take their fee. I, for one, am not going to allow a bank to charge me to hold my money. Sorry, next.

Today was the last straw for me. I used TD's Bill Pay (what a joke). At my old bank, when you would pay a bill they would immediately take the money out. No wait time, no waiting for the check to clear nothing. TD does not offer that. You need to wait until the check is cleared before money is taken out which can be quite annoying. I sent out a bill to be delivered on 12/29. It is now 1/6 and the company still hasn't received payment. I called TD and asked to stop the payment. Instead of being handled through my local bank, I needed to call a different number. Ok, because I have all the time in the world to do this.

Anyways. I called the customer service number they gave me. I told the lady I needed to stop payment on this check because it says it was delivered yet nobody has received it yet. (Now, I have NEVER had a problem in the 4 years I've been paying this particular bill ever with my old bank. They would send it out, it was received next day, perfect. Ever since I switched this bill to TD it's been received days after it was supposed to be and takes WEEKS to clear from the account which can be annoying waiting.)

The lady then informs me to stop payment it will cost me $30!! $30 to literally cancel a check. This was the last straw for me. As soon as I am out of work, my husband and I will be going down to TD, taking the rest of our money out and canceling both of our accounts with them and alerting anybody that wants to us TD to think otherwise. We figured it would be easy having an already joint account to just pull everything together, but it's actually cost us money over the course of the 3 months after our wedding we have been using it.

I will be going back to my original bank with my husband with FREE bill pay, FREE transfers, FREE accounts and NO minimum balance. TD is an absolute joke, and their slogan "America's most convenient bank" is literally laughable. The only thing good about this bank is the hours, and you couldn't pay me enough to keep banking with them if you tried.

My husband and I applied for a home equity loan with TD Bank. We had many communications with their loan specialist including numerous emails which included our loan number and said loan in the title of the email. We were approved for a $39,319 loan at 4.5% fixed interest rate. Sounds great, right? Well imagine our surprise when we went to our closing and the paperwork was drawn up for a LINE OF CREDIT with a VARIABLE interest rate that can go as high as 18%. We showed them the multiple emails we had received from them stating that what we applied for and were approved for was a loan, however they would not honor this and told us if we want a loan, we have to start from scratch all over again with our application. They didn't even apologize or even offer to forward our application paperwork along to the correct department.

After speaking

with 3-4 different people someone finally told us that we could take all of the money out from our line of credit and then lock in the interest rate at a fixed rate, which would be prime + 1%. During this time, it became apparent that the branch manager and employees we were dealing with did not know what prime interest rate is, and we had to look it up on our phones and show them. Rather than go through the whole application process again (especially now that our credit is irreparably damaged by the multiple inquiries and the open $39,000 lien on our house) we decided to go forward with this option. We signed the paperwork and made an appointment to come back in two days to withdraw the money and lock in our interest rate at prime + 1% (4.5%). Sounds great, right?

Well, when we went back to the branch, we were told that the interest rate for a 30 year fixed rate line of credit is 7.29%!!! And, now that we'd signed the paperwork, they really had us. Because now, in addition to the fact that our credit is damaged, we also would owe a $450 fee to close the account prior to the 2 year minimum period. An account we never wanted in the first place and only opened because we were either misinformed or outright lied to.

We decided to think on this, and finally, having no other option, decided that we would do a 20 year fixed rate line of credit that we would lock in at a rate of 6.99%. We were given this interest rate over the phone and when we asked them to put it in writing, they REFUSED! They said that once we lock in the rate, they would send us a LETTER in the MAIL that would have our interest rate! My blood is boiling as I type this. We are supposed to commit to locking in an interest rate without any guarantee in writing as to what that interest rate is?? Who does business this way? It's unreal.

Again, having no choice, I decided to go forward and hope for the best. We called and emailed the branch dozens of times asking to come in and lock in our rate with no response. They actually screened my husband's phone calls and wouldn't answer. I decided to go to another branch. I sat with the customer service associate for an hour while she completed the transaction over the phone, telling me the money would appear in our account within an hour and that we would receive a letter in the mail with our interest rate and monthly payments. The following day the money still was not there. When we called TD Bank they told us they have no record of the transaction taking place and in fact blamed me for not getting a receipt. I WAS TOLD I WOULD RECEIVE ONE BY MAIL.

We are now dealing with: 1. the main customer service phone number, who passes us off to a branch 2. the first branch we dealt with, who repeatedly lied to us, and now does not return our calls or emails and refuses to allow us to come in, saying they are too busy to see us in person and 3. the second branch where I completed my transaction, who keeps passing us off to branch #1 who ignores us. We have no idea what's going on. We feel so manipulated and lied to and we can't believe we are locked into doing business with these people for the next two years. It can't come fast enough.

I recently tried to refinance my home and was surprised to find out that I had six 30 day late payments on my credit report, all from TD Bank. Outside of those credit items, my report is flawless. It turns out that even though you may have a loan or line of credit that requires 12 payments with an average minimum of $200 that you MUST make those payments within a certain window.

Confused? Let me Explain: If your payment due date is June 25th and you owe $200. You send them $250 on June 20th and everything is cool, right? Right. What if you then decided to send them July 25th's payment on June 30th? What if that payment was for $3000.00? If you guessed "Your July 25th payment would be late on August 25th, it would be reported to the credit bureaus AND you would be assessed a late fee of $11.25", then you would be correct. Now here's the bonus plan: That payment that you are sending in on August 20th to satisfy August 25th's due date. You better make certain its at least $400.00, cause $200 of it needs to be applied to July 25th to satisfy that one (you remember... The one that you didn't send them $3000 for).

Over a four year period, I sent payments totaling the following: 2016 = 14 payments/400% in excess of the minimum payments. 2015 = 13 payments/450% in excess of the minimum payments. 2014 = 19 payments/200% in excess of the minimum payments. 2013 = 21 payments/300% in excess of the minimum payments. So I (tried) calling the most convenient bank to express/research/fix this issue and was either stuck on hold for 20 minutes or longer (I have a job too). Reporting my story to a level 1 customer service rep... AGAIN.

If I was lucky, transferred to a member of "senior management" who proceeded to tell me that the spreadsheet and explanation that I had so carefully composed was now in the capable hands of a room full of people who apparently have no phone and are not allowed to talk to anyone outside of that room. Needless to say, none of these methods got me anywhere. Phone calls, emails - ignored. Fast Forward 4 weeks. I am finally given my day in court - the Chairman's Services Number.

Finally, a live person on the phone, an email address, someone I can talk to and explain that I am sorry I sent all your money back to you too quickly. "Mr. **, we will look into this and get back to you." Great, I just want to get this done, get these applied appropriately and it will be best for all of us - after all, its not like I'm not sending the bank their money. I'm sending more than they're asking for... just at the wrong times.

24 hours later: "Mr. **, there is nothing we can do for you." So the end result of this story is that I am unable to refinance my home. With the delay, the rates have now crept back up. Ironically, TD needs to keep the line of credit open that they did not want to maintain because it is a legacy product (how's that for cutting off your nose to spite your face). Worst of all, one would look at my credit report and say "Hey, that guy is a problem." But I would ask this: If you have someone with excellent credit that is only marked up by one creditor, is the consumer the problem? Or could it be the creditor? I think we all know that they have had their fair share of problems.

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Category: Bank loan

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