After running into quite a few angry customers of TD Bank, I decided to search what is going on and found the following NBC article (see below). See also a few bank customers comments + link to the source at the bottom of the post.
QUOTE
TD Bank Customers Victims of 'Transaction Glitch'
Customers are worried about late fees, other discrepancies
By VICTORIA CAVALIERE
Updated 1:46 PM EDT, Thu, Oct 1, 2009
Some TD Bank customers cannot see up-to-date account information or their paychecks posting in their accounts due to a glitch related to its combination with New Jersey-based Commerce Bank.
TD Bank spokeswoman Rebbecca Acevedo said Wednesday that the bank is experiencing an overnight transaction posting delay. The delay occurred after the banks converted their two systems to one over the weekend, she said.
She said overnight transactions, which usually post by 4 a.m., were slow to post on Monday. The issue was resolved Tuesday, then resurfaced Tuesday night. Affected customers' accounts are showing their balances as of 6 p.m. Tuesday. The bank hopes to have it fixed Thursday.
"Unfortunately, we experienced an unusual delay in our overnight batch posting again last evening. We are sorry about the inconvenience and we thank our customers for their patience and understanding," Acevedo said in a statement.
Scores of customers around the tri-state area have been unable to access or transfer funds -- leaving many to worry about late fees or other missed transactions.
Some customers tell NBCNewYork.com they feel like they have been "frozen" out of their accounts. One customer pointed out that it is the last day of the month -- pay day from many people --and they currently don't have access to that balance. Customers are asking for more than an apology from TD Bank, who says it is directing its employees to assist customers through the fiasco.
"We have empowered our employees to work with customers individually to resolve any outstanding issues that arose as a result of this delay. We continue to operate on full tilt to get this resolved," Acevedo said.
The bank said they would reverse fees, charges or interest incurred "as a result of the disruption."
Toronto-based TD Bank Financial Group, TD Bank's parent company, bought Commerce Bancorp for $8.5 billion last year.
Comments:
anonymous This is the most unprofessional thing I have ever encountered. I work in the digital marketing profession and I understand we have glitches, but seriously? They've acquired a huge number of people's accounts - they need to have planned better for this. My paycheck was supposed to be direct deposited this morning. For those of us who have to live paycheck to paycheck (because living on the East Coast is so expensive), we're down to a very small amount in our accounts. I, for example, need to go... moreThis is the most unprofessional thing I have ever encountered. I work in the digital marketing profession and I understand we have glitches, but seriously? They've acquired a huge number of people's accounts - they need to have planned better for this. My paycheck was supposed to be direct deposited this morning. For those of us who have to live paycheck to paycheck (because living on the East Coast is so expensive), we're down to a very small amount in our accounts. I, for example, need to go grocery shopping. Now I have to wait for them to figure out their "glitch" before I can feed my family. I am irate. As soon as I can access my money, I will be removing it all and finding a new bank
anonymous What I can't understand is how my purchases are being posted, only the deposits and credits are not being posted. The person at my branch couldn't even guarantee that checks wouldn't be returned for insufficient funds even if the money was there. This is a horrible situation.
anonymous I am closing my account as well. They are trying to nail me for 8 over draft fees to the amount of $280 for THEIR errors! They say in this article that they are going to reverse them....let's see if they hold up their end of the deal.
Customers are worried about late fees, other discrepancies
By VICTORIA CAVALIERE
Updated 1:46 PM EDT, Thu, Oct 1, 2009
Some TD Bank customers cannot see up-to-date account information or their paychecks posting in their accounts due to a glitch related to its combination with New Jersey-based Commerce Bank.
TD Bank spokeswoman Rebbecca Acevedo said Wednesday that the bank is experiencing an overnight transaction posting delay. The delay occurred after the banks converted their two systems to one over the weekend, she said.
She said overnight transactions, which usually post by 4 a.m., were slow to post on Monday. The issue was resolved Tuesday, then resurfaced Tuesday night. Affected customers' accounts are showing their balances as of 6 p.m. Tuesday. The bank hopes to have it fixed Thursday.
"Unfortunately, we experienced an unusual delay in our overnight batch posting again last evening. We are sorry about the inconvenience and we thank our customers for their patience and understanding," Acevedo said in a statement.
Scores of customers around the tri-state area have been unable to access or transfer funds -- leaving many to worry about late fees or other missed transactions.
Some customers tell NBCNewYork.com they feel like they have been "frozen" out of their accounts. One customer pointed out that it is the last day of the month -- pay day from many people --and they currently don't have access to that balance. Customers are asking for more than an apology from TD Bank, who says it is directing its employees to assist customers through the fiasco.
"We have empowered our employees to work with customers individually to resolve any outstanding issues that arose as a result of this delay. We continue to operate on full tilt to get this resolved," Acevedo said.
The bank said they would reverse fees, charges or interest incurred "as a result of the disruption."
Toronto-based TD Bank Financial Group, TD Bank's parent company, bought Commerce Bancorp for $8.5 billion last year.
Comments:
anonymous This is the most unprofessional thing I have ever encountered. I work in the digital marketing profession and I understand we have glitches, but seriously? They've acquired a huge number of people's accounts - they need to have planned better for this. My paycheck was supposed to be direct deposited this morning. For those of us who have to live paycheck to paycheck (because living on the East Coast is so expensive), we're down to a very small amount in our accounts. I, for example, need to go... moreThis is the most unprofessional thing I have ever encountered. I work in the digital marketing profession and I understand we have glitches, but seriously? They've acquired a huge number of people's accounts - they need to have planned better for this. My paycheck was supposed to be direct deposited this morning. For those of us who have to live paycheck to paycheck (because living on the East Coast is so expensive), we're down to a very small amount in our accounts. I, for example, need to go grocery shopping. Now I have to wait for them to figure out their "glitch" before I can feed my family. I am irate. As soon as I can access my money, I will be removing it all and finding a new bank
anonymous What I can't understand is how my purchases are being posted, only the deposits and credits are not being posted. The person at my branch couldn't even guarantee that checks wouldn't be returned for insufficient funds even if the money was there. This is a horrible situation.
anonymous I am closing my account as well. They are trying to nail me for 8 over draft fees to the amount of $280 for THEIR errors! They say in this article that they are going to reverse them....let's see if they hold up their end of the deal.
Source
