Consumer complaint received 2021-07-21
Company: TD BANK US HOLDING COMPANY
State: NJ
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Problem with a lender or other company charging your account
Sub-issue: Money was taken from your account on the wrong day or for the wrong amount

Complaint:
In approximately XX/XX/XXXX, TD Bank solicited our credit card merchant processing business with false promises. Since then, TD Bank has been over-charging our checking account by fees that are significantly higher than what was promised and agreed, and TD Bank - after being repeatedly advised of the discrepancies since early XXXX - refused to make necessary corrections. We are a small business and have to work hard for every dollar we make. When a large bank like TD Bank promises rates and coerces us to use their services in return, we need these promises to be met. 

In around XXXX of this year, I was referred to Mrs. XXXX ( TD Bank ) by Mr. XXXX ( TD Bank ), after sending Mr. XXXX relevant merchant account statements from XXXX, generated by a different merchant processor. Mr. XXXX referred me to Mrs. XXXX, stating that I " would like what XXXX has to say. '' During subsequent phone conversations, Mrs. XXXX stated to me that she had analyzed our account statements, and stated that we were " charged way too much '' by our previous processor. I stated to Mrs. XXXX that this made sense to me, since TD Bank is a bigger bank than our previous processor. I mentioned to Mrs. XXXX that in approximately XXXX, I had spoken with a representative of TD Bank merchant solutions, and I explained to her that at the time the TD Bank offer was not very attractive. I explained that in XX/XX/XXXX, we were offered rates that were only marginally lower than what we had at our then-current processor. I explained that for " a few hundred dollars '' in savings in XXXX, I did not think making a switch would be worthwhile at that time. Mrs. XXXX agreed that this was the right decision in XXXX, and then said that " times are different '' now. 
Mrs. XXXX went on to explain that we would be part of a three-tier program, and that - in reviewing the XXXX transaction statements - most of our customers would fall into the 1.65 % category. With the exception of some monthly fees, we should expect our fees to be " close to that number. '' At most, we would be looking at a 2 % fee for our credit transactions processed through TD Bank. 
Mrs. XXXX estimated that our fees would be " almost cut in half '' and that XXXX NJ XXXX would benefit from several thousands of dollars in savings each month. I explained to Mrs. XXXX that we had just begun our busy season, and that making a switch of merchant processors would be time consuming. However, given the significant savings promised by Mrs. XXXX, it would be worth it. 
As a direct result of this conversation, and in reliance on the statements Mrs. XXXX made, we changed processors approximately at the beginning of XX/XX/XXXX. At the beginning of XXXX, after the first fee withdrawal from our checking account, I immediately noticed a discrepancy between what she had promised, and what we were being charged. I immediately reached out to Mrs. XXXX via email and voicemail to discuss the issue, pointing out the significant discrepancies between her offer and the actual fees. I also notified Mr. XXXX. Despite several follow up voicemails and emails, I did not get any response until the beginning of XXXX. 
We have been overcharged since beginning to work with TD Bank by a total of {$2800.00} as of the end of XX/XX/XXXX. 

I am looking for help in resolving this issue with TD Bank. I can provide contemporaneous phone call notes, email correspondence or other documentation, if needed. I feel like we are being defrauded by our bank and hope that the CFPB can help. 
Thank you

Company response to consumer: Closed with explanation