Consumer complaint received 2021-06-26
Company: TD BANK US HOLDING COMPANY
State: FL
Product: Checking or savings account
Sub-product: Checking account
Issue: Problem caused by your funds being low
Sub-issue: Overdrafts and overdraft fees

Complaint:
I am sick of TD Bank 's fees. They charge fees for everything, maintenance fees, transfer fees, overdraft fees. They even charge a fee to provide overdraft protection even though I have a savings account I use to transfer money into my checking account when I am low on funds. I am so tired of fighting with them to try to get back MY MONEY, it's ridiculous. So, after receiving an overdraft fee on XX/XX/XXXX, I renewed my efforts to find another bank. I read an article about XXXXXXXX XXXX  doing away with overdraft fees and saw that it didn't charge many other fees either. I saw it had good reviews, so I started moving banks. At this time I was also changing jobs. On XX/XX/XXXX, I saw my car insurance payment pending. I hadn't realized it was due, so I called TD bank and asked that they decline the transaction. I was due to be paid by direct deposit to XXXXXXXX XXXX  and would divert the payment there. TD Bank told me there was nothing they could do. But I was eligible to have the overdraft payment waived once it posted. I called the insurance company, but they also said there was nothing they could do. Unfortunately, HR messed up the direct deposit and I was issued a check instead. When I deposited to XXXXXXXX XXXX  through mobile deposit, they put a 5-day hold on it, so it was not available until XX/XX/XXXX. In that time, another transaction came through TD Bank and I was charged another overdraft fee. My boss XXXX me {$200.00}, but when I tried to transfer it to XXXX, it triggered a 4-day review and I still don't have that money. Since it is too hard to get access to my money through XXXX, I am moving my money back to TD Bank, but I'm still facing the problem of them stealing my moneyby calling it fees! On XX/XX/XXXX when I got access to the check I deposited in XXXX, I deposited {$400.00} of it in TD Bank. I called them and explained the situation and that the customer service rep said that I was eligible for a refund. She told me and several minutes on hold that I was not eligible. I told her to pull and listen to the call. She said a judge had to issue a supenoa for external release. I reminded her that she works for the bank, which means she works internally. I think she was trying to scare me or intimidate me, like the bank was going to come after me in court or something. Like I'm that stupid to think I have some kind of legal liability. 

I have been laid off twice in the past year and have been greatly impacted by the pandemic. Banks like TD Bank don't care about people like me who have struggled because of the pandemic. All they care about is their profits however they can get them. This is a policy issue that CPFB needs to address through the rule-making process. 

XXXX XXXX XXXX XXXX XXXX XXXX  " Regulators ought to reconsider whether the overdraft product is really a loan, not a fee. The Consumer Financial Protection Bureau should also engage. Lending money and then recouping it later, plus something extra, is economically a loan. Calling it a fee may exempt it from certain regulations, but it does not change its nature. ''

Company response to consumer: Closed with monetary relief