Consumer complaint received 2016-09-27
Company: TD BANK US HOLDING COMPANY
State: NJ
Product: Bank account or service
Sub-product: Checking account
Issue: Problems caused by my funds being low

Complaint:
I deposited a {$6500.00} business check from an XXXX Account ( Former XXXX ) for consulting work in person on a Saturday morning at TD Bank XXXX, NJ. Should be available Tuesday 1 bus day after deposit. Well TD Bank tried to hold my check for 10-days! The plan here is to catch me with Overdraft Fees at {$35.00} per check and going foward afterwards. The check was paid by XXXX Bank on Tuesday XXXX as it should have been, but TD Bank said the check was A. Bad check from former XXXX and XXXX XXXX. B. Flagged by the XXXX as " suspicious ''. I called my friend on the XXXX, who said we do n't do that. C. TD Bank would clear the " Bad Check '' but it would take10-days. Why would a Bad Check ever clear? This check was cleared, then held, then cleared all within 2-days. Finally permanent hold. Until I went to XXXX branch with a letter from XXXX dept saying check was paid on Tuesday morning as it normally would be. TD Bank had my money for a week and charged me Overdraft Fees while they held my {$6500.00} in their account! My clients are the XXXX in XXXX, the State of XXXX and XXXX individuals. Never had one check bounce in 34-years, with over 20-years at TD Bank. Interest rates are at historic lows, there is no rate spread to make money, so TD Bank is forcing customers to overdraw checking accounts to collect {$35.00} per check Fees! Fees are where the real money is in Banking today, not interest rate spreads. 

TD Bank has a systemic Bank wide plan to withhold large small business deposits, knowing owners are counting on the next business day check availability they advertise and writing checks to pay their bills. TD Bank withholds those funds, even though TD Bank was Paid by the other Bank, for a week to 10-days and watches the {$35.00} per check Overdraft Fees pile up! Hey, a New Profit Center. What a scam! 

Now they have Plan B too! Check your checking account online before bed, no pending checks, positive balance. Wakeup in XXXX check account, pending withdraw I forgot about , drive to XXXX XXXX at XXXX and deposit {$180.00} Cash. Positive balance on receipt. Still get charged {$35.00} Overdraft Fee, which then causes a {$20.00} check, which was covered prior to Overdraft Fee, causes another {$35.00} Overdraft Fee!!! This is the cascading power failure scenario, but for Banking and increased profits! There is literally No Way to Avoid a {$35.00} Overdraft Fee at TD Bank, no matter if you checked your account around the clock. Because the server is down at XXXX XXXX when they process the overnight transactions. So by the time you see it, it 's already too late, do n't add cash to you account, you are already too late! TD Bank added the Guranteed Overdraft Fee Amendment to our Banking fine print in XXXX 2016. I wonder how much Overdraft Fee Income went up since then, a XXXX or XXXX?? 

My old friendly TD Bank and America 's Most Convenient Bank is far from that now, now that the XXXX took it over from local ownership! 

This needs an extensive Congressional Investigation of TD Bank, and others. I will be consulting with Counsel about a Class Action lawsuit. Good luck with fixing this one! But that is the CFP Boards job!

Company response to consumer: Closed with explanation