Consumer complaint received 2022-06-07
Company: TD BANK US HOLDING COMPANY
State: VT
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 started a checking account with TD Bank in XXXX XXXX, VT in XXXX of XXXX. I needed a local branch since I moved from out of state. At first, I thought I was unaware of how this bank processed transactions but soon I started noticing a pattern of the bank doing one of many things. First example is I would send my landlord his rent payment early and he would deposit it. Each and every time that I wrote him a check, the check would go through the bank right before my ACH deposit from my employer by minutes. I contacted the bank and asked them to look into this on multiple occassions. I asked them for their help in understanding, I asked for proof of time stamps. No one would help me. This lead to my landlord ending my lease early and caused me to have to hire an attorney and lose my security deposit of {$3100.00}. This would continue, and again, at least once a month, I would call the local branch and the customer service line and no one would help me. I trusted what I was being told, that somehow this was my problem and then in the last two weeks I have evidence that proves that I am being charged constantly, basically every single day Overdraft fees while bank claims that the money isn't there, but it is. I got a paper letter in the mail in regards to an Overdraft of {$100.00}. on XX/XX/XXXX claiming that it was for transactions that did not clear my checking account on dates from XXXX, so I called the customer service line for the corporate office becuase of this. I asked the representative for the credit of the Overdraft fees becuase, on XX/XX/XXXX there was {$6200.00} in my attached savings account and an additional {$260.00} in my checking account. Also, on XX/XX/XXXX my employer ACH deposit of {$2900.00}. There was always a compensating balance in the positive between the two accounts. This goes on and on. There was a random {$25.00} service charge on XX/XX/XXXX that I have never incurred before and I still don't know what it was for even after asking the customer service representative. I deposited a check from my Mother in Law on XX/XX/XXXX in the amount of {$7500.00} that was supposed to be on hold according to the ATM slip for 1 business day, it was released to me on XX/XX/XXXX and showing that the funds were available so I started making the payments that I was supposed to use that money for and then the entire check without notice to me was placed on hold XX/XX/XXXX to then be released back into the account on XX/XX/XXXX. If you check my online activity now, the app and the online banking along with the print out shows it was all released on XX/XX/XXXX which I have screen shots of the activity for otherwise there wouldn't be any way to prove that. This is happening every day. I received overdrafts the last two days in a row and there isn't a thing on my account that shows what they are for. This has caused a plethora of issues for my credit, my household, my mental health, my relationships, and I have had to seek legal help on more than one occassion for the issues. I will be attaching every document that the bank would allow me to print and I will also upload the screen shots from the app that shows the deposit, release, and reheld funds. This is the biggest example of this. I am terrified that if this is happening to me, it is happening to many other consumers that use TD Bank. Please help me. To date the Overdraft fees just incurred from this bank are {$1600.00} and that is not including the statement that has not come out past the date of XX/XX/XXXX and it does not include my legal fees from the lease being broken over non-payment, the interest and fees from my creditors, and my XXXX score. WIth that alone, my credit score has dropped significantly. I had 3 credit cards that were not paid because of these returns and another that closed 2 accounts for returned payments. XXXX XXXX stated that TD claimed that the account was " unknown '' when it was the same account and routing number that was used to fund the account to begin with and nothin was ever changed with TD BANK or XXXX XXXX This financial institution needs a through investigation of its policies and who is making decisions for the customers. I have exhausted everything I can do to get them to help me and they will not. As everyone knows, with everything being electronic today and with direct deposits and bill pay, etc., changing banks is the last thing that I want to do. I was with my previous bank for many years. I also worked as an executive for a bank for multiple years and I have never seen anything like this.

Company response to consumer: Closed with explanation