Consumer complaint received 2017-09-21
Product: Checking or savings account — Checking account
Issue: Problem caused by your funds being low — Overdrafts and overdraft fees
Company: TD BANK US HOLDING COMPANY (MA)

I had an issue with TD Bank regarding overdraft fees I was charged on my account for transactions that occurred throughout the weekend of XX/XX/XXXX - XX/XX/XXXX. I had an influx of expenses that weekend so I was being extra cautious in monitoring my account. Now I was continuously checking my balance and putting money into the account ( an excess of {$300.00} ) throughout the weekend to make sure that there were sufficient funds to cover the charges. As I continued to check the account, the available balance continued to remain positive. I was even budgeting for tips on restaurant receipts. Come Monday morning my balance was still positive. Same thing Tuesday, except it was even higher than the previous day 's balance due to a cash deposit of {$44.00} that cleared Monday morning. I was under the impression everything was fine. I even went so far as to put {$10.00} on my XXXX on Tuesday card because everything was all settled out at this point. It was n't until Wednesday ( XX/XX/XXXX ) that I was made aware of these fees/went back to see the order in which everything " posted. '' You can imagine my confusion as I was checking the account incessantly all weekend to avoid this very problem. I do n't understand how my available funds could not once have reflected a negative balance. I was completely unaware of this until was hit with {$70.00} in transaction fees. It was at that point my balance was negative {$52.00} ( which is indicative to me the account balance was positive before those fees were applied ). The point I 'm trying to make is the funds were technically in the account and I was very conscious in making sure they were. The account was only " overdrawn '' because of the order in which TD books the transactions.I also do n't understand why cash becomes available for use immediately, but then becomes time sensitive relative to the posting of transactions. If the money is there it should n't be an issue. I feel that there is a severe lack of transparency here. 

When I called to address the issue with the young lady from TD bank, I explained how I was extra cautious in monitoring the account over the weekend for this very reason and that I never once saw the balance go negative. She attempted to explain to me why I was charged overdraft fees when I did n't actually witness said overdraft fees, highlighting that it is somewhat " misleading '' the way I am able to view what is available relative to what is pending and what is posted. " MISLEADING '' - her words, not mine. I 'm incredibly frustrated that I monitored the account so incredibly closely to avoid a {$35.00} overdraft fee and I 'm then hit with two of them. She then proceeded to tell me that chances are I 'd be charged another overdraft fee for the XXXX charge on Tuesday. So it is my understanding that I would be over drafting on overdraft fees. It 's almost like they 're looking to maximize the amount of money they can get out of me in terms of fees based on the manipulation of " timing '' of transactions when there are actually sufficient funds present. 

Personally I feel that the account is never technically overdrawn, it 's only overdrawn " on paper '' because of how TD books the transactions. ( I was an accounting major, I know as well as anyone you can manipulate financials to look however you want them to ). I was simply trying to do the right thing in making sure there were enough funds to cover all of my expenses, yet I 'm still charged an exuberant amount of money based on the times of things posted. I 'm a hard working XXXX XXXX XXXX working and going to school part time. I try my hardest to get by, but how am I supposed to get ahead when I 'm paying these astronomical fees. I honestly feel l like that money was wrongfully taken from me. I get it 's the " bank 's policy '' with respect to timing or whatever, but it 's wrong and these fees are egregious. I feel as though TD is taking advantage of me as a consumer and after dealing with this one too many times I will absolutely be moving my business entirely to one of the other banking institutions I currently deal with where this is n't an issue. Also let 's just note that this is a student account, nice to know they take advantage of students like this.