Consumer complaint received 2025-01-15 00:00:00
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
State: PA

Complaint narrative:
I am writing to formally file a complaint against TD Bank, N.A., for engaging in unfair practices, misrepresentation, and lack of transparency, which has caused significant financial harm to my business, since opening a business account with the bank in XX/XX/XXXX. 

Summary of Issues Excessive Overdraft Fees Despite TD Banks Business Deposit Account Agreement ( BDAA ) stating that no more than XXXX ( XXXX ) overdraft fees would be charged on any XXXX business day, ( page XXXX -Overdraft section ) TD Bank has repeatedly charged more than XXXX overdraft fees on a single day. For example, on XX/XX/XXXX, my account was charged for more than XXXX overdraft items, resulting in {$170.00} in fees. This clear violation of the terms in the XXXX constitutes a breach of contract. 

Misrepresentation of Account Balances TD Bank has failed to accurately disclose the difference between the available balance and the account balance in a clear and transparent manner. The available balance is used to determine overdrafts, but TD Banks monthly statements do not provide an explanation of how pending transactions affect this balance. This lack of information led to confusion regarding the actual funds available for use. For instance, on XX/XX/XXXX, a pending transaction of {$190.00} was subtracted from my available balance, yet this was not communicated on my monthly statement, leading to several overdraft fees. 

Failure to Provide Transparent Information TD Banks monthly account statements fail to provide any disclaimer or information about how the daily balance is calculated or how pending transactions affect the available balance. This absence of clear and accessible information amounts to misrepresentation, as it prevents customers from accurately managing their accounts and results in unnecessary fees that could have been avoided if the calculations were properly disclosed. 

Unjust Financial Gain Due to the lack of disclosure and transparent information, TD Bank has unfairly profited from the overdraft fees imposed on my account. This practice has resulted in ongoing financial harm to my business, as I have been unable to effectively manage my account balances due to the misrepresentation of my available funds. 

Financial Harm and Request for Relief Since opening my business account with TD Bank in XX/XX/XXXX, I have paid approximately {$30000.00} in service fees, including overdraft fees that resulted from misrepresented account balances. These fees were the direct result of the banks failure to provide clear and transparent information regarding the calculation of daily balances, as well as excessive charges that violated the BDAA.

Conclusion TD Banks actions have caused significant financial harm to my business due to their breach of contract, lack of transparency, and misrepresentation of the available balance. I request your office to investigate this matter and take appropriate legal action to ensure that TD Bank is held accountable for these unfair practices. 

I look forward to your prompt attention to this matter. Please do not hesitate to contact me if you require any additional information or documentation to support my complaint. 

Thank you for your time and consideration.

Company response to consumer: Closed with monetary relief