Comments for: Build banks around customers, not traders, TD Bank chief says

Posted Feb. 10, 2012, at 6:19 a.m.
Last modified Feb. 10, 2012, at 7:56 a.m.

“Every analyst said ‘You see, another dumb Canadian trying to go into the U.S.'”

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  • Anonymous

     http://bigthink.com/

  • Anonymous

    Imagine that, focusing on the customer.  What a radical idea.  Maybe the government should take note?

    • Anonymous

      The government took note, and found in court that the bank was enabling a ponzi scheme rip-off of customers. A federal district court jury issued a $67 million award against TD Bank.

      Here’s the link to the January 19, 2012 story:

      http://www.reuters.com/article/2012/01/19/us-tdbank-ponzi-idUSTRE80I1W020120119

      I imagine this BDN article, picking up a press release from the bank, is part of the bank’s public relations damage control after the court’s finding.

      • Joseph Willingham

        Interesting…

  • Anonymous

    A bank that’s build around consumers and not gambling!  Wow, what a radical concept.

  • Anonymous

    I dumped TD Bank years ago.  The reason they make so much profit is because when they clear transactions they put the biggest one through first.  That puts you 5 cents in the hole in your account, THEN they put through all your other transactions (deposits last of course) and nail you $35 for every one that they pay when your account is “in the negative”.  Bunch of rip off artists.

    • Anonymous

      Stop writing bad checks and you won’t be hit with a fee.

      • Anonymous

        Did you even read runnybabbit’s comment? The money is there, but the transactions are re-ordered by size instead of chronologically.

        • Anonymous

          Did you read his comment? There were indeed insufficient funds. His complaint is about the order in which they cleared the transactions. He wants them to clear the smallest transactions first, then only the largest would bounce and get hit with a fee.

          At no point did he mention chronological order, BTW.

          • Anonymous

            I did read it. I assumed he meant chronologically because that is generally how transactions are dealt with in almost every aspect and field.

             BTW, no where in the comment was there mention of smallest transactions first either — so where are you getting that from? Seems like you’re trying to knock someone without basis.

          • Anonymous

            “The reason they make so much profit is because when they clear transactions they put the biggest one through first.”

            His complaint is that they put the largest transaction 1st. Ergo, he would prefer the smallest be processed first. It is not a secret that you have no control over the order in which items are cleared. TD Bank’s overdraft policy states:
            http://www.tdbank.com/exc/pdf/RegE_ModelA.pdf
            “Transactions will not be processed in the order in which they occurred. The order in which they are processed may affect the total amount of overdraft fees incurred.”

            This is a very simple scenario. Let us say he had $75 in the account. He writes a check for $70, another for $15, and draws $10 from the ATM.

            If the bank clears the $15 check and the $10 ATM first, then only the $70 check gets hit with the overdraft fee.

            Instead, TD Bank will clear the $70 check first, then the smaller transactions… thereby hitting him up for 2 overdraft fees.
            And, yes, TD Bank has a program where they will honor ATM withdrawals even when there is no money in the account… for a fee, of course.

            Simple solutions to the problem include not withdrawing more than you have, or hoping your deposits beat the withdrawals in time. (Hint: There is no float in the system anymore!) Or, you can an institution that covers insufficient funds in less expensive ways. At the University Credit Union, for example, you can get a line of credit that backs your checking account. No fees, only interest charges. (About 15% APR)

          • Anonymous

            I don’t know why you’re making that assumption, there is no suggestion or implication of the sort in the original comment. Most places deal with transactions in the order they arrive in. That’s it. 

          • Anonymous

            Not at all true. That’s how they make their money. Keep enough on hand so the problem doesn’t happen.

          • Joseph Willingham

            I disagree.  Having worked for two major national and regional banks, I can tell you that banks have different policies in how they process received items.  And those policies are clearly spelled out in the customer agreement.

            TD Bank has stated (where, I don’t remember) that they clear the largest items first because they are more likely to be the most important.  Is that true?  Maybe.  Do they structure they way they clear items so that they maximize fee-income?  Maybe.  Is there any way to avoid this?  Yes-just keep track of your funds!  (When there are commercials from banks advertising a service that will text you when your balance is low, you have to wonder what the heck people are doing with their bank accounts in that they don’t ALREADY know their balance is low???)

          • Anonymous

            That’s exactly what I was told – “we assume your biggest check is the most important”.  Nevermind that I just handed them $400 cash that day, before they did all their posting of checks/debits that night.  They refused to post my cash deposit because their courier had already come and taken their deposits for the day.  BS. Cash is cash and should be available immediately in my account.

      • Anonymous

        We weren’t writing bad checks.  TD Bank was refusing to post my CASH deposits because I put them in after 3pm.

    • Joseph Willingham

      That’s a practice most banks did, just as allowing debit-card purchases go through when funds weren’t available.  It’s not good, but TD Bank wasn’t the only one.

  • Anonymous

    Calls its branches “stores”, is open on Veteran’s Day and 4th of July among other holidays.  TD Bank has refused customers access to their money when their computer systems are down. TD Bank does nothing wrong and it is always the customers fault if anything goes wrong. A line of credit to be used like a credit card (moneyline) on a checking account becomes a naughty/ overdraft fee-ed account by just sending a letter out, changing the whole nature of it and charging $5 per transaction.  Good luck trying to change the image you’ve created for yourselves.

    • Anonymous

       Ive never had any trouble with then

      • Anonymous

        How long have you been their customer? It may make a difference in how you perceive the bank regarding your situation.

        • Anonymous

          8 years ive been with them

          • Anonymous

            42 years, was there before they were

    • Joseph Willingham

      I appreciate them being open 7 days a week and on most holidays.  I’m not going to call in question their patriotism when other places of business are also open on those days.  As for “stores,”  banks have been calling their branches that for over 20 years.

      I’m not sure what you’re referring to about this letter.

      But I do know that I have made mistakes with my accounts over the years and they have been very very willing to help.  They have reversed fees that I incurred due to bonehead-style checkbook keeping.  They have quickly helped me when my iTunes account linked to my TD Bank debit card was hacked, resulting in the disappearance of $600 (and because of that, I don’t ever use debit cards anymore-only ATM cards like in the olden days).  They have great customer service and are always friendly.  (Something I don’t hear much about other big banks).

      I have been with them since they were People’s Heritage bank, about 10 years or so.

      Having worked in a bank, I know first hand that there are some customers who blame the bank for their own mistakes.  Good luck trying to get help from the bank with that attitude.

  • Anonymous

    Traders = traitors.  Well its starting to feel that way at least.

  • Anonymous

    This is pretty funny. Nice marketing strategy. 

  • Anonymous

    And by the way I’m a girl, thanks :)

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