After realizing they started charging 6% for use of their penny arcade, I decided to take my business from Bank of America to TD Bank. I opened the account in February, and didn't recieve the papers from TD Bank until early March. One paper was a welcome letter from the bank, stating I am eligible to open an account, and the second was a signature verification form. Figuring I was passing by TD Bank on my way to work that day, I called the 800 number and asked if I can hand it into my local branch and be able to use my account that day. They said yes.
So, I drove all the way to my nearest branch (Freehold, NJ) and handed in the paper. I also asked about my debit card. They said they can print it. I sat there for fifteen minutes and watched her sit down over by the machine they use and talk to another guy at his desk about unrelated topics. She then told me that the machine was down (without even trying, mind you.) So, I drove all the way to my next branch (Jackson, NJ which is a good 10 miles from where I was,) and did the same thing. Thankfully they printed my card.
At that branch, I also made my opening deposit (an amount well over $400.) Figuring it was all in cash and it would clear immediately. Many hours passed and it still would not post. I was also unable to sign up/sign in to online banking. I called the 800 number a total of fifteen times between 6 and 9pm that night, and could not get a hold of anyone. Finally, at 10pm I got hold of someone. I was told that there was an unknown hold on my account and there was nothing they can do, being the new accts. Department was closed for the night. I said fine, hung up and waited.
The next day I repeated my problem to the CS rep and she said she would look into it and call me back. Two hours passed and I heard nothing. So, I returned to my branch and inquired about my money. They told me the hold was put on my account because the Freehold, NJ branch decided to mail the form to the Cherry Hill, NJ headquarters, instead of faxing it. Which rendered my account useless and my money floating in space until they got it within two days.By some stroke of god, they pulled the hold and everything was fine.
On Monday (March 14) I went to cash another paycheck. This time, I was too late to go into the actual branch so I deposited it into the ATM. Forgetting that it wasn't Bank of America and that it won't clear immediately, I put in my whole paycheck. At the time of deposit, only $100 cleared (it was all cash) and I figured they wont clear all of it immediately and it will take a day or two. I made a couple little payments here and there, and a credit card payment thinking the rest had cleared. It didn't.
After another 3 or 4 calls to Customer Service, I was on the phone with a really nice rep. She explained to me that the hold was put on my account because it's new, and she told me not to deposit amounts larger than $100 in the ATM or in the branch (Thanks for the insight, a little too late) for the next two months. Now I have another $200 floating in thin air for another two weeks while it clears.
TD Bank, you really need to get your act together. Holding new account holder's money (Especially when they're working from paycheck to paycheck) won't gain you more customers. Not only that, it's wrong in many ways to hold people's money without informing them before hand. If I knew this before, I wouldn't have opened an account.