I've been monitoring how TD Bank (TD Banknorth) holds and clears checks. Just after the new law passed in regards to how consumers were supposed to be protected TD Bank is still trying to get you signed to overdraft protection which only benefits TDBank by charging you $35 for every transaction that are withdrawn beyond your available balance.
What I'm noticing, any automatic or scheduled checks almost always clear on the same time frame. But if there are number of checks with same dates, if the amount is large they will hold it until the balance gets low.
Now this maybe speculating but I see a pattern. There's something wrong with three checks, written in the same local area clears on different dates. But get this, the lowest amount which was around $12 gets cleared within couple days. The rest? Took nearly three days and four checks total gets added before my direct deposit clears on Friday.
Am I mad? I'm over dealing with their tactics and making enough profit for themselves but as banking institution as a whole need to be looked at.
They know the pattern if not a system in place to maximize profit. What would you do with multi-billion dollar profit?
If any media or lawyer wants to contact me about this please do. Because if they can subpoena their system they are using chances are they'll find something credible designed to maximize such overdraft fee.in the end consumers are all hurting because of what I see is a very deceitful and unprofessional method of banking.
Am I going to let go of TD Bank? Yes, very soon. I know they're not going to care with couple of us middle income earners leaving but hopefully people can check their account and see a picture as well.
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