- Target:
- New Jersey State Senators Frank R Lautenberg and Robert Menendez
- Region:
- United States of America
- Website:
- lautenberg.senate.gov
TD Bank's acquisition of Commerce Bank, beginning back in 2007 has not come without its problems, most of which have had to be endured by loyal Commerce Bank customers. Customers were force-fed the notion that no changes would be made other than to the company name once the merger was complete. This assertion proved to be anything but true.
It is understandably a tedious and detailed process when assimilating two companies into one while ensuring a comfortable transition for customers however, Commerce Bank customers have been less than informed throughout this entire process. One could even go so far as to say that we have intentionally been left in the dark.
The most serious flaw in TD Bank's policies pertain to their accounting methods, specifically for checking/debit accounts. Time and time again I speak with frustrated (former) and current customers who do not understand TD's accounting system or why their checkbooks never seem to match up with what the bank has for their record.
As a result of this confusion customers consistently overdraft their checking accounts, either incurring penalty fees or if in the case of having an extended line of credit, face increase in loan balances with interest rates to boot!
Customers such as my 62-year old mother, Diane who receives a fixed income from SSA and must be accurate with her spending habits has had to pay the biggest price for her ignorance - literally and figuratively. As notices pour in from TD Bank informing her that her account has been overdrawn she can only panic and blame herself even though she has done nothing wrong.
It required a total of three separate telephone conversations with TD Bank represenatives and one face-to-face meeting with a lobby supervisor to gain a fraction of understanding behind the bank's processing system. It pays to mention that all four bank employees admitted that they ceased using the TD Bank debit card altogether in order to avert the same problems the rest of us are having. One telephone representative took an hour out of her time to fully explain TD Bank's methodology. She confessed that the only reason it comes easy to her is because she had background in bookkeeping.
I plead with you, the consumer to request an investigation into TD Bank's accounting and disclosure practices. If you live outside of the state of NJ but have been impacted by this issue, please contact your local Congressman/woman as well!
Also go to this link to read up on more information regarding this issue......
http://finance.yahoo.com/banking-budgeting/article/108894/banks-apply-pressure-to-keep-fees-rolling-in?mod=bb-checking_savings
Banks Apply Pressure to Keep Fees Rolling In
by Andrew Martin and Ron Lieber
Tuesday, February 23, 2010
You can further help this campaign by sponsoring it
The TD Bank Bad for Business petition to New Jersey State Senators Frank R Lautenberg and Robert Menendez was written by DARRIANNA PROCTOR and is in the category Consumer Affairs at GoPetition.