Customers Up in Arms Over TD Bank Glitches

Computer glitch leaves customers unable to access funds

Updated 10:11 AM EDT, Fri, Oct 2, 2009

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Problems continue at TD Bank Friday as customers are still having trouble accessing money in their accounts.

Some TD Bank customers couldn’t see up-to-date account information due to a glitch related to its merger with New Jersey-based Commerce Bank.

The bank was experiencing an overnight transaction posting delay, TD Bank spokeswoman Rebecca Acevedo said Wednesday. The delay occurred after the banks converted their two systems to one over the weekend, she said.

Overnight transactions, which usually post by 4 a.m., were slow to post on Monday, Acevado said. The issue was resolved Tuesday, then resurfaced Tuesday night.

WATCH

TD Bank customers' accounts weren't updating...

Affected customers' accounts were just showing their balances as of 6 p.m. Tuesday.

The bank hoped to have it fixed by Wednesday evening. But some customers told NBC Philadelphia that direct deposits still weren’t showing up in their accounts as of Thursday.

Scores of scathing emails have flooded NBC Philadelphia regarding the banking issues.

"I have not been able to access my checking account balance since Monday, September 29th," June Griffith wrote. "I have attempted to call the 800# several times and have waited up to 30 minutes to speak with a representative, no response just listening to a recording over and over again.

When we called the bank's 800 number, we were greeted with this: "We're sorry, your call cannot be completed at this time. Please try your call again later."

Customers who visited the bank's Wynnefield Heights branch expressed the same frustrations Thursday.

"I made a deposit on Friday and I tried to make a transaction [Thursday] and it said the money was unavailable," said one woman.

Another customer said he was forced to come to the branch after he was not able to withdrawal funds from the ATM. "You have to actually come down here to withdrawal money and they give you up to $250."

TD Bank released the following statement to address customers concerns about fees that could be incurred:

"We are working nonstop to resolve this issue. We are sorry about the inconvenience and we thank our customers for their patience and understanding.

Currently customers can see account balances as of Wednesday evening. We expect to complete our transaction processing and have current account balances later today. We will reverse fees, charges or interest incurred as a result of this disruption. We are working to solve the problem as soon as we can. We have empowered our employees to work with customers individually to resolve any outstanding issues that arose as a result of this delay. We continue to operate on full tilt to get this resolved."

Still, while the fees will be reimbursed, customers are left to wonder what negative effects will happen to their credit report should bills go unpaid.

Toronto-based TD Bank Financial Group, TD Bank's parent company, bought Commerce Bancorp for $8.5 billion last year.