Zach writes:
I just returned from the 32nd & Park branch of TD Bank, and I'm pleased to report that the $100,000 has been posted to my CD account. The assistant manager, Angela, made several phone calls (probably over a dozen) after I arrived threatening to file a police report. I had previously met with her on Monday, when she filed a "Vector Request" to search for my deposit. Luckily I was able to present my CD certificate, along with withdrawal and deposit slips from when I opened the account on 10/2 (I opened the account after 6 PM so the slips and CD were dated 10/5). Before this incident, I never held on to deposit slips for more than a day or two, but now I definitely plan on keeping very detailed records of all of my banking transactions.
I first contacted TD Bank on 10/8, when I discovered that one of my CD's had a $0 balance. They informed me that deposits had been delayed for many customers, but told me not to worry, that my account would be up to date "by the weekend." When Saturday came and my account was still displaying a $0 balance, I visited the 101 Springdale Rd. branch (Cherry Hill, NJ), as I was home visiting my parents for the weekend. The branch filed a "Vector Request" for the second time (the first had been filed by the first CSR I spoke to on the phone), and told me that it could take anywhere from 24 hours to a week for my transaction to post, but that most of the delayed transactions were posting in 24 hours. I became rather frustrated and informed the manager on duty that I wished to withdraw my funds and close all of my accounts, and she told me that I could close my accounts but would not be able to make a withdrawal from the CD, as it was reflecting a $0 balance. I left and decided to go to the branch where I opened the account on Monday instead.
I noticed that the "Public Relations Specialist" claims that all of the accounts are now up to date, and that my issue was "most likely" unrelated. That conflicts with claims from all of the TD Bank representatives that I spoke to from 10/8 on, who stated that there were many other customers that were still affected. Just today, I spoke with Angela at the 32nd and Park branch, who said that my account was one of "a hundred thousand or so, from Florida to Maine" that was delayed. Later, Larry, who identified himself as the manager for the midtown Manhattan branches of TD Bank, informed me that as of this morning, there were "roughly 1000" accounts in Manhattan with transactions that have yet to post, but that mine had been resolved because it was "moved to the top of the stack." He said that my delayed posting was likely taking longer than others because it was a CD account, and so the bank had likely determined that it was not as urgent as other customers' accounts, because many of them need those transactions to be corrected so they "can buy food" and that that didn't seem to be the case for me. This is obviously a legitimate concern, and I'm certainly glad that the bank is treating these customers as a higher priority.
Larry and Angela offered me a $100 gift card for my troubles (Angela had originally offered the standard $25 gift card before Larry arrived), but I didn't feel that my lost time and frustration was worth $100, so I decided not to take the cards. I'd prefer to take advantage of the $100 promotion offered by other banks, when I open my accounts there after closing my six accounts at TD Bank.
Again, I thank you very much for your concern. Please let me know if there's anything else I can do to help, and I hope you're able to inform other customers that their money is likely not lost, but that the bank may need to pull some strings to have it posted immediately.
Regards,
Zach
I'm going to have to start to use the phrase "vector request" more often.
]]>@pmcpa4: What the hell kind of crappy banks are you dealing with that don't give you a free box of checks when you open an account? Is that not standard everywhere? I've never opened a checking account that charged for checks...
]]>@bobloblawsblog: I loved Commerce back when I lived in NJ in the mid 1990s. They seemed to be the first real-life customer focused bank.
RIP Commerce Bank.
]]>such a shame. All they could says was, "well, we still dont charge for ATM fees!!"
]]>Most banks in small towns are within driving distance.
]]>I have every ATM receipt, store receipt, phone bill, credit card bill, etc.... going back ten years. (Strangely Collyer-like, I know, but....)
Saving everything makes it very easy for my accountant to prepare my taxes.
But more importantly, it helps me defend myself in disputes. One small but easy example: one month a charge shows up on my credit card bill for some charge I don't recognize. I began to dispute it, but after going back A WHOLE YEAR in my records, I found a receipt for something I purchased. Somehow the transaction got lost in the companies computers somewhere and it popped back out again a year later. Of course, I canceled the dispute and paid. But I never would have remembered without detailed financial archiving.
]]>Now we see that they're not taking the appropriate steps to properly transition their computer systems, as well as changing overdraft policies and such. Not that I've ever overdrawn my account, but the fact that they're implementing the "largest transaction first" policy bothers me in principle.
]]>Commerce Bank WAS local (New Jersey, Pennsylvania, New York and Florida - most branches were organically opened rather than through acquisitions). Just too bad that TD made a mess of things despite their good intentions.
]]>After last year, who would trust their money in ANY of the huge mega banks?
Support someone local to you. They're more likely to give a damn.
]]>Everyone wants to be a commercial bank now.
]]>Except for AlaskaUSA and True North Federal Credit Union .. steer clear of them.
]]>I don't think you have to do the same thing with gift cards.
]]>If this guy can't get good service with a $100k deposit, then I can't imagine there's any hope for anyone to get good service from any bank anymore.
One day, a bank is going to realize that they can make money by acting human. That bank will probably grow very large, turn into an earnings machine, and then completely forget about the whole "being human" thing in an attempt to satisfy greedy, heartless shareholders and inflate their bottom line.
Think: Geek Squad and Circuit City.
But one can hope, can't they?
]]>Yikes, now I'm concerned.
]]>@DaBull: I just shopped around for banks. Based on the banks close to me, I ended up with Chase for B&M Bank. Picked Schwab for online bank. At Schwab the interest rates were a little lower than HSBC but the overall features were better with Schwab (paper checks, unlimited ATM fee refunds). I picked Chase only because I get benefits b/c my mortgage and credit card are with them. Otherwise, I would have gone elsewhere.
]]>@wcnghj is right though, I worked as a teller at a small town local bank in college and compared to national banks, their customer service policies were top notch. Maybe a locally owned bank or credit union is an option?
]]>Or find a credit union. I've left banks forever for credit unions. My checking account is free and pays 1.5% interest. Free line of credit w/ no overdraft fee and 5% interest rate. Refunded ATM fees, local branches, low interest credit card (with rates that didn't skyrocket) with rewards and perks. I love my CU.
]]>A national credit union like PenFed might do. You can deposit checks online, etc.
]]>Does anyone have any suggestions for a good, customer friendly bank? Please don't say credit union, the closest branch is too far for day to day banking.
]]>I'm still searching for the best bank to open a checking account with...preferably one with several branches in New Jersey. Any suggestions?
]]>Wow...way to lose a 6 figure customer...
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