NEXT-DAY crediting of most deposits; excellent hours; decent website; super customer service. What more could a customer want???
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It came time to clean up my credit and as part of that plan I opened a TD Bank secured credit card. There is a TD Bank branch within walking distance of my house and their hours seemed good.
I couldn't understand why I had to do a full application with credit approval for a secured card but I went along with it. The application process required about two weeks. Once I was approved I went to the branch and deposited $1,000 in a savings account. I received my card about ten days later. So far so good.
I made my first payment on line. It took four days to post the payment AFTER the funds had been transferred. I called to question this and was informed that the funds "had to clear". WTF? Why would electronic funds need to season to clear?
Next payment I made at the branch with cash. This required almost six days to post. Again, the reason was the funds had to clear. WTF, WTF? CASH HAS TO CLEAR?
OK, so now my credit has improved to the point where I have a non-secured card with another bank. I pay my TD Bank card in full and close the account. Next day I go to the branch for my thousand bucks. No dice. The account requires 7 to 10 BUSINESS DAYS to be released after the card has been closed. On the 7th day I went to the branch to check on the funds and they were not available. I spent over two hours on the phone trying to get an answer on my account availability. I escalated through three supervisors (the fourth refused to take the call and I got voice mail). Not one of them could give me a straight answer on availability.
Today at 3:56 PM, the tenth business day, the account was released and I got my money back.
It is clear that the game TD Bank plays is to control your money for as long as legally possible in order to earn interest.
Anyone choosing to do business with this bank should be prepared for impenetrable beurocracy and apalling customer service.