Maintence Fee, TD Bank?

[WeLoveLilo05]

I just received a statement from TD Bank, I have an account that basically is used for our vacations. I put the money in the savings, transfer it to the checking and then pay with my debt card monthly (like a bill) our Disney vacation. So now that the trip is basically paid I got the savings statement with the last payment of our trip in which I transferred the money over to the checking, every time I transferred money I got a $4.00 maintenance fee?!?!?! I have done this for our 2 trips and never had to pay a fee to transfer any money (or at least I don't recall!).
What's up? Anyone else?

 

[hambirg]

Wow. . .that sucks! I've never heard of anything like that. Have you called the bank and asked them about it?

Well. . .I just did a quick search, and on TD's home page it says $4 monthly maintenance fee waived if you meet the minimum daily balance requirement

Are you under the minimum daily balance?

 

[WeLoveLilo05]

I don't think so, unless they have changed what their minimum monthly balance is. Since this is for vacations I keep $100 in it b/c thats what the minimum monthly balance fee was. I don't know if they changed it(?) or am I being charged $4 for every time I go on the computer, login and put money into the checking account?
aaahaaa they did change it!
GRRRR its now $250, so annoying!

I am sitting here typing in maintenance fee on the search, nothing comes up, their site stinks.

 

[cglaura]

Was it just one $4 charge or for each transfer? If each...my savings has a limit on how many transfers you can make each month, then it is $3/per. Maybe that is the case?

 

[plummer925]

I don't think so, unless they have changed what their minimum monthly balance is. Since this is for vacations I keep $100 in it b/c thats what the minimum monthly balance fee was. I don't know if they changed it(?) or am I being charged $4 for every time I go on the computer, login and put money into the checking account?
aaahaaa they did change it!
GRRRR its now $250, so annoying!

I am sitting here typing in maintenance fee on the search, nothing comes up, their site stinks.

I'd call them and ask them to refund your fee from last month because THEY are the ones who changed it (they might...they might not, worth a phone call).

I'd also ask them to put it back to the $100 minimum. If they don't, it may be time to shop for another bank. Almost all banks offer fee-free accounts.

 

[pyrxtc]

I am a customer of TD Bank and why don't you change it to a checking account since the minimum balance is only $100 and it would make it easier to pay the bills.

 

[bumbershoot]

aaahaaa they did change it!
GRRRR its now $250, so annoying!

How annoying!

 

[Mrs. Charming]

I've SO had it with TD Bank. I loved Commerce, they were great. We've had to call Customer Service at *least* once a month.

ITA about changing the account type to a checking acct, though.

 

[jillyb]

Almost all banks offer fee-free accounts.

Fee free (i.e. free checking) is about to go the way of the dinosaur due to the new financial regulations our wonderful government is putting in to place. Banks are going to be losing money so the only way to recoup their loses is to start charging maintenance fees and other fees.

OP: good luck with getting things sorted out.

 

[rflorek]

I had a minimal savings account ($100 minimum) with Commerce Bank for my Paypal transactions. When they changed to TD, they upped the minimum to $250 and told me that I had no options other than opening a checking account with them. I promptly closed my account and found another local bank that gladly took my savings account at the $100 minimum.

Then TD Bank started charging me a maintenance fee (for 2 months) on an account that was closed. It took over 2 weeks of phone calls/emails/faxes for 2 months in a row to get them to correct their mistakes.

Not a fan of TD any longer.

 

[amylynne01]

These fees are the exact reason why I dropped TD Bank and moved on. I was told over the phone and via email that fees were in the best interest of the customer, to which I responded that fees are in the best interest of the BANK and they would have no customers to worry about.

This is the same bank that charged me $350 for not following through on a mortgage. I was fully prepared to sign papers, but the bank would not give me money since my home is in a declining market, something they knew the first day I applied for the mortgage and gave them the address of the house. This denial was given to me 5 days before closing, causing the closing to be pushed back a week, scrambling for another mortgage, and almost losing my house. I wrote a not so nice letter to the head of the mortgage dept, and the charge was promptly reversed. I will never deal with TD Bank again.

 

[SandrA9810]

Try Credit Unions. They generally pay better on the interest for savings account. And even if they're not nationwide, I have no problem finding a sister bank to use for banking. I just walk in, tell them which bank I use, and show them an ID.
My CU is only located in South Florida with 5 branches. But I have no problems out here in California, Dallas, on a road trip to Indiana... I can search online or call the branch and they'll tell me where there is one.

 

[stichy]

Pretty soon because of the Durban Act which as of Aug 15th will limit the fees banks can charge all banks will start charging for accounts and maintenance fees.

 

[WeLoveLilo05]

I think I may go over to Bank of America on Monday...I have a checking account with TD as well, but I've had it!
Thanks though, I knew I wasn't going crazy, I was never charged a fee until now, must have been b/c of the change from Commerce to TD.

 

[plummer925]

I think I may go over to Bank of America on Monday...I have a checking account with TD as well, but I've had it!
Thanks though, I knew I wasn't going crazy, I was never charged a fee until now, must have been b/c of the change from Commerce to TD.

I know that EVERY bank has it's problems, but I did want to 'warn' you about BOA - it's who I use for both our personal and business accounts. THREE TIMES in the past year my debit card has been 'stolen' and I have had to deal with their fraud dept. The last time was this last week. We have a BRAND NEW business debit - I never even used it - and it was compromised. I am beginning to wonder if it's an inside job.

Me...I'm going to a local credit union and switching FROM boa tomorrow!!

 

[JCMHutch]

Do you have any local banks that a larger size? I have larger local bank that I have used since I was a kid (30+ years). I have no fees whatsoever and get reimbursed all ATM fees if I use an "out of network" atm. I even have my mortage through them now.

I am not a fan of the large national banks. When DH & I got married and opened a joint account, he asked that we use Sovereign Bank since they are close by (my bank is 12 miles away). Well, we opened Sovereign account, was told it was fee free and after 3 months they started charging a fee. When we called we found out the bank guy had lied to us, signed us up for a higher level account that carried all sorts of fees and had since been terminated. They then refused to refund us the fees. Then, I couldn't get the joint checking account to balance (varied month to month). I am a crazy budgeter/bill payer and reconcile everything. I know DH wasn't using the debit/atm card. I showed this to DH and he agreed to switch to my bank for our joint account. Did that a year ago and guess what - balances to the penny every month.

 

[mickeymom1]

Then TD Bank started charging me a maintenance fee (for 2 months) on an account that was closed. It took over 2 weeks of phone calls/emails/faxes for 2 months in a row to get them to correct their mistakes.

The same exact thing happened to me when I closed a savings account with them!!!!!!!! You definitely lose your confidence with a bank when it takes them MONTHS to simply close an account.

 

[WeLoveLilo05]

The same exact thing happened to me when I closed a savings account with them!!!!!!!! You definitely lose your confidence with a bank when it takes them MONTHS to simply close an account.

o great!
Don't they give you some kind of receipt to verify that the account has been closed...I could so see this happening to me now lol.

 

[mickeymom1]

They did give me a receipt when I closed my account and I didn't think about it any more until I got a statement in the mail with a -$8 balance for the 2 months of service fees that they charged to the account (that was closed).

I was not responsible for any of the fees, but it did take them at least another month before it was closed . Apparently there is some kind of central system that officially closes the accounts on line and that is where the back log happens. The ladies at the bank branch close the account by putting a request on line, then the central system has to file all of the claims from this queue to officially close it. The people at the bank branch office seemed very annoyed by the system and how it works because they had no control over it.

I was also concerned if this would go to my credit report, but they said no (not sure if that is true or not). The most frustrating thing for me (besides the calls & trips to the bank!) was they were not very apologetic about it taking so long either. One simple, "I am sorry for the inconvenience" would have gone a long way!

If you do close an account, just make sure you follow up to make sure it is really closed! Good Luck

 

[mickeymom1]

oops, double post