Has anyone else here been ripped off by TD Bank?

[bedazzled]

I mobile deposited a check from my husband's account (used many times before.) I have no bounced checks. They took the money out of his account THAT SAME DAY but put a hold on my deposit for 13 DAYS.

Rats. I will have to go to the bank to close this account after I get a new account elsewhere. I hope I can get an account at another bank without going in physically...covid is scary in florida

[secondwind]

1. you can also write a check for almost the amount you have in the bank... and deposit it

into a new account. Leave, say, a couple of dollars.

[bedazzled]

2. Am guessing you have to start new accounts physically

Will have to buy a face mask. I would have changed accounts long before this if not for covid. TD Bank is primitive and grubby. I have to be careful with them. My internet search indicates they have been known to freeze accounts arbitrarily.

[True Blue American]

3. What is TD bank?

Credit Unions are better to work with.

[bedazzled]

4. Will have to look into that

Thanks for the suggestion. Forgot about them...

[True Blue American]

7. They pay better Dividends

Interest, etc.

Check the difference on line.

[bedazzled]

14. Will do!

There are a few around here to look into. Thanks!

[soothsayer]

6. Canadian. Free coin counting even for non-members

Or used to have

[True Blue American]

8. I get that at the Credit Union

But you do have to be a member..

[True Blue American]

5. TD Bank

https://www.td.com/us/en/personal-banking/

[bedazzled]

9. Am very familiar with this website

Thanks though!

[True Blue American]

10. I was answering my own question!:)

[bedazzled]

12. Wish I could answer my questions...

If I find the answer to something numerous new questions arise. That's life I guess

[True Blue American]

17. Just google!

I am curious.

[bedazzled]

18. What did we do before google?

I am old enough to remember!

[True Blue American]

21. Hope and pray our memory was right.

My Son called one day to ask me a question about the Titanic. I told him I was not alive then. He said, but you have all these bits and pieces in your brain.! So I guess I have a bits and pieces brain!

[bedazzled]

25. He thinks you are smart!

You brought him up right! It is good he knows this.

[Massacure]

11. There are a number of internet-only banks available.

I use Ally, and I'm happy with them. Opening an account with them was pretty easy, their customer service was good the one or two times I had to call them, and the interest rates they offer on their savings accounts and CDs are usually among the best in the industry.

https://www.ally.com/

[bedazzled]

13. That is good to know

Thanks!

[True Blue American]

23. They do pay more interest

But I like local.

[unblock]

15. I wouldn't call that a rip-off. An big inconvenience certainly, but not a rip-off.

The money is yours, it's in recipient bank, and it's earning interest (for what that's worth these days).

They're just holding it long enough to make sure it doesn't bounce before they let you withdraw it. That's how holds work, and all banks do it.

I'll agree that 13 days seems excessive, though your experience is hardly unique. Bank hold times don't seem to reflect the improving automation and processing speed times of the last few decades, especially for personal checks/accounts (where the bounce rate is highest).

What would be helpful would be if you could be made aware of the hold time before you send. I don't know how that get implemented, though. How can the sending app know what the hold time policy is for the recipient bank.

But it would be nice....

[bedazzled]

16. They took the money from my husband's account the same day

No interest for checking account. Interest for TD bank though. That is the least of the scams this bank pulls. Horror stories online about poor souls who got business loans or mortgages from these people. They are totally unethical

[True Blue American]

20. I want to hit Tom Sellick when he comes on with

That sincere, I would not be here if I did not believe in Revers Mortgages. Older people have been scammed so much with banks selling those reverse mortgages and people losing their homes.

[unblock]

27. Chase does this, Bank of America does this, ally does this.

All banks do this. Banks have different hold time policies, so you might want to shop around for a bank with a shorter hold time for the particular type of transactions you use.

But all banks put holds on deposits to protect themselves from late finding out they have to return funds to the sending bank.

Coinbase puts a hold on my deposit for 11 days though it lets me trade it for crypto currencies to my hearts content. *that* makes no sense because in theory I could lose virtually all of it trading before they find out the deposit bounced. Well I guess they figure at least they get some trading fees.

[bedazzled]

28. Oh i am aware of this

As I said below, a lot of people who deposited at that particular time had the hold placed. A lot of transactions for a little bit of money do add up. What it boils down to is this instance was handled differently from the other transactions I know all banks mess around. The question is whether they are so in your face about it. Ah well. Thanks for letting me vent. The weight of the world...

[True Blue American]

19. Most banks do not Release money

From checks for so many days. Checking accounts pay no interest. Or mine doesn’t.Money Market accounts do and you can write checks on them. That is the Credit Union.

[bedazzled]

22. I don't deny them holding onto it for a day.or two

Even if they have the money in hand already. Almost two weeks though? I just deposited it on a day that they could hold onto it as long as possible. Undoubtedly anyone who deposited at that time fell into this problem. Even small amounts add up if you do it to enough people.

As for those reverse mortgages, they are despicable. Taking advantage of the desperate. Those who speak for them expose what they are.

[True Blue American]

24. I would be unhappy too

With that length of time . 3 to 5 days is normal. To clear it.

[bedazzled]

26. I think anyone who deposited a check at that time got hit

Friday before a week with a holiday... put a 7 day hold on it, and you get to.hold the money for at least 12 days. Little amounts of money add up.

Ah whatever. Thanks for letting me vent. It is depressing not to trust the bank where your money is

[lillypaddle]

29. I swear by Discover Bank online

I do all my banking electronically, don't pay for checks when I do use them, have cash back on checking, and other good stuff. I have a savings account, too, and a Discover charge card. Easy to transfer between accounts.