TD Bank Customers Victims of 'Transaction Glitch'

Customers are worried about late fees, other discrepancies

By Victoria Cavaliere
|  Thursday, Oct 1, 2009  |  Updated 1:46 PM EDT
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TD Bank Customers Victims of 'Transaction Glitch'

TD Bank

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Some TD Bank customers cannot see up-to-date account information or their paychecks posting in their accounts due to a glitch related to its combination with New Jersey-based Commerce Bank.

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

She said overnight transactions, which usually post by 4 a.m., were slow to post on Monday. The issue was resolved Tuesday, then resurfaced Tuesday night.  Affected customers' accounts are showing their balances as of 6 p.m. Tuesday. The bank hopes to have it fixed Thursday.

"Unfortunately, we experienced an unusual delay in our overnight batch posting again last evening.  We are sorry about the inconvenience and we thank our customers for their patience and understanding," Acevedo said in a statement.

Scores of customers around the tri-state area have been unable to access or transfer funds -- leaving many to worry about late fees or other missed transactions.

Some customers tell NBCNewYork.com they feel like they have been "frozen" out of their accounts.  One customer pointed out that it is the last day of the month -- pay day from many people --and they currently don't have access to that balance.   Customers are asking for more than an apology from TD Bank, who says it is directing its employees to assist customers through the fiasco.

"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," Acevedo said.

The bank said they would reverse fees, charges or interest incurred "as a result of the disruption."

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

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