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Problems now make TD Bank America's LEAST Convenient Bank


It's now three o'clock on Monday afternoon, October 5th. The payroll for Philly2Philly.com, which currently consists of about 30 freelancers in our infancy stage, needs to be finalized and closed for the month of September. I have been valiantly trying to do this for the better part of a week. However, I cannot. Why, you ask? Well, I cannot due to the incompetence of the bank where all of our company's assets are located. That's right: TD Bank- America's now LEAST convenient bank. If little old me is writing about this problem, I'm sure the good people of the tri-state area as well as other business owners can share similar horror stories in regards to this debacle which has grabbed local and national headlines this past week.

It started last week around 2:30 am. Every now and then, downloading statements online presents some obstacles, especially if you're a night owl like yours truly. I have usually found this to be the time when online sites undergo maintenance. Unfortunately, this is about the same time I process payroll as well as prepare the articles for you wonderful people out there to read when the morning comes. Nonetheless, I assumed it was just that, a glitch, so I put it off until the next afternoon. Unfortunately, it didn't work that afternoon either, so I took it upon myself to call their customer assistance line. You know, the one that you probably couldn't reach if you too are a customer of TD Bank. The number is now suddenly "Not in Service." Apparently, the bank tellers have not been much help either when everyday people ask them "Why can't I get my money?" I know it's not the answer you want to hear, but you can't blame the "suits" at your local branch for not letting a teller aware of any circumstances that they might not know themselves.

So what IS the route of the problem? My first thought feared the worst: Some hacker took all of our company's money and we're never gonna get it back. Then briefly, my thoughts bordered on a possible terrorist act. While I wouldn't be shocked in the least in today's day and age with my thoughts regarding the above mentioned, the explanation from TD Bank is that this is merely a "glitch," and that computer systems are still being switched over from TD Bank's merger with Commerce Bank. The last few days, people have been able to access their accounts, so chances are this WAS indeed the problem. However, this is not the first time that two banks have merged. Maybe I'm ignorant, maybe I'm rational, but wouldn't you think that the powers that be at TD Bank would either A. Consult other banks that have merged, and ask them how exactly they switched their systems over? or maybe B. They wouldn't have tried to switch over the customer information for EVERY CUSTOMER YOU HAVE OVER ONE WEEKEND AT THE END OF THE MONTH WHEN MOST BILLS ARE DUE! This is a pretty big glitch if you ask me.

"This is beyond disgraceful. And we as customers of TD Bank are left with little or no recourse until this situation is resolved," says Steve Olenski, our creative guru at Philly2Philly who is a TD Bank customer.

We'll probably never know the full explanation for what transpired over the last week. The bottom line is this: It's hard enough to pay bills let alone the fact that you can't even look to see what your balance is. Customers are scared, people may not be able to trust their own financial institution. And who can blame them? They want convenience. TD Bank dropped the ball here: BIG-TIME. Probably bigger than any institution (let alone financial) in recent memory which relies almost predominantly on customer service. How do we know that a "glitch" won't happen again? Although they claim that they will fully reimburse customers and refund their fees, TD Bank better get started on damage control now. Some customers have stated that they now have their account balances updated, but TD Bank online is still not functioning properly. When the smoke clears and the dust settles, it will be interesting to see how they recover from this. Citizens Bank  is already offering incentives to switch over to their bank after witnessing this catastrophe.

Truth be told, I don't know right now whether I have faith in TD Bank anymore. Ask me at this Friday when I need to pay my wonderful employees who help Dennis and I make this site what it is.

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9:11 AM
Tue Oct 6 2009
I agree

You were dead on Joe.......good piece....cannot believe it is still being sorted out!!

9:02 AM
Wed Oct 7 2009
Switch to Citizens Bank

Joe, I've been a Citizens Bank customer for years and heartily endorse them. They've upgraded their on-line banking systme several times in the past year or so without a glitch. The last merger several years ago, which involved account number changes, went flawlessly and they kept their customers informed at every step. I visit the branch at 18th and Market to renew my CDs a couple times a year and the customer service officer remembers me each time. Great people at that branch. And they have plenty of ATMs in town.

Given your experiences at TD Bank, I would get the heck out of there. IT problems at a bank are symptoms of deeper disorganization and it could easily get worse before it gets better. And remember, "TD" means Toronto Dominion, so you may be dealing with management issues that go beyond our borders.

Do yourself and the staff a favor and switch over to Citizens Bank; I'm sure you'll be a much more satisfied customer.