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TD adds avoidable bank fees

By David McMillin · Bankrate.com
Saturday, November 5, 2011
Posted: 2 pm ET

TD Bank announced it will raise fees in certain areas today, but the Northeast-based banking institution's increases impact some unexpected services.

Here's a breakdown of the changes, which go into effect next month.

  • Excessive savings account withdrawals (six allowed free each month): $9 for each additional remote transaction.
  • Wire transfers: $15, previously $10.
  • Certified checks: $8, previously $4.
  • Money orders: $5, previously $4.
  • Stop-payment fees: $30, previously $25.

Before we continue the joy ride on the bank-hate bandwagon, I think it's important to note these fees seem fairly avoidable. The bank isn't raising minimum balance requirements or making a checking account any more challenging to maintain.

I spoke with Rebecca Acevedo, TD Bank's public relations manager, and she told me the bank conducted an internal review of its customers' banking habits to determine how these fees would impact account holders. She says the new fees will impact less than 1 percent of the bank's customers. In my opinion, that's a lot better than instituting changes that affect everyone with a debit card.

While some might argue the penalty for additional savings account withdrawals is unfair, TD is actually imposing a fee for a government rule. The Federal Reserve's Regulation D limits the amount of online, telephone and mobile-based withdrawals from a savings account to six per billing cycle. TD isn't alone in this charge, either. Quite a few banks charge for violating Reg. D.

As my co-blogger, Claes Bell, pointed out earlier this week, banks will inevitably roll out new fees over the next few months. The attempt to charge for debit card use has been a massive failure for the banking industry, and they will compensate for lost profits somewhere. All in all, the changes at TD seem like the bank will increase revenues in certain areas without alienating their entire customer base.

What do you think? Would any of the changes that TD introduced mean more fees for you?

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4 Comments
David McMillin
November 17, 2011 at 10:22 am

Thanks for reading, ga. Your experience sounds very unfair. Have you written to the customer service department at TD, too? Perhaps a strong email will make its way to the appropriate parties and you can have some of these "research" charges reversed.

ga
November 16, 2011 at 4:29 pm

td bank imposes another fee not mentioned above. if you ever need information from your archived files at td bank you must "order a research assignment". i was told the research cost was $25 per hour, and that my particular research would "take about an hour or so". i said to myself, for $25 the info is worth it to me, so i asked them to order it. i didnt sign anything.

2 weeks later my checking account was charged $350 for "research performed". i complained to the branch manager who said there was nothing she could do about it. i had to call the branch over 5 times and show up in person 3 times to finally get her to call me back. that dedicated td employee's name is angela mccrum, branch manager in marlton nj.

so now i am stuck. i never agreed to an openended research assignment, and i only ordered it based on the bank employee's representation to me that it would only take an hour or so. i have called the td customer service manager and she said she could do nothing because it was the branch's issue.

any suggestions?

Clayton Mellen
November 16, 2011 at 2:16 pm

Shopping for a bank that doesn't charge fees for savings and checking accounts always have sums of a couple of thousand in both accounts