As other banks recoil from the customer wrath they faced after attempting to introduce debit card fees, TD Bank is rolling out a brand new fee and hiking others.
Starting in December, TD Bank (TD) savings account customers who exceed six transactions in a billing cycle will pay a $9 fee each time they take money out of their account. Transactions include online transfers from their savings account to other accounts, as well as phone and debit card withdrawals.
Citing a federal rule known as Regulation D, which limits the number of transactions customers can make from their savings accounts to six, other banks including Bank of America and Wells Fargo already have similar fees in place.
According to the regulation, after six savings account transactions it begins to costs the banks money. So TD Bank says it will begin charging customers instead of eating the cost itself, a spokeswoman said.
At the same time, TD is hiking four of the fees it already charges — all of which will also take effect in December. Receiving a wire transfer will now cost $15, up from $10. Getting a certified check will come with an $8 fee, up from the current $4 charge. Money orders will cost $5, instead of $4, and stop-payment fees will run $30, up from $25.
(Source: CNN Money)
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5 Responses
It really makes you wonder at the arrogance & the stupidity, doesn’t it? Don’t these mega-rich institutions care a whit about their customers? My advice to TD customers…run, don’t walk to BoA. My bank & now I’m glad I waited it out.
TD has a branch on my corner. I don’t use it.
AS I believe B. Franklin once said, “A fool and his money are soon parted.”
Since Commerce Bank became TD their fees have skyrocketed and their service plummeted. I closed my account about 6 months ago and urge others to do the same.
I just called TD Bank. As far as checking accounts it remains the same. The only thing with the debit card is if you do a transaction, such as a withdrawal, using a TD bank their is no charge, using another bank there will be a $9.00 per transaction fee after the initial 6.
Maybe if they get rid of the stupid greeter at the bank, their pens and lollypops, they can do away with the fee.
Whenever one bank acquires another bank it is a given that service will decline while fees and the like will increase. It could be worse, it could be Apple Bank!!
Warning to TD customers, if you have less than $100 in your account they will charge you a monthly fee of $15-$20. and if you zero out an account to close it there is also a fee.