The behavior of TD-Bank (and one of it's business customers) is certainly unethical and probably illegal. Don't believe me? Read on:
I opened a checking account well over three weeks ago. The initial deposit was a payroll check from a local well known non-profit that provides home care services. Believe it or not, it has now been three weeks and the bank still refuses to process the check. What do I mean by "refuses to process the check?" I mean that the bank will neither pay the check nor return the check for "insufficient funds".
I have inquired and complained multiple times. The first time by phone, the second time I went in personally and talked to a bank manager, the third time I went in with my mom and we both talked to a bank manager. All three times the bank representative refused to process the check. All three times I was told exactly the same totally unbelievable story.
Apparently, the non-profit has a business account at the bank. I have been told that there is not enough money in the account to cover the payroll for all employees. and that the check will be paid as soon as there is sufficient funds to cover the payroll of all the employees. OMG. Really? Really? I was told that the employees would be better off if the payroll checks were not returned for insufficient funds. Because if the payroll checks were returned for insufficient funds, that the employees who deposited payroll checks would be hit by penalties for depositing a returned check. Really???? I think the employees would be better of if the non profit or TD-Bank were hung out to dry by the Massachusetts Attorney General! These activities need exposure to the light of day.
I am not a lawyer, but In my opinion, this sounds like the non-profit is writing bad checks and that the bank is covering for them. In my opinion, if I had opened an account at any other bank, I would now have my money. TD-bank would have paid my payroll check. In my opinion, it is the fact that both I and the non-profit have accounts in the same bank TD-bank, that is allowing TD-bank to take advantage of me by forcing me to, in effect, provide the non-profit with an interest free loan by no paying my payroll check. To say that this has caused me hardships is an understatement. I won't go into the ugly and embarrassing details.
Just, stay away from this bank. read more
