TD Bank Says U.S. Account Processing Is Delayed (Update3)
By Sean B. Pasternak and Jamie McGee
Oct. 1 (Bloomberg) — Toronto-Dominion Bank, Canada’s second-biggest bank by assets, said technical glitches delayed the processing of bank transactions at some U.S. branches today.
Toronto-Dominion converted some of its branches in the U.S. from Commerce Bancorp Inc. to its TD Bank brand over the weekend, spokesman Nick Petter said. The Toronto-based bank acquired Commerce in March for about $7.1 billion, giving it about as many branches in the U.S. as in Canada.
Keisha Shore of Brooklyn, who works in customer service at a dry cleaner, said her paycheck didn’t go through direct deposit. Her bills were paid through preauthorized payments, leaving her with a negative balance.
“I kept checking the ATM – each time it gives a different, negative number,” said Shore, 29, who went to TD Bank’s Third Avenue and 64th Street branch in New York to close her account. “It’s not acceptable.”
Maurice Tebele, who lives on Manhattan’s Upper East Side, said he noticed about $3,000 in debit charges he hadn’t authorized while checking his online account last night.
“I don’t understand what’s going on there,” said Tebele, 23. “It’s very upsetting.”
“We are working hard to resolve this issue,” Toronto- Dominion’s Petter said in an e-mail. The bank plans to have all transactions processed and account balances updated “later today,” he said.
Toronto-Dominion will reverse any fees, charges or interest incurred because of the disruption, Petter said.
Toronto-Dominion fell C$2.55, or 3.7 percent, to C$67.70 at 4:10 p.m. in trading on the Toronto Stock Exchange.
Last Updated: October 1, 2009 16:36 EDT