TD Bank customers alarmed by snafu

Overnight postings delayed for third time this week as bank combines systems with Commerce Bank.

EMAIL  |   PRINT  |   SHARE  |   RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all RSS FEEDS (close)
By Hibah Yousuf, contributing writer

Where the banks are failing
Bank failures and foreclosures keep mounting
When will you know that an economic recovery is underway?
  • When the Dow tops 10,000
  • When GDP turns positive
  • When job growth resumes
  • It's already started

NEW YORK ( -- For a third time this week, TD Bank's 6.5 million U.S. customers cannot see real-time updates on their account transactions and balances. And even that's an improvement.

In a statement released Thursday, TD Bank (TD) said customers can only see their account balance and transactions as of Wednesday evening because the bank is "experiencing an unusual delay in [its] overnight batch postings."

Earlier Thursday, customers couldn't even log in to their online accounts. But TD Bank spokeswoman Jennifer Carlson said that access was restored as of 3 p.m. ET.

TD Bank, which holds $80 billion in deposits, said it expects to complete processing transactions and have current balances later in the day, and will reverse fees, charges or interest incurred because of the disruption.

The system first malfunctioned Monday night when the Toronto-based bank tried to integrate its operating system with New Jersey-based Commerce bank, which it acquired last year. TD Bank said the problem was resolved Tuesday, resurfaced Tuesday night, was resolved again Wednesday, and then recurred.

Carlson said that "higher-than-normal transaction volumes are compounding and having to play catch up" and ultimately causing a "computer glitch."

She added that the bank, which has more than 1,000 branches along the East Coast, is "posting transactions as fast as we can using the system we have in place" and hopes customers will be able to see real-time transactions and balances later Thursday.

Carlson said that "a vast majority of customers" can still access their funds, including Thursday's deposits, continue to make transactions, and have their automatic payments completed. She couldn't say exactly how many customers have that access.

Last week, the bank's New England and upstate New York branches changed their name from TD Banknorth to TD Bank, bringing more than 1,000 of its units between Maine and Florida under the same name.

Lauren Ventola, 23, who started using the bank seven years ago when it was still called Commerce Bank, hasn't found the bank to be as convenient as its "America's Most Convenient Bank" slogan. As a medical student on the Caribbean island of Grenada, she relies on online banking to manage her finances.

"With the TD Bank Web site down I can't check statements, make sure rent money has cleared or determine my credit card balance," Ventola said when she couldn't log in at all. To top of page

They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
Top-paying jobs Orthopedic surgeons take home a median $410,000 in salary and bonus annually. What other great careers from CNNMoney and's list of Best Jobs in America offer hefty paychecks? More
Fastest-growing jobs Demand for IT security consultants are projected to grow a solid 37% between 2012 and 2022. What other careers on CNNMoney and's list of America's best jobs will see big opportunities? More
Best Jobs in America CNNMoney/PayScale's top 100 careers with big growth, great pay and satisfying work. More
Worry about the hackers you don't know 
Crime syndicates and government organizations pose a much greater cyber threat than renegade hacker groups like Anonymous. Play
GE CEO: Bringing jobs back to the U.S. 
Jeff Immelt says the U.S. is a cost competitive market for advanced manufacturing and that GE is bringing jobs back from Mexico. Play
Hamster wheel and wedgie-powered transit 
Red Bull Creation challenges hackers and engineers to invent new modes of transportation. Play

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2015 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2015. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2015 and/or its affiliates.