TD Bank Confirms Problems Still Exist

PHILADELPHIA - TD Bank officials said on Friday morning they have not completely solved a computer glitch with their banking system that is delaying customer deposits.

Bank spokeswoman Rebecca Acevedo just issued the following statement:

“We have completed processing all of yesterday's transactions. As a result, customers currently can see account balances as of end-of-day Thursday. This is a significant improvement compared to yesterday's delay, but Customers are not yet seeing their account balances updated in real time. We've prioritized the processing of today's direct deposits, which is currently underway. Customers will see updates later today, though some may see them sooner than others.”

Acevedo said the bank says customer accounts should not appear to be overdrawn to vendors. However, the bank will waive any fees if they do.

The bank, based in Cherry Hill and Portland, Me., says the problem came about as it tries to merge the computer systems of the old TD Banknorth and Commerce Bank. Toronto-based TD Bank Financial Group bought Commerce last year.

The problem means direct deposits are not showing up immediately -- and that could cause some people to be short of funds.

Customers have been dealing with this for a few days now, and many of them are angry and confused.

It's important to know that the cash isn't lost. It's just not posting to the accounts on time. Nonetheless, customers are irate, Fox 29's Kerry Barrett reported.

The glitch in the bank's computer system occurred earlier in the week, causing delays to the bank's overnight transaction postings. They were expecting to have things cleared up on Tuesday and Wednesday, but it has dragged out through the course of the week.

And while those deposits will eventually show up, for many it's too late at this point.

"Well, I have my GMAC bill … which is actually, basically it has to be paid today, and I can't pay I today because I don't know how much I have in my bank account," customer Christopher Lotierzo said Thursday. "I have to pay my car payment, too, which is due tomorrow, and I don't feel like paying a late fee because of TD Bank."

Lotierzo said he hasn't known how much is in his account for three days. "I don't know where my money is. They tell me that it's in the system, but they don't know exactly where it is or what's actually happening with my money. They don't know."

"I'm just, you know, very frustrated. I'm trying to get money, and I gotta get gas to get home," another customer said. "I don't get done work until 8 o'clock, and the bank closes at 8. Luckily we were a little bit slow at my job, so I came to see if I can't resolve the issue real quick and get some money to get home. Otherwise, I'm sleeping in Cherry Hill."

He also reported a long wait when calling TD Bank.

"It goes through at 3 in the morning, but when I got up and made the phone call, it took me like 30 tries to finally get through and check my balance, and I was in the negative."

The bank told Fox 29 News anything that was due in the accounts Thursday should, in fact, post on Friday. Officials also want to make sure customers know the bank will be responsible for any penalties or late fees that may stem from this particular incident.

At closing Thursday, Fox 29 did speak with some customers who said their issues had been resolved, but we do know there are going to still be people facing problems Friday.

Early Friday morning, the congestion on the customer service phone line seemed to be subsiding, although it still takes about five minutes to get through.