Competitors go after TD Bank customers

October 5, 2009 3:58:47 PM PDT
The competition is moving in on TD Bank's customers after a computer glitch left many people frustrated.It all began on September 27th when TD merged its computer systems with those of Commerce Bank. Customers started having trouble with their accounts, with many saying they couldn't find out their balances.

On Monday, Action News spoke to customers who were still have problems.

"This is the third time I've been back and they haven't been able to help," said Gabriella Kelly of Newtown Square.

Mitchell Chellis said his electric bill posted before his direct deposit last week. He believes that TD Bank made good on its promise to cover any fees, but Chellis said he's still not happy.

"I mean, we have bills to pay and if you can't get your money out, you're in trouble," Chellis said.

Meantime, other banks are trying to capitalize on TD Bank's problems, hoping to woo away their customers.

Citizens Bank is extending its promotional "It Pays to Switch" offer through this Wednesday. It will immediately deposit $100 into newly opened checking accounts.

Beneficial Bank will give new customers $50 after their first monthly direct deposit and another $50 after they pay their first bill online.

But many TD Bank customers say, even without the promise of a special deal, they're switching institutions as soon as possible.

"I'm getting ready to close my account and go with PNC," said Yolanda WIlliams of Bala Cynwyd.

However, one banking expert predicted that once the situation settles and customers cool off, many will keep their money right where it is.

"Especially people who have direct deposits, they have online bill pay set up, they know where their ATMs are located... it's really difficult to switch," said Dr. Susan Mudambi of the Temple Fox School of Business.

Some banking experts anticipate TD Bank customers could anticipate more glitches related to the merger with Commerce Bank.

RELATED LINKS:

Info on contacting TD Bank

Federal Deposit Insurance Corporation

Pennsylvania Department of Banking

NJ Department of Banking and Insurance

Del. Office of the State Banking Commissioner

More money-related links:

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