TD Bank calls itself “America’s Most Convenient Bank,” but a recent computer system glitch from last weekend is still inconveniencing some of the bank’s customers.
On Oct. 3—about a week after the glitch first hit—TD Bank said that certain online transactions might still be delayed for some customers. The system error has caused some customers to miss their bill payments and other financial deadlines.
The issue arose several days ago after the bank tried to merge its computer systems following TD Bank’s acquisition of Cherry Hill, N.J.-based Commerce Bancorp earlier this year for $7.1 billion. The system conversion hit an error, and caused some transactions to post later than they should.
The system errors were compounded by the fact that it fell near a Friday, when many customers attempted to access their paychecks and pay their bills.
An account FAQ at TD Bank’s Web site read, “We are experiencing a delay in updating certain account transactions. As a result, it is taking longer than usual for credits and debits to appear on your account, and the balance may temporarily be different from your records.”
While deposits—and withdraws—were posted to customer accounts, they did not show up in the system online.
TD Bank has apologized to its customers on several occasions, and posted an update on its Web site that it is trying to resolve the issue.
TD Bank said that it would reimburse customers who were penalized as a result of late payments due to the bank’s system glitch. But some customers were nonetheless upset regarding the system outage.
One customer complained in a comment on ZDNet.com, “They are going to lose a lot of business and I will tell you this—not having a backup plan will cost them [and] their customers. As a good IT team, you would make sure that the transition is seamless.”
Last Friday, the U.S. Office of Comptroller and Currency said it was monitoring the glitch at TD Bank and may send out examiners if the issue is not solved soon.
TD Bank is a subsidiary of Canada’s Toronto-Dominion Bank, the country’s second-largest bank by assets. It acquired Commerce, which had locations in New Jersey, Pennsylvania, New York, and other Eastern U.S. states, to expand its presence in the United States. TD is also a minority shareholder of TD Ameritrade, the online discount brokerage firm.
Friends Read Free