I had recently been looking for new bank accounts as my current bank (Santander) had stopped offering their bonus checking account and they also were no longer offering the high yield savings account that I had (the interest rate was a whopping 1%, but still better than most places). I stumbled upon a TD Bank sign up bonus where if you had a direct deposit of over $2500, you would get a bonus of $300 in your account. There were also no fees as long as you kept a minimum balance of $2500, so it seemed like the perfect time to open a new account. Checks were free with this account and the online interface seemed easy enough to use, and they did have a bill pay service.
I set up a test direct deposit from my employer, as it’s really easy to split up and change the source of direct deposits in our online system. Once that worked as a direct deposit, I then set up to use the remaining amount.
I had opened the account back in March when this promotion was going on, and should have received the bonus in my account by June. When I try to scroll through my account and view transactions from 3/01/2017 to 6/01/2017, the only transactions that show up now are some interest credits. The same thing happens when I try to view account history through all time.
You can see the direct deposits occurred here, as I took a screenshot of them:
I’ve sent two secure messages to TD Bank online customer support and also called them once, but each time I’ve been told that my account did not have direct deposits within 60 days of the account opening. I ask them to go to the transaction dates and they say there is no record of them in the system? I’m not sure how I can be earning interest on the money in my account and where it magically came from. They agree that my account had no initial funding, so where did the money come from then?
I’ve sent all these messages well past the sign up deadline, as you would think the process was fairly automated. So I even waited a week after 90 days was up.
So apparently you can wipe the transaction history out, wipe the secure messages I’ve sent out and arbitrarily decide not to honor a promotion. I’ll be closing my TD Bank account immediately and will not be recommending them to anyone else. I think I will make sure to receive paper statements from now on in order to have a paper trail (as long as there are no fees associated with that).
Overall this entire process has been extremely frustrating and a waste of my time. It looks like the search to find a new bank will continue. Let me know if you have any suggestions or similar frustrations with banks in the comments below.