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TD Bank driving fees up, customers away

TD Bank is back to annoying my friends and neighbors with yet more fee hikes.

TD Bank is driving fees up, customers away

The big eastern bank that operates from Maine to Florida just announced it will boost the cost of:

  • Wire transfers from $10 to $15.
  • Certified checks from $4 to $8.
  • Money orders from $4 to $5.
  • Stop-payment fees from $25 to $30.

It will also limit the number of transactions you can make from some of their savings account to six per billing cycle. After that, they’ll tack on a $9 fee.

Now, these aren’t everyday transactions.

But they’re another ding for TD customers who’ve already had a rough year.

In March, TD raised monthly fees on some of its checking accounts.

It also stopped reimbursing out-of-network ATM fees for customers with Convenience, Student, Core, Value and 50 Plus Checking accounts, and tacked on a $2 fee of its own for such transactions.

Many former Commerce Bank customers who had their free checking accounts grandfathered in after TD bought Commerce in 2007 were also forced into new accounts that either charged monthly fees or required them to keep big cash in the bank to go fee-less.

I live in former Commerce Bank territory (it was founded in south New Jersey), and many of my friends and neighbors were enthusiastic customers.

But their ire with the bank’s buyer has grown with every new fee TD has imposed.

When this news hit yesterday, my Facebook stream was filled with rants of customers who had finally had it and were going to ditch TD for good.

This even came from friends who admitted the latest fees probably wouldn’t affect them.

No wonder the nation’s biggest banks are losing customers left and right.

I recently saw where economist Michael Moebs said the 34 largest banks (those with $50 billion or more in assets) lost about 4 million more customers than they gained in 2010.

He’s talking about you TD (which is still one of the biggest banks in the United States even though it’s owned by Toronto-Dominion Bank of Canada.)

This year, Moebs projects, those same banks could lose 9 million to 12 million more customers than they add.

Anyone see a trend here?

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Comments (2)
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2 Existing Comments
  1. A.Bundy said:
    on November 9th at 09:19 pm

    the commercials alone drive me away. i cant stand Reggis and his Facebook sidekick. Toronto Dominion belongs back in Canada. There is no hope for it to compete in this market.

  2. Carol said:
    on November 11th at 02:29 pm

    And those Canadians used to be so nice.