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  • Apr 6th, 2011 7:48 am
Deal Fanatic
Mar 12, 2010
5809 posts
498 upvotes
London

TD ATM deposit

I'm hoping someone can clarify for me a little more based on personal experience. I've already called TD and visited my branch and the information was a little unclear and contradictory. I'll just post fake balances so this is as simple to read as possible.

I made a deposit on a weekday at a greenmachine ATM at about 9:45 pm. Account balance started at 200, deposit 500 (no hold on deposit under 1000). Account balance prints on slip at $700. Go home, 45 mins later log on easyweb and account balance on account summary screen shows 700, so I make bill payments/transfers for $500. All went through. Upon completing I look at account summary screen, balance is $200. I then look at account details to review my transactions. At the top of the screen by the account number it has balance of $200, but the running balance is different. It shows as -$300, as in the negative. I called them right away (as I don't have overdraft protection on that account) and they said that deposits after 9 won't show on the details until the next day, because they were doing a system update, and it would iron itself out. She looked in the computer and could see my deposit on her end, so no problem. I figured the transaction would show up in the morning.

The next morning when I check, the deposit showed up, but was posted on the next day, the day after I made the deposit, and still showed that my account was in the negative the day before. Then at the end of the month I was charged interest because of that.

When I talked to the bank (at the branch) I was told about the sticker on the machine about deposits after 9. That's all fine, I didn't see it, and that is my fault, however, when it says that the deposit won't be posted right away then I would assume that my balance would not have been updated till it was, and if my balance was ok then I should be fine. I used to bank only with PCF, never encountered anything like this, and since going to TD I usually deposit at teller (as I will from now on).

I since added overdraft on this account, pay as you go, but now I'm told if this situation happens again I will now be charged $5 plus interest! As opposed to just interest like I was this time, about 60 cents. Btw, they refunded the interest, not that it was much, but it seems odd that when my balance shows in good to go I should be free to do bill payments from that account.

Is this the way deposits are actually done at machines after 9?

And more importantly, will something like this show on my credit report? I'm looking to get a mortgage later this year so any strike would be really bad.

Thanks for any comments on the above, sorry for any typos, I'm on an iPhone and it can be hard to edit :)
26 replies
Deal Fanatic
User avatar
Mar 20, 2009
8862 posts
2636 upvotes
Vancouver
It's just one of the little ways that banks make their administrative problems into your problem. Everyone who lives on the west coast has to put up with all the eastern-based banks operating on a day that inconveniently ends at 9pm anyway.

Incidentally, putting overdraft "protection" on your account is not necessarily a good idea. Keep in mind that you are 100% responsible for any fraudulent transactions on that account (e.g., if your card is skimmed), and overdraft protection then allows the thief to steal more money than you actually have in the account.
Jr. Member
Mar 2, 2011
189 posts
9 upvotes
Richmond Hill
No, it would not show up on your credit...unless perhaps you went into the hole, and just abondoned the acconut, refused to answer the phone calls they would make, and then eventually they would likely put it on your score.

But as long as it is rectified, no it wouldn't go on your account
Moderator
User avatar
May 17, 2007
3633 posts
746 upvotes
Burnaby
I have the TD overdraft, and I never use it. $5 per transaction is kiiller. You might want to consider getting a ULOC. You can pay your bills from it if needed, then transfer $ from you chequing back into the line of credit as soon as your deposit clears. Keeping a small buffer is a good idea too... say $500 in a savings account that you can access online to cover your shortages.
Deal Addict
User avatar
Apr 10, 2010
1255 posts
123 upvotes
It's something that can only be talked through face to face with a branch manager. Don't bother explaining the situation on phone with the general phone support.

As for the necessity of adding overdraft feature, no, don't do it. When you don't have overdraft on your account, things like this (administrative matter) can overdraw your account and you will only get charged the interest. But if you have overdraft, it will cost you a one-time usage fee plus interest.

Secondly, this kind of stuff doesn't show up in any way in your credit report. I remember having the similar situations (administrative problems) happening to me that caused my account (at 2 banks) to be overdrawn (for $10ish) - my account doesn't have overdraft. They are fine. No problem.
[OP]
Deal Fanatic
Mar 12, 2010
5809 posts
498 upvotes
London
Thanks for the quick replies. Sorry I can't do multi quotes on the phone, but to further clarify...

First, as I understand, when we signed up, we were specifically told we were NOT responsible for unauthorized transactions, as long as we didn't give them our pin number. I know this can be argued as the bank would try to pin on customer to get the money back, but we aren't supposed to be responsible. I use my CC though for most store purchases for this reason, as it seems they are easier to deal with for fraud.

Thanks for the reassurances on the credit information and credit report. That is what I was hoping to hear.

I was under the impression that without overdraft I would not be able to overdraw my account. Well it shows that I did, and was charged interest, when if I didn't have the money there (even though I did) I would assume it wouldn't let the transaction go through. I was told that doing bill payments if I don't have the money in there and make a payment I'll get an NSF fee (instead of just not doing the transaction) So I have no idea why they allowed it to happen. I put on overdraft to avoid the NSF fee if this kind of thing happens again.

This is a different account than I usually pay stuff out of, as I have a large enough 'float' in my bill paying account.

See how this is confusing and contradictory? Overdraft protection costs money, but seems you can over draw anyways, and cost less.

I went to the branch but just talked to an info person who credited my interest back, since this isn't a 'regular occurrence' I didn't go to the manager since i thought it was my fault it happened perhaps.

So I guess now I'm not sure if I should have overdraft or not! Lol. And the two differences in balances on the transaction details screen is an issue as well but I doubt they will be changing that anytime soon.

Just saw about they will overdraw for administrative matters, but you never know if they will or rather ding you with NSF @ $40 instead, Whn again, the money was there in the first place.
Member
Sep 4, 2010
370 posts
33 upvotes
Technically, without overdraft, the bank has the right not to allow your account go into the negative.

In other words, if you write a cheque for $100, and you have $50 in your account, the bank would, at its discretion, honour or dishonour the cheque.

Likewise, if you don't have overdraft, the system shouldn't have let you pay bills that exceed your account balance. Sounds like a system error though.

However, you shouldn't be charged NSF fees if you make a bill payment online. This is because the system would catch it right away, and tell you that there is not enough funds. NSF is only for when you write a cheque and it bounces, due to the administrative work involved for the sending and receiving banks.
Member
Jan 26, 2011
231 posts
14 upvotes
Coquitlam
That happend to me. After you deposit, in the accounts summary page it shows the new balance. If you click the link to see the details of the account, the new balance is not yet posted. I made bill payment based on the new balance. They charged me interest/overdraft.

I just did another ATM deposit to reproduce the whole process and record the screenshot/video. Then I called TD to ask them credit the charge back. They did. If they don't I will just follow the complaint resolution process until reached the OBSI.
redgrandam wrote:
Apr 3rd, 2011 9:26 am
I'm hoping someone can clarify for me a little more based on personal experience. I've already called TD and visited my branch and the information was a little unclear and contradictory. I'll just post fake balances so this is as simple to read as possible.

I made a deposit on a weekday at a greenmachine ATM at about 9:45 pm. Account balance started at 200, deposit 500 (no hold on deposit under 1000). Account balance prints on slip at $700. Go home, 45 mins later log on easyweb and account balance on account summary screen shows 700, so I make bill payments/transfers for $500. All went through. Upon completing I look at account summary screen, balance is $200. I then look at account details to review my transactions. At the top of the screen by the account number it has balance of $200, but the running balance is different. It shows as -$300, as in the negative. I called them right away (as I don't have overdraft protection on that account) and they said that deposits after 9 won't show on the details until the next day, because they were doing a system update, and it would iron itself out. She looked in the computer and could see my deposit on her end, so no problem. I figured the transaction would show up in the morning.

The next morning when I check, the deposit showed up, but was posted on the next day, the day after I made the deposit, and still showed that my account was in the negative the day before. Then at the end of the month I was charged interest because of that.

When I talked to the bank (at the branch) I was told about the sticker on the machine about deposits after 9. That's all fine, I didn't see it, and that is my fault, however, when it says that the deposit won't be posted right away then I would assume that my balance would not have been updated till it was, and if my balance was ok then I should be fine. I used to bank only with PCF, never encountered anything like this, and since going to TD I usually deposit at teller (as I will from now on).

I since added overdraft on this account, pay as you go, but now I'm told if this situation happens again I will now be charged $5 plus interest! As opposed to just interest like I was this time, about 60 cents. Btw, they refunded the interest, not that it was much, but it seems odd that when my balance shows in good to go I should be free to do bill payments from that account.

Is this the way deposits are actually done at machines after 9?

And more importantly, will something like this show on my credit report? I'm looking to get a mortgage later this year so any strike would be really bad.

Thanks for any comments on the above, sorry for any typos, I'm on an iPhone and it can be hard to edit :)
[OP]
Deal Fanatic
Mar 12, 2010
5809 posts
498 upvotes
London
ryguy2008 wrote:
Apr 3rd, 2011 1:02 pm
Technically, without overdraft, the bank has the right not to allow your account go into the negative.

In other words, if you write a cheque for $100, and you have $50 in your account, the bank would, at its discretion, honour or dishonour the cheque.

Likewise, if you don't have overdraft, the system shouldn't have let you pay bills that exceed your account balance. Sounds like a system error though.

However, you shouldn't be charged NSF fees if you make a bill payment online. This is because the system would catch it right away, and tell you that there is not enough funds. NSF is only for when you write a cheque and it bounces, due to the administrative work involved for the sending and receiving banks.

Ahh, thanks. It sounds like a known glitch that instead of fixing is is covered by the notice on the ATMs. I suppose it only allowed that transaction because some two systems aren't In sync at night.

Since it doesn't affect my credit I might as well drop the overdraft. The account that I use to write cheques normally already has overdraft on it.

I suppose post dated bill payments or recurring transfers set up on easy web could get NSF as well? I've heard that both ways from the bank. One says they would catch it one says they would charge NSF if say I had a transfer set up and my pay didn't go in for some reason (or was delayed)
Member
Jan 26, 2011
231 posts
14 upvotes
Coquitlam
That happend to me. After you deposit, in the accounts summary page it shows the new balance. If you click the link to see the details of the account, the new balance is not yet posted. I made bill payment based on the new balance. They charged me interest/overdraft.

I just did another ATM deposit to reproduce the whole process and record the screenshot/video. Then I called TD to ask them credit the charge back. They did. If they don't I will just follow the complaint resolution process until reached the OBSI.
redgrandam wrote:
Apr 3rd, 2011 9:26 am
I'm hoping someone can clarify for me a little more based on personal experience. I've already called TD and visited my branch and the information was a little unclear and contradictory. I'll just post fake balances so this is as simple to read as possible.

I made a deposit on a weekday at a greenmachine ATM at about 9:45 pm. Account balance started at 200, deposit 500 (no hold on deposit under 1000). Account balance prints on slip at $700. Go home, 45 mins later log on easyweb and account balance on account summary screen shows 700, so I make bill payments/transfers for $500. All went through. Upon completing I look at account summary screen, balance is $200. I then look at account details to review my transactions. At the top of the screen by the account number it has balance of $200, but the running balance is different. It shows as -$300, as in the negative. I called them right away (as I don't have overdraft protection on that account) and they said that deposits after 9 won't show on the details until the next day, because they were doing a system update, and it would iron itself out. She looked in the computer and could see my deposit on her end, so no problem. I figured the transaction would show up in the morning.

The next morning when I check, the deposit showed up, but was posted on the next day, the day after I made the deposit, and still showed that my account was in the negative the day before. Then at the end of the month I was charged interest because of that.

When I talked to the bank (at the branch) I was told about the sticker on the machine about deposits after 9. That's all fine, I didn't see it, and that is my fault, however, when it says that the deposit won't be posted right away then I would assume that my balance would not have been updated till it was, and if my balance was ok then I should be fine. I used to bank only with PCF, never encountered anything like this, and since going to TD I usually deposit at teller (as I will from now on).

I since added overdraft on this account, pay as you go, but now I'm told if this situation happens again I will now be charged $5 plus interest! As opposed to just interest like I was this time, about 60 cents. Btw, they refunded the interest, not that it was much, but it seems odd that when my balance shows in good to go I should be free to do bill payments from that account.

Is this the way deposits are actually done at machines after 9?

And more importantly, will something like this show on my credit report? I'm looking to get a mortgage later this year so any strike would be really bad.

Thanks for any comments on the above, sorry for any typos, I'm on an iPhone and it can be hard to edit :)
Member
Jan 26, 2011
231 posts
14 upvotes
Coquitlam
Ps: The grounds of complaint : easyweb provided misleading/false information.
hoveran wrote:
Apr 3rd, 2011 2:09 pm
That happend to me. After you deposit, in the accounts summary page it shows the new balance. If you click the link to see the details of the account, the new balance is not yet posted. I made bill payment based on the new balance. They charged me interest/overdraft.

I just did another ATM deposit to reproduce the whole process and record the screenshot/video. Then I called TD to ask them credit the charge back. They did. If they don't I will just follow the complaint resolution process until reached the OBSI.
[OP]
Deal Fanatic
Mar 12, 2010
5809 posts
498 upvotes
London
hoveran wrote:
Apr 3rd, 2011 1:59 pm
That happend to me. After you deposit, in the accounts summary page it shows the new balance. If you click the link to see the details of the account, the new balance is not yet posted. I made bill payment based on the new balance. They charged me interest/overdraft.

I just did another ATM deposit to reproduce the whole process and record the screenshot/video. Then I called TD to ask them credit the charge back. They did. If they don't I will just follow the complaint resolution process until reached the OBSI.

I don't get how they can not fix that. That is exactly it. And you can see on the details page it shows two different balances on one page! I would rather them just notify you when you deposit that if after 9pm they will post it in the morning. Then just update your balance and details when they do actually post it to your account.
Member
Jan 26, 2011
231 posts
14 upvotes
Coquitlam
redgrandam wrote:
Apr 3rd, 2011 2:17 pm
I don't get how they can not fix that. That is exactly it. And you can see on the details page it shows two different balances on one page! I would rather them just notify you when you deposit that if after 9pm they will post it in the morning. Then just update your balance and details when they do actually post it to your account.
they are busy changing the color of their website...
Member
Sep 4, 2010
370 posts
33 upvotes
redgrandam wrote:
Apr 3rd, 2011 2:09 pm
Since it doesn't affect my credit I might as well drop the overdraft. The account that I use to write cheques normally already has overdraft on it.
Someone would have to clarify here, but I know having overdraft protection (which you don't use) is a good thing for your credit score in a certain way. In what way, however, I'm not as familiar with.
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Dec 11, 2005
18493 posts
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ryguy2008 wrote:
Apr 3rd, 2011 5:11 pm
Someone would have to clarify here, but I know having overdraft protection (which you don't use) is a good thing for your credit score in a certain way. In what way, however, I'm not as familiar with.
I would not think having overdraft would help or hinder your credit score at all; it just shows up as any other unsecured credit line does on your report. There is not much difference then a $500 overdraft and a $500 credit card as far as your credit score goes.

That said, there is no good reason to not have overdraft on your account. It costs nothing, except in that very rare situation where you accidentally use it. And in that rare situation, it costs $5 - but if you don't have it, it will cost you more like $40.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
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