Can banks change your account details without asking you?

I had used Commerce Bank for my banking for around 5 years. I loved Commerce, I would never get overdraft fees if the amount was under $30 and if my account was low at the time when I would try to make a purchase with my debit card it would say insufficient funds.

Then TD Bank bought out Commerce. At first things stayed the same, they had the same hours and I wasn't being charged overdraft fees and my account wouldn't allow itself to be overdrawn. I play an online game that is subscription based and monthly I would always just let it attempt to charge, but if there wasn't the money it just wouldn't work. Well one month it just went through and had over drafted. Since then my account has been over drafted multiple times and there are always these strange charges of like 1.00 that happen at the same time that I have no idea what they are causing me to get extra overdraft fees. It's absolutely ridiculous, not only did they change the way my account works, but it seems like I'm getting played for a fool and repeatedly scammed by my bank. This just does not seem legal to me, not only that they keep allowing money to be taken out when there's none in there, but that they changed my account like this.

I was just wondering if anyone else has had similar problems with TD or if they have any advice. The most recent overdraft I had checked my balance and I had $90.00 in the account, so I proceeded to buy a $45.00 concert ticket. Well a week later I got a noticed that my account was -$144.50. It was like they delayed multiple charges until the account would go negative and I'm getting charged $120.00 in overdraft fees. It's ridiculous.


I figured I should mention I live in N.J.

1 Answer

  • Anonymous
    1 decade ago
    Favorite Answer

    (a) Yes, your bank can change the rules. They must notify you in writing and you have the option of leaving (closing your account) if you don't want the new rules.

    (b) You are not managing your checking account properly -- it may have "worked" with Commerce, but you should notice that Commerce is not longer in business...Does that tell you something about the way Commerce did business? TD is much more in line with the industry as a whole...learn the rules of the road or you are going to get mowed down over and over.

    Rules of the road:

    Banks are not your friend -- they are blood sucking for profit business that hate (HATE) small customers (less than $10,000) unless they can generate lots and lots of fees from them.

    Credit Unions are better than banks. Some credit unions are better than others. Credit unions are not for profit businesses.

    The proper way to manage your checking account is to:

    (1) keep track of all of your spending yourself -- never trust your banks "available balance" as an accurate "open to spend" amount.

    (2) at a minimum, figure out what your largest bill is each month. Keep that amount in your bank account at all times. (Use it a minimum balance amount. You are currently using $0 as a minimum balance amount)

    (3) The correct way to calculate your minimum balance is to calculate your average monthly spending for the last 12-18 months and use that amount.

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