October 2nd, 2009
TD Bank botches IT system consolidation; Customer havoc ensues
If you’re a TD Bank customer and your balances are a mess here’s the reason: IT issues are wreaking havoc on the bank.
TD Bank, formerly Commerce Bank, told customers that balances, credits and debits may be inaccurate due to computer glitches. The problems began appearing over the weekend, according to the Philadelphia Inquirer.
TD Bank’s problems started over the weekend, when its Canadian parent company, Toronto-Dominion Bank, merged the computer systems of two acquisitions: Banknorth in Maine and Commerce Bank in Cherry Hill. Then the inevitable occurred.
The systems blew and TD Bank didn’t have a fallback plan. Batch processing of transactions, which occur nightly, fell behind.
According to TD Bank’s Web site the bank has been “working around the clock” to fix the problems. Here’s the explanation from TD Bank’s account FAQ:
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. Please be assured that your accounts and your money are safe, but we are running behind in processing. Your transactions will be processed and your balances will be updated once this processing is completed.
TD Bank will not charge any late fees, but given the number of automated transactions these days wrong balances can be a big headache for customers.
The bank also noted that its online banking and Quicken links have been down during the day as the company struggles to fix its computer woes. As a result the call center at TD Bank is also overwhelmed.
TD Bank says that customers deposits are safe, but that’s only half the bank’s job. The other half is getting you access to that money.
Larry Dignan is Editor in Chief of ZDNet and Smart Planet as well as Editorial Director of ZDNet sister site TechRepublic. See his full profile and disclosure of his industry affiliations.
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| 10/02/09
