Last week Friday was my familyâ€™s annual Christmas party and it so happened that I needed to run into the bank and drop in my pay cheque. As with anyone dropping off a cheque, it is a routine task, walk in, talk to a teller and deposit the cheque into your account.
I was prepared to spend at the very most, 5 minutes in the branch. However, the fact is I spent almost 30 minutes at my local TD branch depositing a cheque. It was quite frustrating considering the fact that I have been depositing cheque from my job for almost 2 years; in fact it has been at least 1 â€“ 1.5 years since I have been told that my cheque will need to be held.
You can imagine my frustration, with the bankâ€™s policy of a cheque being held 5 business days, I was told that my funds would be locked until January 5th 2012 (due to the many holidays at the end of the month).
I was completely annoyed because as you may already know, a friend of mine faced this kind of trouble when TD wrongfully held his cheques. He did his homework, deposited cheques on a regular basis, only to face a hold after several months.
Why was TD holding my cheque?
For the past few months, the cheques I have been depositing have varied, due to the amount of hours I was able to get. TD was still able to release my funds immediately, however that day, for some reason they were being difficult.
I was then told that even if you create a good history of depositing cheques, it may not help you when the time comes to deposit a larger amount.
I understood this, and explained that, however the fact was they have never had an issue releasing my cheques, regardless of the amount and that they were coming from the same source for over 2 years. Within those 2 years, not a single cheque bounced.
Now I was in no mood to argue, I mean, it is the holidays, so I asked to speak to someone concerning the matter. After dealing with a very rude manager, who argued with me over my cheque and repeated the following statement:
Sir, you are receiving $1000 from your cheque, you would only be receiving $200 if you were to deposit through an ATM
Now I was a bit confused why she would repeat this statement to me so many times; I am in no way deaf, and acknowledged her statement. I asked a friend of mine who works for a bank and it turns out that tellers repeat the statement to make it clear to the client that they are getting more than enough at the moment, and if they were to deposit through the ATM they would only get $200.
When I found this out I was even more frustrated. In fact, I was at home when I found this out, and decided that it was worth my time to drive back, get back my cheque and open a new bank account that would not treat me like an idiot.
After a good night with family and friends, I calmed down and decided to go to another branch, and deposit the cheque once again. You know what? The cheque went in my account without any hassle, took me barely 5 minutes to finish my banking.
Truthfully, I am still on the verge of opening a new account with another bank, I do not see why I should have so much trouble depositing a cheque with a bank I have built a solid relationship with.
For a bank that is ranked with the highest customer satisfaction survey, this particular TD branch was terrible, and it make me sad to be on the receiving end of this kind of customer service.
I wanted to get this story off my before entering the New Year, if you have an experience you want to share, comment below or email me at email@example.com