Thousands of Toronto, CA-based TD Bank customers are scrambling today after a computer malfunction fouled up direct deposit and automatic bill paying, causing many customers to incur late fees and bounce checks.
The problem is being attributed to a computer glitch that is remnant of the switch over to TD Bank’s system from Commerce Bank after its 2008 acquisition.
It is the third time this week that real-time updates were not available for viewing by customers. “We deeply, deeply regret this,” said TD Bank spokeswoman Jennifer Carlson in a statement.
TD Bank will refund anyone charged with late fees due to the obvious major malfunction.
Many customers could not log in to their accounts Thursday, but full service was restored by 3:00 p.m..
The problem was first discovered on Sept. 28 when a system integration project was initiated. Although bank officials though the glitch was corrected, it has recurred twice since the first instance.