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I have direct deposit for my pension and SS. I prepare payments to be made online in advance. I always use the date of deposit as the "to be paid on" date for my bills. How can I know if this will avoid overdraft fees with the new procedure starting on April 25, 2016? I would like to know the exact time these deposits are credited to my account and the exact times that the planned payments to creditors will be charged against my balance, to make sure there is no confusion/overdraft fees involved. Also will the exact times be listed on my statement so I can track and compare them?
Margaret, Dix Hills
March 23, 2016 01:04:13 PM
In reply to Margaret, Dix Hills
Thank you for stopping by TD Helps with your question, Margaret. We certainly understand your concerns, and we'll be glad to clarify this for you.
We'd like to begin by stating, you came to the right place for help and we can understand how transitions can be challenging. Please be sure that we are here to best assist you so you may manage your account in the easiest way possible.
As you are aware, beginning next month on April 25, 2016, we'll process transactions (including pending transactions) chronologically, based on the date and time you make them.
With that being said, we will still process your direct deposits overnight with a time stamp of 2:00 AM. Generally speaking, in overnight processing, any deposits that have become available are first added to the your available balance. Since you mentioned you have direct deposit for your Pension and Social Security, they will be processed first and made available to you by the start of the business day. If you have a payment scheduled with a company directly using your routing and account numbers, this is called an ACH withdrawal. Automatic withdrawals such as these will continue to process at three different times during the day, with most being during overnight processing. Also, please know that the payment method used may affect the time assigned to the transaction. If you're processing a debit card transaction, the pending amount can show up based on the time you process the transaction.
We hope this clarifies your inquiry, Margaret and please let us know if you have any more questions. Additionally, we invite you to check out: www.tdbank.com/newprocess for some helpful details regarding this new process.
You may also send us a secure message from your Online Banking if you have any questions. Feel free to give us a call 24/7 at 888-888-0130 if you prefer to speak with us directly. As always you are welcome to submit another inquiry here on TD Helps as well!
We appreciate your visit Margaret and hope you have a wonderful week.
Alara B, Mount Laurel
March 23, 2016 01:05:23 PM
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