TD Bank scrambles to fix glitch after systems integration project goes awry
02 October 2009 | 7069 views | 0
Canada's Toronto Dominion Bank has been scrambling to reassure customers at US affiliates Banknorth and Commerce Bank after a weekend systems integration project led to delays in account updates and funds transfers.
Bank officials say they are working round-the-clock to fix the problems which have affected overnight batch postings, leaving customers uncertain about their deposit balances.
The problems for TD Bank customers first emerged Monday morning, following a weekend systems integration project of recent acquisitions Banknorth in Maine and Commerce Bank in Cherry Hill. Five days on and the overnight reconciliation of transactions and subsequent batch posting was still running behind schedule.
The banks says it will compensate customers for any bounced cheques and penalty fees incurred.