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Blog Posted in avatar   Rob Campbell's Blog

TD Bank is NO Friend of Small Business in Canada

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By Rob Campbell
Posted Apr 27, 2012 in Business
TD Bank punishes my small business. Yours too?
I’m trying to run a digital marketing business in Canada. I may have to give it up soon and its almost entirely because of my bank - TD Bank at 25 Mill St in Toronto.
I employee two people who would no doubt be unemployed, or under employed, if it wasn’t for my start-up. And like most small businesses, I struggle to pay them on time, and to find a small profit at the end of the month on which I myself can live. TD Bank is not helping, and in fact their policies of protecting and growing their enormous profits are crippling my business. This bank is green with greed and avarice - the milk of human kindness is NOT present anywhere in this monied institution.
Let me explain,
On Friday April 27th 2012 I deposited a cheque for $8500 in my business account (for which I pay almost $24 month in fees) at the TD Bank at 25 Mill Street. And they put it on hold. Now I need that money to start a large digital marketing project for my client. The money is late from them, and the project is already overdue. But I have learned, as I'm sure all businessmen come to learn, you can expect NO help from the TDbank. They are only interested in protecting and growing their enormous profits. They will hold my cheque, paralyzing my business, for five days.
I have brought the same cheque (the same amount from the same company) to the bank on two occasions prior to this one. They held those cheques too. But there is NO reason to hold them – the cheques are good. There is a history of the deposits and in the entire time I have banked here, there has NEVER been any problems with any of my deposits. But of course they're not worried about their own financial stability, its assured. And my account is small potatoes. This action is more about making sure I stay financially unstable, and not just me, but all Canadians in my situation, for their profits to increase.
You think I'm overreacting? I'm not. The only reason to hold the money is so that I cannot proceed with my business, and so that I will incur more debt, and ultimately bounce cheques and be subject to their $45 NSF fees.
In the coming week, with a five day hold on all my funds, my business will incur great difficulties. I have the onerous task of calling all suppliers and asking them to wait until the following Monday to cash their cheques. Should I miss one, then I will incur NSFs fees . And I will be deemed a risk again and that’s perfect for them - they can charge me more going forward, in addition to the NSF fees they will collect.
TD Bank is evil, and certainly NOT a friend of small business in Canada.
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