TD Card Services giving me hassle about accepting payment

For just about anything you want to get off your chest about credit cards.
4 posts
swampwiz
 
Posts: 2
Joined: Fri Mar 04, 2016 2:05 pm

TD Card Services giving me hassle about accepting payment

Postby swampwiz » Fri Mar 04, 2016 2:15 pm

Here's my situation. I have a TD Card Services with a big balance and painful interest rate. I have the ability to do a balance transfer of a big chunk of that to Wells Fargo at a much nicer rate. Wells Fargo says that they had an issue with doing the payment. TD Card Services claims that it cannot accept electronic payment. This sounds like a violation of USA banking law to deny acceptance of payment. Of course, the folks running the customer service @ TD Card Services sound clueless, so I'd like to speak with someone at the Executive Office of TD Bank (or whatever is the USA entity that does business as TD Card Services.) I also think I have a complaint case that I could get the new Consumer Financial Protection Agency involved.

Oh, and don't tell me that I should simply get a "balance transfer check", as I am away from my home (for a long time), so that will not work.

Any ideas as to how I should proceed? Thanks


thom02099
Centurion Member
Centurion Member
 
Posts: 467
Joined: Sat Apr 13, 2013 7:49 pm
Location: Colorado, USA

Re: TD Card Services giving me hassle about accepting payment

Postby thom02099 » Fri Mar 04, 2016 7:08 pm

swampwiz wrote:Here's my situation. I have a TD Card Services with a big balance and painful interest rate. I have the ability to do a balance transfer of a big chunk of that to Wells Fargo at a much nicer rate. Wells Fargo says that they had an issue with doing the payment. TD Card Services claims that it cannot accept electronic payment. This sounds like a violation of USA banking law to deny acceptance of payment. Of course, the folks running the customer service @ TD Card Services sound clueless, so I'd like to speak with someone at the Executive Office of TD Bank (or whatever is the USA entity that does business as TD Card Services.) I also think I have a complaint case that I could get the new Consumer Financial Protection Agency involved.

Oh, and don't tell me that I should simply get a "balance transfer check", as I am away from my home (for a long time), so that will not work.

Any ideas as to how I should proceed? Thanks


They are not denying acceptance of payment; they state they cannot accept electronic payment. There's a difference. Though antiquated, it's not illegal. Hence there is no violation of USA banking law.

While nearly every major institution can accept electronic payments, there is no requirement to do so. Over the years, I've had multiple accounts that would not accept electronic payment transfers. In those cases I had to mail them a check. Most of them have come around to accepting electronic payments. And here, in 2016, I still have an account that will not accept any electronic payments, I have to send a check or money order.

Regarding your unique situation, contact Wells Fargo and see if they can mail TD Card Services a transfer check. There may be a service charge to WF that you'd have to pay, but it should not be substantial, and the end result would be that you get the better rate with WF.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

Kevin86475391
Centurion Member
Centurion Member
 
Posts: 237
Joined: Wed Feb 18, 2015 9:04 pm
Location: Texas

Re: TD Card Services giving me hassle about accepting payment

Postby Kevin86475391 » Fri Mar 04, 2016 8:42 pm

thom02099 wrote:Regarding your unique situation, contact Wells Fargo and see if they can mail TD Card Services a transfer check. There may be a service charge to WF that you'd have to pay, but it should not be substantial, and the end result would be that you get the better rate with WF.


This is exactly what I was going to recommend. See if you can get Wells Fargo to mail them a paper check. It shouldn't be that difficult for them or unreasonable to request. While not accepting electronic payments strikes me as very odd for a bank it's not that uncommon for smaller merchants and businesses. Thus it's pretty common for a bank's bill paying services to actually send out paper checks after you do your bill pay online. Bill pay is a bit different than balance transfers of course, but I'd still be surprised if Wells Fargo couldn't/wouldn't do it.

swampwiz
 
Posts: 2
Joined: Fri Mar 04, 2016 2:05 pm

Re: TD Card Services giving me hassle about accepting payment

Postby swampwiz » Sun Mar 06, 2016 4:51 am

I spoke with a "supervisor" at the Wells Fargo "Credit Card Executive Office", and she said that they cannot issue a simple check to TD Card Services. However, they will allow the balance transfer cash to go into a Wells Fargo checking account. I used to have such an account until I had decided to take my brokerage business elsewhere because of all the fees, and closed out that checking account because of the fees as well. I walked into a Wells Fargo branch to open up that account. I will try and see if I can open up a checking account online, without having to come into an office, or accept mail to sign an application, etc. (if I could that documentation online and simply send online (or fax) a scan of that signed document, then I could do it; that would seem to work, although I'm wondering if the fees associated with opening up a checking account and then quickly closing it would be enough of a hit to make the savings from the balance transfer even worth it.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 0 guests