The issues started several days ago and have slowed the bank's ability to update certain kinds of customer transaction information. As a result, it has been taking "longer than usual" for credit and debits to appear on customer accounts, the bank said in a . The problems could result in account balances being temporarily different from what a customer expects.
The bank said it had prioritized the processing of direct deposits and is "making progress" in resolving the delays. It also assured customers that their accounts and money were safe and that overdraft and other fees that customers incurred because of the disruption would be covered by the bank.
"Across the organization, all hands are on deck to resolve these issues and get back to business as usual," the bank said. "From Maine to Florida, our employees remain focused on helping our customers through this period." An said the company had completed processing all of yesterday's transactions, though customer account balances are still not yet being updated in real-time.
According to some media reports, the problems are tied to an integration of systems belonging to TD Banknorth and Commerce Bank, both of which are owned by the Toronto-based TD Bank Financial Group. The Canadian company acquired Commerce Bank in March 2008 for $8.5 billion and later merged its operations with that of TD Banknorth.
Nick Petter, a spokesperson for TD Bank, said that while the overall integration of the systems went well, there have been some speed-bumps in the final stages, as you might expect with a project of this size and complexity.