In an episode of corporate gymnastics that I don’t completely understand, CIBC sold part of its Aerogold Visa business to TD Canada Trust. I happened to be in the part of the business that was sold, and so in June of this year my CIBC Visa became a TD Visa (ironically I’d switched away from TD Visa several years ago to CIBC; they just keep pulling me back in again).
As part of the transition, I received a new Visa card number, and had to switch to using TD’s online systems. Because I’m a “pay my credit card balance every month, on time” kind of person, on the day I received my new TD Visa card, I immediately registered for a “TD EasyWeb” account for the card and turned on email statement notifications so I’d be sure not to miss my first statement.
And then life went on.
Until yesterday when I went to pay for something with my new TD Visa only to have it declined.
This morning I phoned TD to find out why and I was told that there was a “non-payment hold” put on my account because I hadn’t made a payment. I replied that I hadn’t received a statement yet, despite having set up email statement notification.
It was only at this point that I learned that, sometime after I set up a new EasyWeb account for the new credit card, TD, of its own volition, merged the new Visa card into my existing EasyWeb account, attached to a line of credit and a long-dormant chequing account. This old EasyWeb account didn’t have email notification turned on, which is why I never received a statement.
The agent claimed that the only way to make all of this right was to make a payment on the account, wait 3 to 5 business days for the payment to clear, then wait a further 2 business days for the hold to be removed.
In other words, I’d be without my business credit card for a week.
Despite my protests that this would be extremely inconvenient – not only would I not be able to purchase anything online for the business, but any automatic payments associated with the account would presumably be kicked back declined as well – I was told there was no way to override the system and that I was stuck.
I hung up.
I called back.
I explained the situation again, from the start, to a second agent.
The second agent told me he would immediately remove the hold, remove the $16 in interest that had accrued because of non-payment, and that I could start using the card again immediately.
So, TD, I’m not impressed.
And if you find yourself in the same situation you may want to both check to make sure you’re email statement notifications are turned on, and, if you find agent number one unhelpful, call back and speak to agent number two or three, who may have better answers.