TD Waterhouse

I am a very long term customer since the Market Partner days of 1994. Service levels have deteriorated to completely unacceptable. Numerous instances of ignorant inconsistent misleading information provided. Constant nickel-​and-​diming. Overcharging. Countless hours spent on hold as no-​one answering the phones during busy trading hours. Trading interface is plagued with glitches. One word of advice: Avoid!

While I like TD Bank and its group of companies, I am not fond of TD Transfer Services which is operated by TD Waterhouse. It is the worst process you will ever go through. If you are transferring assets internally, you will be waiting months for the transfers to be processed. The people working in this department have a hard time understanding proper english and comprehending simple logic; so if they misinterpret something, which is usually the case, you will be trying to move heaven and earth to get their mistake fixed. Moreover, there is a lack of care on their part; it seems they are just their for the paycheque. They do not communicate with the customers directly; so any updates have to come from the TD branch representative who initiated the transfer, or by speaking with a TD Waterhouse agent, which has its drawbacks. Asking your branch representative to intervene or simply do something doesn’t help either. This is because TD Canada Trust branches operate as a separate business unit, in fact every TD brand under the umbrella does. This means that they were not the ones handling the transfer, even though they were the ones who initiated the transfer you; in essence your branch representative is powerless to help you during the transfer process.
My story began with a decision to transfer assets back to TD Investment Services (branch) from TD Waterhouse, as dealing with non-​native english speakers over the phone, and receiving inconsistent service had become cumbersome. In an attempt to ensure a smooth transfer process and due to previous unpleasant transfer experiences, I had learned that employees in this department often «lost» faxes, so asked the branch representative to fax and mail the transfer forms. Unfortunately, sending in the fax and the physical copies did not help.
After thirty days, the transfers had not been completed, so I decided to take action. I quickly learned that I couldn’t call TD Transfer Services directly, I had to call a TD Waterhouse agent and explain my situation. This became tiresome as I found myself calling multiple times a week, waiting on hold each time, as well as explaining, and re-​explaining myself. Then, the TD Waterhouse agent would put me on hold to make contact with the transfer department. This further complicated matters and wasted time, because some of the TD Waterhouse agents didn’t speak proper english. Sometimes, I asked for a different agent who spoke proper english, I was told that it was not possible, and I would have to take my chances by calling and waiting on hold again– an explanation that defied logic. Essentially, I was left hoping for a miracle to occur, for the transfer to go through.
Several times, I asked for a resolution, a simple one at that; I simply wanted the transfers from TD Waterhouse to TD Investment Services (TD Mutual Funds) to be expedited and completed. It was not much of a surprise realizing that nothing was expedited; in fact it took nearly two months, several phone calls, and hours spent on hold for the internal transfer request to be processed. The process was frustrating and upsetting; my patience was wearing thin at times, so much so that I was literally ready to drive to the address and beat the incompetence out of the people working there. With that said, I kept my cool, but began to wonder why an internal transfer would take so long? I would like to think that that a bank like TD would take care of its customers in a timely and efficient manner; after all isn’t this the bank that prides itself of providing a comfortable banking experience? Isn’t this the bank that takes care of its customers so that other banks wont? So why did the bank fail to meet its reputation in this case? Its difficult to answer these questions, and only those who work there can truly answer it. However, I’m glad that the nightmare is over.