TD Bank and Bank of America: A Tale of Two Banks


For the past 3 1/2 years, during the so-called recession which is really a Depression, TD Bank has trounced Bank of America, Chase Bank and Wells Fargo Bank in the stock market. TD Bank has gained over 50 % since January 2009 while Bank of America, JP Chase and Wells Fargo Bank stocks have declined from 2 to 40%. However on August 25th, 2011 Warren Buffet injected 5 Billion dollars into Bank of America causing Bank of America stock to spike considerably and actually show a greater gain than all three banks. If you take a look at any chart you will see that prior to August 25th, 2011 TD Bank was, by far, the winner in the horse race against Bank of America, Chase Bank and Wells Fargo. In fact, the Dow Jones stock price gain for TD Bank actually switched places with Bank of America. By that I mean that TD bank was leading Bank of America for 10 years with Chase and Wells Fargo banks sandwiched in the middle while Bank of America was dead last...this all changed on August 25th. Bank of America is leading and TD bank is dead last. How long this will continue remains to be seen as the Dow Jones today shows TD Bank once again on top by a narrow margin. This is not to say that TD Bank stock price has plummeted, it has not. TD Bank, Bank of America and Chase bank were practically the same in January 2007, all trading between $53.00 and $59.00 dollars (Wells Fargo was trading at $36.00 dollars). However, after the banking crisis of 2008 TD Bank stock began to take off while Bank of America's stock began to sink. I wonder why (said with great sarcasm)? Today TD Bank stock is around $76.00 while Bank of America's is around $8.00.


I have banked with both Bank of America and TD Bank and I can only vouch for my own personal experience that TD Bank is a much better bank than Bank of America. I had several problems with Bank of America which included not being able to gain access to my own money, having funds taken out of my account by accident and then not being returned for 10 days, rude bank tellers and unwarranted fees etc. I switched to TD bank approximately 8 years ago. Not only has TD Bank's service been exemplary but I have never been charged a checking fee as long as I keep a paltry $100 dollars in my account (something quite uncommon with Bank of America), whenever I need to speak to a person they are always there, 24 hours 7 days a week and I have NEVER had any issue of any kind with them. Now I am not a fan of banks in general but if one must have a bank, and it seems that one must, well TD Bank seems like a much better bank than any of the previously mentioned banks.

Additionally, I did a cursory search on You Tube for TD Bank complaints verses Bank of America complaints (some of the videos are below). I literally found one TD Bank complainant. While searching Bank of America's I found myriads ranging from horrible service to unfounded foreclosures on homes that Bank of America didn't even own!

It really makes you wonder when one man can manipulate the Dow Jones by infusing so much money into the system. I also wonder if Mr. Buffet might have insider information regarding another bail out of Bank of America. In any case, what does that tell you about the stock market and it's machinations not to mention the character of Warren Buffet?


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Snapshot of Stock Prices as of August 29, 2011

(click column header to sort results)
   
   
   
Bank of America
$8.11
8/29/2011
TD Bank
$76.21
8/29/2011
Chase Bank
$36.82
8/29/2011
Wells Fargo Bank
$24.91
8/29/2011

Snapshot of Stock Prices January 2, 2009

(click column header to sort results)
   
   
   
Bank of America
$13.92
1/2/2009
TD Bank
$35.48
1/2/2009
Chase Bank
$31.19
1/2/2009
Wells Fargo Bank
$29.18
1/2/2009

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Comments 17 comments

Jonesy0311 profile image

Jonesy0311 5 years ago

I used to work in the armored car industry and I will NEVER EVER hold an account with either Bank of America or Wells Fargo. Both are highly incompetant and terrifyingly negligent. I cannot even recall how many cases of (bank) employee negligence and theft arose in the very short time that I worked around these people. I cannot personally speak for the other banks mentioned. I would like to keep my money under a matress, but it isn't very practical these days. So far, USAA FSB hasn't steered me wrong and I will likely remain a lifetime member. Voted Up.


Brie Hoffman profile image

Brie Hoffman 5 years ago from Manhattan Author

I use TD Bank but I put very little money in it and when it gets too much I take it out and buy silver with it. I don't trust any bank under the current fractional reserve system. Thanks for commenting.


PETER LUMETTA profile image

PETER LUMETTA 5 years ago from KENAI, ALAKSA

I believe your local Credit Union van pwrform any of the services that BOfA can perform with better service and return. thanks for the info

Peter


Brie Hoffman profile image

Brie Hoffman 5 years ago from Manhattan Author

I agree, problem is for me there is no local credit union..so I'm stuck with a bank. However, like I said in the article TD Bank is pretty good for my limited needs.


Dawn Conklin profile image

Dawn Conklin 5 years ago from New Jersey, USA

Wells Fargo cost me almost $25,000 until I turned all the paperwork over to my lawyer. TD Bank has also cost me about $1000 when they violated my privacy and gave my account information to somebody who tried to obtain my info by fraudulent means. TD Bank gave my info to them and then money was missing out of my account, TD Bank charged me all sorts of fees and it was a mess-another lawsuit (and I don't like to sue but I will not take theft of my money either!) TD Bank has not been sued as the person who obtained my information is required to pay me for all damages. I would have liked the bank being charged just so it went on record and people looking to do business with them would have access to it! I was scarred from banking and was content paying the extra fees for money orders and prepaid credit cards for a long time!!

I am glad you are cautious with TD Bank, they seemed great until that happened, but it may have been my branch. I believe that is where the information was released from and also they were the ones who would not credit me after I was told by the corporate office that I would be credited. Funny tho as all of a sudden they wouldn't let me close my account and then I had a mess of problems and fees. Only way to close the account in the mess was to let the fees drop into the negative and have them charge account off. Really didn't like doing it but it was costing me too much money to have the account open!!


Brie Hoffman profile image

Brie Hoffman 5 years ago from Manhattan Author

Wow, thanks for the heads up. I keep a very minimal amount in the bank as I don't really trust any bank, but you have to bank somewhere!


breakfastpop profile image

breakfastpop 5 years ago

Your hub has added to my feeling that I have to change banks even though it is a real pain to do so.


Brie Hoffman profile image

Brie Hoffman 5 years ago from Manhattan Author

I know it is...especially when you have direct deposits and automatic withdrawals. Just you wait, I'm working on another article about all the shenanigans that B of A pulls on it's customers...if that doesn't do it for you nothing will!


Dawn Conklin profile image

Dawn Conklin 5 years ago from New Jersey, USA

I am looking forward to reading your new hub! It is a shame what banks do really. My Grandfather refused to have a bank account so he never did, was different back then tho of course.

I wish I had the ability to open a bank, as a customer who has had problems with banks I think it would be easy for me to treat customers like people instead of a number!


StayPos profile image

StayPos 5 years ago from Florida, USA

Brie,

Excellent hub! You've pointed out some outstanding points of why I’ve been “ banking ” with credit unions for the past 15 plus years!

Similar to the comment above fortunately (being former military) I've had an excellent experience with both USAA and SAC Federal credit unions.

They have an entirely different philosophy about banking of which commercial and civilian institutions would be wise to begin adopting. It seems TD Bank is moving in the right direction. Thanks for sharing.

Voted Up and Awesome!


Brie Hoffman profile image

Brie Hoffman 5 years ago from Manhattan Author

I just published it.

Thanks StayPos and Dawn for commenting


Gypsy Willow profile image

Gypsy Willow 5 years ago from Lake Tahoe Nevada USA , Wales UK and Taupo New Zealand

I highly distrust all banks but most of all I hate the fees for accidental overdrafts when bad timing has caused a temporary situation. Where is safe for ones money these days. Silver sounds a good idea.


Brie Hoffman profile image

Brie Hoffman 5 years ago from Manhattan Author

I keep only a very small amount of money in the bank. I think Silver is an excellent choice and have written a hub about that:

http://hubpages.com/money/10-Reasons-Why-Silver-is...


gracenotes profile image

gracenotes 5 years ago from North Texas

Brie, this is a good hub.

My personal experience with Bank of America was very bad. Three unforgivable mistakes in a row. Once my name was off that account, I vowed never to bank with them again.

At the time, my other account was with a locally owned bank, and the bank officer there told me that BOA was not abiding by state regulations anyway. Regs in Texas say you cannot have someone's name simply removed from an account -- you have to close the account and start over. I learned a lot there.

Presently, I have two accounts. My cousin is the president of one of the banks, which I trust. Having a family member you can count on is ideal! The other account is with a smaller, locally owned bank.


Brie Hoffman profile image

Brie Hoffman 5 years ago from Manhattan Author

Thanks for letting us know Gracenotes.


eye say profile image

eye say 5 years ago from Canada

once again another really informative article, thanks for taking the time, this is important info.


Brie Hoffman profile image

Brie Hoffman 5 years ago from Manhattan Author

Thanks Eye Say.

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