Background

• In 2007, Toronto-based TD Bank said it was acquiring New Jersey-based Commerce Bancorp in a cash and stock deal to form a combined institution with 1,000 branches and 6.5 million customers. The merger involved the integration of the two banks' computer systems, which led to the error that affected customers' bank accounts.
  
  

Problems

• The TD Bank computer glitch intensified on Oct. 1, 2009, when many pension, Social Security and paychecks were to be deposited electronically. Some customers reported that their direct deposits were not being processed and that scheduled mortgage payments were not withdrawn from their accounts.
  
  

Result

• After the glitch was repaired, TD Bank reimbursed customers who were assessed fees, charges or interest as a result of their payments not going through. However, even a week after the glitch first occurred, customers were still reporting that their transactions were being delayed.