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Fulford: Millions of People Finding Negative Numbers in Bank Accounts: End of the Fed?

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The following Bloomberg article may be one of the first signs the Federal Reserve Board is history:

It is hard to believe a “computer glitch” is what this is really about as they say in the article. Perhaps now is a good time to start a run on the bad banks that own the Federal Reserve Board and have been ripping off the American people for the past century. Give them one last well-deserved kick as they go under. Please take your money out of those banks and re-deposit them in any bank that says they are Basel 2 compliant, or, even better, buy something real like gold or a car.

Oct. 1 (Bloomberg) — Toronto-Dominion Bank, Canada’s second-biggest bank by assets, said technical glitches delayed the processing of bank transactions at some U.S. branches today.

Toronto-Dominion converted some of its branches in the U.S. from Commerce Bancorp Inc. to its TD Bank brand over the weekend, spokesman Nick Petter said. The Toronto-based bank acquired Commerce in March for about $7.1 billion, giving it about as many branches in the U.S. as in Canada.

Keisha Shore of Brooklyn, who works in customer service at a dry cleaner, said her paycheck didn’t go through direct deposit. Her bills were paid through preauthorized payments, leaving her with a negative balance.

“I kept checking the ATM – each time it gives a different, negative number,” said Shore, 29, who went to TD Bank’s Third Avenue and 64th Street branch in New York to close her account. “It’s not acceptable.”

Maurice Tebele, who lives on Manhattan’s Upper East Side, said he noticed about $3,000 in debit charges he hadn’t authorized while checking his online account last night.

“I don’t understand what’s going on there,” said Tebele, 23. “It’s very upsetting.”

“We are working hard to resolve this issue,” Toronto- Dominion’s Petter said in an e-mail. The bank plans to have all transactions processed and account balances updated “later today,” he said.

Toronto-Dominion will reverse any fees, charges or interest incurred because of the disruption, Petter said.

Toronto-Dominion fell C$2.55, or 3.7 percent, to C$67.70 at 4:10 p.m. in trading on the Toronto Stock Exchange.

ARTICLE CAN BE FOUND HERE.

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