Pros
What follows is true for the Technology department, in Maine (formerly Banknorth, as opposed to formerly Commerce) -- other departments and locations may be very different. But there, at least, TD Bank, NA was a pretty great place to work. There was a great promote-from-within environment, lots of flexibility, and a lot of surprisingly competent people. PTO rather than vacation/sick/holiday time is fantastic for entry level jobs -- starting out with 4+ weeks vacation is great. Manager was excellent, as were most coworkers. I learned a lot.
Cons
It's a bit of an embarrassing company -- really nice to its employees, but not at all to its customers. Worse, though, was compensation. Benefits were fine, but salary was just far too low, pretty much across the board, and varied way too much (due to frequent past mergers). A lot of this is location -- Maine has salaries that are well below average nationally -- but it's definitely still a problem. This became even more true with the large Commerce merger (when TD Banknorth and Commerce together became TD Bank), due to wildly different pay scales in the different regions, even for the same position.