Consumer complaint received 2020-05-15
Company: TD BANK US HOLDING COMPANY
State: NJ
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Closing your account
Sub-issue: Company closed your account

Complaint:
I had 5 accounts, one credit card, two checking accounts and two savings accounts closed on me by TD Bank without explanation. The account closure letter was dated XX/XX/2020. 

It is interesting to note that the letter from TD mentioned only one of my credit cards with them ( a " XXXX XXXX  '' card ) completely, ignoring my other three personal accounts with TD. 

I called the phone number on the account closure letter ; it went straight to an answering machine. The message said to leave a phone number, which I did. A gentleman called me back and told me that they had the right to close my account and didn't owe me an explanation. I then pointed out to him that the closure letter itself said that if " any of the accounts referenced above are a credit card account, please note that the Federal Equal Credit Opportunity Act, you have a right to request, within 60 days of receipt of this letter, additional information about the reason for your account closure ''. He then told me I would have to send that request in writing. 

Within a day or so, I could no longer access or view my checking accounts, online. I went down to the branch in XXXX, NJ, where I normally do my banking and spoke to the manager, XXXX. He was most unhelpful and basically shrugged his shoulders and told me it was out of his hands and he could do nothing about it. I was puzzled as to why TD wanted to drop five accounts with close to XXXX XXXX dollars in assets. I then spent another hour or so in the bank getting checks made out to me for the balances in my accounts, so that I could take those monies and deposit the elsewhere in the day or two before the expected shutdowns in NJ, rather than wait for the money to arrive by mail in a week or two. 

I subsequently sent my letter to TD Bank on XX/XX/XXXX, requesting the reason ( s ) for the account closure. 

I never received anything back from TD, in writing. 

On XX/XX/XXXX, I received a phone message from a XXXX XXXX, who is a TD Branch Manager in XXXX ( the branch where I originally opened one savings and one checking account ). He left an email address to contact him back. i subsequently emailed him on XX/XX/XXXX, asking him to contact me. After several more emails, he finally called me on XX/XX/XXXX. During that phone conversation, he basically told me he had no idea why the account was closed but said " they probably did not like some of the transactions you made ''. He then ASKED ME if I knew of any reason that his bank would want to close my accounts. I told him that I did not. He then told me that it was strange, and he would look into it and get back to me. He never did. 

I also wish to point out that the initial account closure letter was dated XX/XX/2020 and stated, " We're closing your TD Bank account ( s ) on XX/XX/2020 ''. Thinking that it was safe to use my accounts till the XXXX, I made two credit card payments on my wife 's credit card bills. one was returned on XX/XX/XXXX and one was returned on XX/XX/XXXX. As a result of these returned payments, my wife 's credit score dropped 45 points, from XXXX to XXXX!

Company response to consumer: Closed with explanation