Consumer complaint received 2023-12-04
Company: TD BANK US HOLDING COMPANY
State: FL
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Banking errors

Complaint:
Subject : Unpaid Savings Interest TDBank has not paid the interest they told me I would receive following my deposit of over {$800000.00} into my savings account. They told me they would match another banks current competitive rate that I showed them from XXXX Bank of 4.5 % when I met with the TDBank XXXXXXXX XXXX manager on XX/XX/XXXX. Instead of 4.5 % annual interest rate, they actually paid interest at a 0.02 % annual rate from XX/XX/XXXX through through XX/XX/XXXX or XXXX before increasing the rate. In XXXX, TDBank informed me I would receive a 5 % annual rate retroactively on my account due to the extended time to resolve the issue and the patience I had shown. To resolve the issue, TDBank needs to pay the compounded interest due of {$4100.00} minus the adjustment they made on XX/XX/XXXX of {$460.00} resulting in a total amount due of {$3700.00} to settle this issue. 

Issue Summary On XX/XX/XXXX, I my wife and I closed on the sale of our home in XXXXXXXX XXXX We met with XXXX XXXX XXXX in the TDBank office in XXXXXXXX XXXX to notarize the closing documents and complete the closing transaction which included a wire transfer into our account of over {$800000.00}. I informed XXXX XXXX that we would be transferring the money out of TDBank unless they could match current competitive savings rates. XXXX XXXX said that if I could show her a competitive rate that TDBank would match it. I showed her on my cell phone the current savings rate for XXXX XXXX at 4.5 %. She told me TDBank would match that rate. In early XXXX when I reviewed my savings account, the XXXX savings statement showed I received only {$13.00} interest for the month of XXXX when the account had over {$800000.00} for the entire month and I should have received over {$3000.00} interest. I contacted XXXX XXXX at TDBank about the error and informed her that the competitive rate from XXXX XXXX was now 4.65 %. XXXX XXXX indicated they would make the correction. 
Since early XXXX, Ive been told a multitude of excuses by the TDBank XXXX branch on why the unpaid interest had not been corrected. In fact, the interest rate wasnt adjusted until the second week of XXXX. In late XXXX I was informed that due to my extreme patience, TDBank was going to retroactively increase the interest rate on my savings account to 5 %. TDBank currently owes us over {$3500.00} in interest. 
Ive contacted the TDBank XXXX branch via phone calls and emails repeatedly to get the issue resolved. I have heard a multitude of excuses for XXXX XXXX unavailability, absence and failed returned calls or emails. I have been repeatedly told of problems with TDBanks Back Office operations and personnel delaying the resolution. Ive contacted TDBank Customer Service and was told that XXXX XXXX would contact me to resolve the issue. I did not receive a call text or email. Two weeks ago I sent a demand email to XXXX XXXX requesting payment of the missing interest and escalation of the issue requesting contact by a TDBank Vice President. I have heard nothing since sending the email. 

Details and Backup Documentation On XX/XX/XXXX, I contacted the XXXX XXXX  TD Bank to set up a meeting to have someone at the bank notorize closing documents on the sale of our home in XXXXXXXX XXXX. At the XXXX TDBank branch, we were asked to go into XXXX XXXX XXXX office, the bank manager. XXXX XXXX assisted us with receiving, signing via XXXX, notorizing and returning the closing documents. I informed XXXX XXXX that we would be receiving a wire transfer of over {$800000.00} into our TDBank account that day on the sale of our home in XXXX and asked her if TDBank would match current market competitive interest rates which were higher than what TDBank offers as standard. Otherwise, I would be transferring the deposit to another bank that would provide the higher interest rate. XXXX XXXX clearly indicated that TDBank would offer a matching interest rate if I could show her the interest rate from a competitive bank. I showed her the rate of 4.5 % from XXXX XXXX from my cell phone. She took my phone and sent herself a picture of the rate and said TDBank would match it ( see file attached. 
After the XXXX of XXXX holiday, I checked my savings account and found the interest paid for the month of XXXX was only {$13.00}. I called TDBank XXXX and requested the interest rate to be corrected and back interest paid. I also sent XXXX XXXX an email ( see file attached ) documenting our discussion and attached a picture showing the current interest rate from XXXXXXXX XXXX had increased to 4.65 %. She replied that she would work out the issue that afternoon ( see fie attached ). 
On XX/XX/XXXX, I sent an email to XXXX XXXX reminding her that I needed resolution and the interest deposited into my account ( See file attached ) On XX/XX/XXXX, the interest due me had not been deposited. I checked with the TDBank branch in XXXXXXXX XXXX. The XXXX branch indicated that there was an open issue for resolution. I sent and email to XXXX XXXX and she replied that she would look into the situation that day and get back to me. She never called back. ( see file attached ) In early XXXX I reviewed my savings statement and found that the interest rate had been changed on my savings account sometime in the second week of XXXX. I contacted TDBank by phone and spoke with XXXX about the issue because XXXX XXXX was not available. She said she would look into it and get back to me. XXXX did get back to me and indicated that since XXXX XXXX initiated the issue resolution, only XXXX XXXX could get a response from the back office. XXXX said she would have XXXX XXXX contact me as soon as she got into the office the following week. I did not receive a call from XXXX XXXX. 
On XX/XX/XXXX, I checked my savings account and still saw no interest paid to correct the problem. I wrote another email to XXXX XXXX on XX/XX/XXXX. In the third week of XXXX, I contacted XXXX XXXX asking about resolution on the interest. She replied that the back office had told her the issue was addressed and closed. I told her that it had not been addressed and after checking my account, she said she would open another issue resolution request. She followed up with a reply to my XX/XX/XXXX email ( See file attached ) on XX/XX/XXXX indicating the back office personnel had been an issue and that she now had a new person assigned to the issue. She also indicated that she had bumped the issue up the ladder to speed the resolution. 
Reviewing my statement on XX/XX/XXXX indicated the issue had not been resolved after three months! 
After calling again on XX/XX/XXXX, I received an email reply from XXXX XXXX that the issue was finally getting resolved. On XX/XX/XXXX, I received an email stating that TDBank would deposit {$460.00} into my savings account for the interest due XX/XX/XXXX through XX/XX/XXXX. I replied with a detailed email showing the interest each day I should have received from XX/XX/XXXX through XX/XX/XXXX. ( see file attached ) On XX/XX/XXXX, I sent an email to XXXX XXXX demanding resolution and payment of the interest due for the month of XXXX and compounded interest since XX/XX/XXXX. ( see file attached ) also demanded escalation of the issue and contact by a Vice President at TDBank. 
I have not had a response.

Company response to consumer: Closed with monetary relief