Consumer complaint received 2021-03-26
Company: TD BANK US HOLDING COMPANY
State: MD
Product: Checking or savings account
Sub-product: Savings account
Issue: Opening an account
Sub-issue: Didn't receive terms that were advertised

Complaint:
1st of 2 complaints ( Checking and Saving Account ) I opened both Checking and Saving accounts at the same time for the promotion of {$200.00} + {$300.00} bonus on XX/XX/XXXX. Then, I meticulously followed all the written terms and conditions. After passed 140 days I was told that I am not qualified to receive any of the bonuses. 

For Saving Account {$200.00} Bonus : TD disqualified me to get that bonus because I funded the account by transferring {$19000.00} from Checking account that was opened at the same time that I opened the Saving account. TD insisted that the {$19000.00} is not the new money because it came from Checking account. 

I insisted the {$19000.00} is the new money because both Checking and Saving were opened at the same time and the funds came from XXXX XXXX Bank. So, that is the new money for TD Bank. 

At that time, after I opened both accounts, I transferred large amount of money from XXXX XXXX Bank to TD Bank in order to fund both new Checking and Saving. I could only connect one TD Bank account to XXXX XXXX. So, all the funds that I transferred from XXXX XXXX to TD Bank were NEW funds. 

In the meantime, TD Banks written rule about the new money only stated New money is funds that are not currently held in a TD Bank retail deposit account. Broker, municipal, commercial and small business deposits are not included. So, the rule does not specifically say the new money can not come from Checking or Saving that are opened on the same day, or vice versa. Also, TD Bank retail deposit account is not personal Checking Account. 

TD Bank did assure me on XX/XX/XXXX message ( attached and highlighted in pink ) that I was qualified to receive the {$200.00} bonus but I have to wait because the bonus will be posted within 140 days. 

What triggered that assurance on XX/XX/XXXX because TD Bank made a mistake to charge {$15.00} maintenance fee that drop my balance below {$20000.00}. After I contacted them, they corrected the mistake by reversing the charge. 

Yesterday, I was able to chase the Vice President regarding this issue. He insisted that {$19000.00} was not new money. Again, I copied and pasted the term and condition that stated New money is funds that are not currently held in a TD Bank retail deposit account. Broker, municipal, commercial and small business deposits are not included. So, the rule does not specifically say the new money can not come from Checking or Saving that are opened on the same day, or vice versa. Also, TD Bank retail deposit account is not personal Checking Account. Below is his information : XXXX XXXX XXXX Vice President Retail Market Manager | XXXX XXXX TD Bank, XXXX XXXX XXXX XXXX XXXX  XXXX XXXX XXXX XXXX, XXXX XXXX XXXX, MD XXXX M : XXXX For Checking Account {$300.00} Bonus : 2nd of 2 complaints ( same information but different Complaint Number for both Checking and Saving Account ) No detail explanation why I was disqualified. It took them 13 days to respond to my several inquiries, just for them to say I was disqualified.

In the meantime, I have made my employer Direct Deposit my paycheck of more than {$2500.00} within 60 days of the account opening. Then, monthly Direct Deposit over the required amounts. Also, my daily balance never drops below the required amounts. 
On XX/XX/XXXX message through portal ; I was told that TD Bank needs another 3-4 weeks to review my accounts. 

So far, I feel there is lack of good faith from TD Bank to honor pay their debt. Their reason that my {$19000.00} fund is not new money seems to be just a copout. Please make them pay all the sign-up bonus that I am entitled to for the total of {$500.00}. Thank you.

Company response to consumer: Closed with non-monetary relief