Consumer complaint received 2021-05-18
Company: TD BANK US HOLDING COMPANY
State: CT
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
TD Banks Deceptive and perhaps Fraudulent practice Background : During summer 2020, I received an unsolicited promotional mailer from TD Bank for opening a savings account that will earn a promotion bonus of {$200.00} ; if the savings account is paired with a checking account, TD will pay an additional promotion bonus, $ XXXX/ {$350.00}. The mailer had my property address, but it was addressed to someone who neither belongs to my household nor has ever lived in this residence. 
I used the weblink contained on the mailer and followed the instructions thereon to open online two savings accounts, one of which was paired with a checking account with a direct deposit advice. On XX/XX/2020, my spouse and I physically went to the local TD bank, funded the accounts, and was CONFIRMED by the teller and her supervisor that our accounts qualify for the promotion bonus as on the mailer that we brought along. We were assured that upon meeting the required conditions, we will receive the promotion bonuses on BOTH accounts, one held by me and the other by my spouse. My spouse held the savings and checking combo accounts.

Dispute : Recently, while trying to get an update on the promotion bonus, I find that TD bank mark our accounts as ineligible for the promotion bonus- the reason : the account holders do not match the name on the mailer XXXX 
I find TD Banks reasoning for its refusal to pay the bonus is flawed at best and misleading and deceptive at worst.

First, TD seemingly argues that any bonus-eligible account MUST uniquely match with the name and address on the mailer and the mailer promotion is NOT an online promotion. I do not see the distinction between mailer promotion and online promotion when the link on the mailer specifically instructs to open the account online. But more importantly, if TDs intention is to match the name and address on the mailer with those of the new account holders, its TDs responsibility to ensure that i.e., AUTOMATICALLY populate the name and address fields on the webpage or the bank provides a unique reference code on each mailer to be keyed in while opening a new account. The fact I was able to open multiple accounts online using the same link clearly negates TDs unique match claim. 
Second, TD had the opportunity to match the name and address on the mailer when on XX/XX/2020, right after I opened the accounts online, my wife and I physically went to a local TD branch to fund the accounts i.e., make the initial deposits. Not only did the bank gladly (! ) accepted the deposits but CONFIRMED that both our accounts are eligible for the promotions. Did the bank staff not know that the name and address on the mailer MUST match those on the accounts and there can be only ONE account per mailer?

My opportunity cost of diverting funds to TD bank is not trivial and I would not let TD Bank get away with deceptive banking practice causing financial harms to account holders. In fact, I would like OCC and CFPB to investigate TDs account promotion practice and determine how many account holders have been duped by false promotions.

Company response to consumer: Closed with explanation