Consumer complaint received 2023-09-20
Company: TD BANK US HOLDING COMPANY
State: FL
Product: Payday loan, title loan, personal loan, or advance loan
Sub-product: Installment loan
Issue: Getting the loan

Complaint:
Ive had a business account with TD bank since XXXX. XX/XX/XXXX I filled an application out for a business loan online and was denied. Applied again for another business loan XX/XX/XXXX and was denied again. 12 CFR 1002 ( regulation B ) states the following. 12 CFR 1002 Regulation B protects applicants such myself from discrimination in ANY aspect of a credit transaction. When I applied for business credit in good faith twice, twice he was denied, he was denied in XXXX and denied most recently in XXXX Business credit is considered a form of a credit transaction. According to 12 CFR 1002.7, a creditor shall not refuse to grant an individual/business account/to a creditworthy applicant on the basis of sex, marital status, or any other prohibited basis. Denying My business credit for the reason ( s ) highlighted in their denial letter are a clear violation of these government rights and those reasons are listed as follows, per your denial letter...

Your credit history includes garnishment, attachment, foreclosure, repossession, collection action or judgement.

Unsatisfactory previous or current bank relationship.

This would fall under what according to our government and the CFPB.gov website would consider a prohibited basis, as I myself the consumer and applicant in good faith is indeed exercising his right under the Consumer Credit Protection Act, in good faith yet credit was denied and when Td bank was notified about these violations, Td bank doubled down on its illegal actions and violations of the Consumer Credit Protection Act with their coercive banking policies. Prohibited basis - Prohibited basis means race, color, religion, national origin, sex, marital status, or age ( provided that the applicant has the capacity to enter into a binding contract ) ; the fact that all or part of the applicant 's income derives from any public assistance program : or the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act or any state law upon which an exemption has been granted by the Bureau.

Im trying to continue serving the local community and continue to make a difference in our local community but on a much bigger scale by creating jobs and giving back to the community with this business loan so that I can expand, but Td bank has yet to even sit down and even look at my business deck, plans or goals for My company. If this is not discrimination then its a violation of my rights and no matter how we decide to look at it, this is wrong and illegal. In my previous communications to them I clearly stated my deep concern for identity theft, and it was clearly ignored. I am clearly aware of my rights, of who I am and of what my role is in this entire situation. Td bank used my social security number without my authorization, this loan was requested for a business entity which has its own ein number but instead the social security number that belongs to, me my name and social security number was utilized meaning a credit transaction for ( Business credit ) occurred on their end, which again raises suspicion of identity theft because my social security number was used yet I received no benefit. Im fully aware that once I sign that application, the loan is indeed ensured on the backend but yet they deny me my right to those funds based on bogus and illegal accusations and the bank then keeps those funds instead of forwarding them to my business account. That is identity theft, and we are prepared to take all the necessary steps to ensure that justice is served.

Company response to consumer: Closed with explanation