Consumer complaint received 2022-09-27
Company: TD BANK US HOLDING COMPANY
State: NY
Product: Checking or savings account
Sub-product: Other banking product or service
Issue: Managing an account
Sub-issue: Funds not handled or disbursed as instructed

Complaint:
XX/XX/2022 at XXXX PM- I received a TD BANK ALERT text asking if I was attempting to XXXX {$3500.00} out of our business account. I responded NO, got an auto-response saying a representative would contact me regarding the fraudulent attempt. 
XX/XX/2022 at XXXX XXXX - I received a call and the person on the line gave me the last XXXX of my account number, listed my last XXXX transactions, and sent security codes to my phone for verification. I was informed that there was a transfer attempt from Ohio and they were launching an investigation to try and trace who was responsible for the attempt. I gave my username to deactivate my online account so no further attempts could be successfully made. They stated my account would remain open to deposits and withdrawals for the next XXXX business days and a new online account would be created when the investigation was finished. I closely monitored my account during this time and did not see any changes. 

XX/XX/2022 at XXXX XXXX - I received a call from the same person saying that the investigation was closed and they were going to deactivate my online account and send a temporary password to set up my new online account. While on the phone, he told me I should receive an email saying that my password was changed ( which I did from XXXX at XXXXXXXX XXXX ). I was told a temporary password was being generated and to please hold. I explained that I was in the middle of a lesson and asked them to email it to me which they said they would. 
XX/XX/2022 at XXXX XXXX I called XXXX ( the number listed on the email ) to explain that I hadnt received my temporary password yet. I was told they would try to reset it again and to check back in the morning. 

XX/XX/2022 at XXXX XXXX - I called XXXX back to explain that I still havent received my temporary password. She said that was strange and that she couldnt give me the one made last night, but she could resubmit a password change request and give me a new temporary password ( another email received from XXXX at XXXX XXXX noting a password change ). She gave me the new temporary password over the phone. I used it to log into my account and immediately saw the fraudulent wires : XX/XX/2022 - WIRE TRANSFER OUTGOING XXXX XXXX - {$4300.00} XX/XX/2022 - WIRE TRANSFER OUTGOING XXXX XXXX - {$660.00} XX/XX/2022 - WIRE TRANSFER FEE - {$30.00} XX/XX/2022 - WIRE TRANSFER FEE - {$30.00} Total Taken - {$5100.00} XX/XX/2022 at XXXX XXXX XXXX I called XXXX back to state that most of our money was wired out and ask how this happened and what my next steps were. The person had me recount everything I have documented here from XX/XX/XXXX on and informed me that I wasnt talking to TD last week. She told me to go into my local branch and request a recall on the wire immediately. 
XX/XX/2022 ~ XXXXXXXX XXXX - I went to the TD Bank on XXXX XXXX XXXX XXXX XXXX, NY, XXXX and explained everything to a representative. They called the fraud department and started two investigations ( one for each wire ). 
XX/XX/2022 ~ XXXX XXXX XXXX I went back to the branch on XXXX to open a new account. The initial representative gave me the investigation claim numbers for both wires and informed me that I would hear back about the conclusions of the investigations within a week. 

XX/XX/2022 at XXXXXXXX XXXX - I hadnt heard anything back yet so I called XXXX ( the number given to me by the representatives at the XXXX branch ) to check on the status of the investigations. The representative I spoke to said that both claims were being finalized and the money should be back in my new account no later than the following Friday ( XX/XX/2022 ) and to call back if that doesnt happen. I asked her So does this mean that Im definitely getting all of the money back? to which she replied Yes, it looks that way! 

XX/XX/2022 at XXXX XXXX  I still had not received the funds in the new account so I called XXXX back to inform them that I was told the funds would be deposited that day and they were not. I was informed by this representative that an Affidavit of Forgery was needed before funds could be deposited and that I would need to visit a local branch to sign that. 

XX/XX/2022 ~ XXXX XXXX - I went to TD Bank on XXXX XXXX XXXX XXXX XXXX, NY, XXXX, explained everything thats happened and asked to sign an Affidavit of Forgery. The representative at the branch said she was unfamiliar with wire fraud investigations and wasnt sure what to do, but that an Affidavit of Forgery was for check fraud, not wire fraud. She tried calling the fraud department, told me they were closed on XXXX and to come back into a branch on a Monday. 

XX/XX/2022 ~ XXXXXXXX XXXX - I went to the XXXX TD Bank and explained everything thats happened to a different representative. He called the fraud department and was informed that one of my investigations was denied and the other was still under review. I asked what that meant and he said it looked like the receiving bank ( XXXX XXXX ) denied the recall due to a lack of funds, but he was going to resubmit the investigation. I asked why I was informed that my funds were going to be back in my account last week if the investigation was denied and he said he didnt know. He said that he would call me at the end of the day with any updates he may have. 
XX/XX/2022 at XXXX XXXX - I called XXXX again and asked to speak to someone who could give me a definitive answer on the status of my investigations and what the next steps are around denials. This representative informed me that both investigations were denied due to lack of funds and there was nothing further that TD Bank could do. I asked if she meant that there was no way my funds were ever going to come back into my account. She said unfortunately, the only thing I can do is file a police report now. I asked how this is possible if the bank is FDIC insured and she said all she can tell me is that there is nothing further that TD Bank can do. 
XX/XX/2022 at XXXX XXXX - I called XXXX again after calming down and asked to speak to a manager or anyone higher up. I was on hold for over 30 minutes waiting to talk to a supervisor. Once the supervisor was onto the call, he told me that FDIC insurance only covers money that the bank loses from going under and it doesnt cover wire fraud. He recommended that I file a police and FBI report. 
XX/XX/2022 at XXXX XXXX- The representative from Steinway TD I had spoken to earlier in the morning said he resubmitted the investigations because both were denied and I should wait and see what happens. I explained to him what I had been told earlier in the day from the fraud department and told him that TD has left me with no hope left of seeing the funds again. 

As a small business owner, this has been an unacceptable situation that has now affected two pay periods for our employees and a building rental offer. The fact that someone was able to detail our last 3 transactions and the last 4 of my account number before I gave our username doesnt make me feel like my business information is secure with TD Bank. That on top of the lack of clarity, timeliness, support, communication, and compassion Ive experienced throughout this whole situation has been appalling. I caught the fraud the morning after it happened and handled everything Ive been told to do as timely as possible. It has been over 10 business days since I reported our funds missing and TD Bank has not made any effort to rectify our financial situation.

Company response to consumer: Closed with monetary relief