Consumer complaint received 2020-02-29
Company: TD BANK US HOLDING COMPANY
State: FL
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Advertising and marketing, including promotional offers
Sub-issue: Confusing or misleading advertising about the credit card

Complaint:
TD Bank USA/Target Card is in violation of the following FederaXXXX Laws : 15 U.S.C. 1642, 15 U.S.C. 1637 ( a ), 15 U.S.C. 1637 ( b ) and hide the Securitization requirements. 
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Whereas, the credit cards issued under accounts # XXXX and XXXX was an illegal act by TD Bank USA/Target Card. 
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- - TD Bank USA/Target Card is in violation of Federal Law, 15 U.S.C. 1642. 
Federal law requires that no credit card shall be issued to any person except in response to a request or application for a credit card, 15 U.S.C. 1642. 

I never made a request or application for their credit cards that was issued under account # XXXX and XXXX TD Bank USA, N.A. as successor in interest to Target National Bank failed to disclose when, how or from whom, I applied for or requested the alleged credit cards when it was requested by XXXX XXXX. 

TD Bank USA/Target Card, under Federal Statutes 15 U.S.C. 1637 ( a ) requires every credit card creditor to fully disclose their rates, fees and other cost information in printed material, applications, and solicitations to open credit card accounts, before opening any account under a credit card consumer credit plan. TD Bank USA, N.A. as successor in interest to Target National Banks failed to disclose before opening the alleged credit cards account. Their failure to disclosed the rates, fees or other cost information in an application or solicitation, which is a statutory condition precedent to the accrual of a cause of action for breach of both credit card accounts. 


Federal Law 15 U.S.C. 1637 ( b ) requires every credit creditor of any account under an open end consumer credit plan to transmit a statement to the obligor for each billing cycle at the end of which, there is an outstanding balance in that account or with respect to which a finance charge is imposed. TD Bank USA, N.A. as successor in interest to Target National Banks actions failed to allege that they transmitted to the XXXX XXXX the statements required by 15 U.S.C. 1637 ( b ),  which is a statutory condition precedent to the accrual of a cause of action for breach of a credit card account. 


Securitization a. That TD Bank USA, N.A. as successor in interest to Target National Bank ( and its affiliates ) enters into off-balance sheet arrangements know as securitization ; b. The securitization of loans has been a significant source of liquidity for TD Bank USA, N.A. as successor in interest to Target National Bank ( and its affiliates ) ; c. TD Bank USA, N.A. as successor in interest to Target National Bank ( and its affiliates ) typically uses special purpose entities to securitize its credit card  loans ; d. In securitization of credit card loans, TD Bank USA, N.A. as successor in interest to Target National Bank ( and its affiliates ) transfers assets to special purpose entities and receives cash  proceeds for the assets that have been transferred on a sales basis ; e. TD Bank USA, N.A. as successor in interest to Target National Bank ( and its affiliates ) transferred the credit cards loans  to XXXX XXXX to special purpose entities ; f. TD Bank USA, N.A. as successor in interest to Target National Bank and its special purpose entities concealed the sales transaction from XXXX XXXX. 
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Because of TD Bank USA/Target Card, violations of 15 U.S.C. 1642, 15 U.S.C. 1637 ( a ), 15 U.S.C. 1637 ( b ) and hide the Securitization requirements, as accounts # XXXX and XXXX to be Null and Void and any monies paid by XXXX XXXX to be refunded.

Company response to consumer: Closed with explanation