Consumer complaint received 2024-09-21
Product: Checking or savings account — Checking account
Issue: Managing an account — Banking errors
Company: TD BANK US HOLDING COMPANY (DE)

This is in regards to complaint XXXX filed with the Consumer Financial Protection Bureau XXXX XXXX CFPB '' ) on XX/XX/XXXX. 

My client filed a complaint with the Consumer Financial Protection Bureau ( " CFPB '' ) on XX/XX/XXXX stating : " On XX/XX/XXXX, I applied for a new checking account with TD Bank online. I was unable to open the account online via TD 's website. I noticed they had a promotional offer for new customers where if you make qualifying direct deposits of {$500.00} or more within XXXX  days, TD would give me {$200.00}. The offer is attached. As I was unable to open the account online, I went to the local TD branch to open the account in person. When I went to the local TD branch, the customer service rep, XXXX XXXX, was happy to help me open an account. I showed him a printed bonus offer page from TD 's website and he said " for this promotion, an account has to be opened online ''. I told him that I had tried opening my account online, and I asked if he could make an exception to allow me to be eligible for the bonus offer. XXXX said he'd ask his XXXX about making an exception. I was given the ok to open the account with the bonus promotion of {$200.00} if I met the qualifications. The qualifications for the promotion were " XXXX. Open a TD Convenience Checking account '', ( my convenience checking account was opened on Saturday XX/XX/XXXX ). " XXXX. Make {$500.00} in qualifying direct deposits within XXXX days of opening account '', ( I made a direct deposit into the new TD account in the amount of {$500.00} from my employer on XX/XX/XXXX, XXXX  days after I had opened my account. ) " XXXX. Earn {$200.00}. Bonus will be paid on or before XXXX days after account opening '' ( XXXX days after account opening would've been roughly early XX/XX/XXXX ) Then XXXX asked me if I had ever opened an account with TD before. I said yes but it had been at least XXXX  years. XXXX wanted to confirm when my last account was opened as I would not qualify for the bonus if I had an account open with TD within the past XXXX months. I told him I had an account but it was closed in XX/XX/XXXX. XXXX wasn't able to confirm when my last account was opened and he wanted to check with the back office. XXXX told me to call him in XXXX business days and he would let me know if I would still qualify for the bonus of {$200.00}. I called TD back in XXXX business days on XX/XX/XXXX to see if I was eligible for the bonus. I got no response when I called. On XX/XX/XXXX at XXXXXXXX XXXX XXXX XXXXXXXX, from the TD branch I opened my account at, called me and told me that the back office did say I was eligible for the promotion if I met the requirements. On XX/XX/XXXX, over XXXX days had past since I was supposed to get the promotional money. I had met all of the requirements, but there was no {$200.00} bonus in my account. I called the TD branch that I had opened my account to find out why the bonus didn't post. XXXX said " he'd take care of it with the back office and get back to me ''. I hadn't heard from him so I called back on XX/XX/XXXX, he told me he was still waiting on the back office. I called again on XX/XX/XXXX, XXXX said there was an email between him and the back office that said I qualified for the exception and had met all of the requirements, but he had to wait on the back office. On XX/XX/XXXX, I called TD again and XXXX said he was going to speak with his XXXX and would call me back. He did not call me back. On XX/XX/XXXX, I called TD again and spoke with XXXX who said " the back office granted me the exception but they were not going to honor their exception any longer '' and I would not receive the {$200.00} bonus even though I met all of the requirements and there was even an email between XXXX and the back office stating that I was eligible through the exception and had met all of the requirements. '' TD responded to my client 's complaint on XX/XX/XXXX. TD 's response was inadequate in rectifying the issue and quickly closed the complaint. TD responded to my client 's complaint with the following : " Were committed to fulfilling your banking needs and delivering a legendary Customer experience. Today, Im writing to let you know we received your complaint filed through the Consumer Financial Protection Bureau. Thank you for speaking up. Weve taken steps to address your concerns. We encourage our customers to speak up and were grateful that you did. Your feedback matters to us and so do you. We know you have many choices when it comes to banking, and were here to listen to you and help research and resolve your concerns. Your concerns are important to us, which is why we began looking into your issue immediately. In reviewing eligibility for checking account promotion, weve taken the following steps to resolve it : We reached out to the team responsible for promotion exceptions and requested your account be added to exception list for consideration. After additional due diligence, it was confirmed that there was a promotion awarded in XXXX to your TD Beyond Checking account ending in XXXX, thus making you ineligible to receive a XXXX promotional bonus. Your trust and satisfaction are important to us. [ My client ], we apologize for any inconvenience this issue may have caused. If you have any questions or would like to further discuss this matter, please call me at XXXX. Thank you for the opportunity to continue serving your banking needs. '' Acting on behalf of my XXXX, I am deeply dissatisfied with the outcome described in the XXXX 's response to my client 's complaint and am strongly considering legal action on behalf of my client. The situation raises serious concerns about TD Bank 's business practices and commitment to fair treatment of its customers, especially after the response from TD stating that TD " listens to customer complaints '' and " [ customer ] feedback matters to TD '' The bank 's handling of this promotional offer is particularly troubling in light of their recent {$28.00} XXXX settlement with the Consumer Financial Protection Bureau ( CFPB ) for illegally tarnishing consumer credit reports, reported on XX/XX/XXXX. This pattern of behavior suggests a systemic disregard for consumer rights and regulatory compliance. 

Several aspects of this case are especially concerning : XXXX. Granting and Reneging on a Documented Exception : TD Bank initially granted an exception for my client 's account to be considered for the promotion, only to later renege on this offer. This bait-and-switch tactic could potentially constitute a deceptive practice under consumer protection laws. 

XXXX. Completion of Requirements : My client asserts that they completed all requirements for the promotion after being granted the exception. If true, this could form the basis for a breach of contract claim. 

XXXX. Inadequate Resolution Process : The bank 's response appears dismissive and fails to address the core issue of the granted exception. This inadequate handling of the complaint aligns with the CFPB 's findings that TD Bank " barely lifted a finger '' to fix issues affecting consumers. 

XXXX. Potential Violation of Consumer Protection Laws : Given TD Bank 's recent history of violating the Fair Credit Reporting Act and the Consumer Financial Protection Act, this incident raises questions about whether similar violations occurred in handling my client 's complaint. 

XXXX. Lack of Transparency : The bank 's failure to provide a clear explanation for revoking the exception is troubling and may indicate a lack of proper internal controls and decision-making processes. 

Considering these factors and TD Bank 's recent {$28.00} XXXX settlement for illegal actions that harmed consumers, I believe we have strong grounds to pursue legal action. The bank 's conduct in this case appears to be part of a larger pattern of behavior that prioritizes growth over fair treatment of customers, as noted by CFPB XXXX XXXX XXXX.