Consumer complaint received 2024-10-17
Product: Checking or savings account — Savings account
Issue: Managing an account — Banking errors
Company: TD BANK US HOLDING COMPANY (NY)

On XX/XX/XXXX, I called TD Bank to inquire about raising my savings account interest rate from 2 % to 4 %, in line with competitor offers. During that call, a representative named XXXX XXXX confirmed that I qualified for the 4 % rate because my direct deposit exceeds {$5000.00} per month. Based on this conversation, I believed my interest rate had been successfully raised to 4 %. 

In XX/XX/XXXX, I checked my account and found that my interest rate was still 2 %. I called TD Bank on XX/XX/XXXX, and spoke with a representative named XXXX, who confirmed she had listened to the original call and verified that I had been promised the 4 % rate. XXXX then escalated the issue to her supervisor, XXXX, who said it would be reviewed by TD Bank 's CARE team and that I would receive a response in 3-5 business days.

When those 3-5 business days passed with no follow-up, I called again on XX/XX/XXXX, and spoke with XXXX, who informed me that XXXX had failed to submit the escalation. XXXX assured me she would handle it, and I would hear back within another 3-5 business days. 

On XX/XX/XXXX, I received a call from XXXX XXXX from TD Banks CEO 's office. XXXX told me that although TD Bank acknowledges the original promise of a 4 % interest rate, they would only apply that rate retroactively from XX/XX/XXXX to XX/XX/XXXX, and they would not honor the rate going forward. He explained that the initial team made a mistake, and after I receive the retroactive payment, Im free to move my business elsewhere if I want a higher interest rate.

Throughout this process, I feel Ive been misled and deceived by TD Bank. I was repeatedly told that I would receive the 4 % interest rate, yet the bank failed to apply it as promised. Despite multiple escalations and assurances, the issue was not handled promptly. Additionally, when I requested copies of the call recordings and written confirmation of our discussions, I was told by TD Bank that I could not obtain the recordings without a subpoena, and XXXX refused to provide a written summary of our call, stating, I can trust him.

I believe TD Banks actions constitute unfair and deceptive practices, potentially violating both federal and New York State consumer protection laws. Specifically : 1. Under the Truth in Savings Act ( TISA ), TD Bank is required to provide clear and accurate disclosures about account terms, including interest rates. TD Banks failure to apply the promised 4 % interest rate is a violation of these terms.

2. TD Banks behavior may also violate the Dodd-Frank Act ( Section 1031 ), which prohibits unfair, deceptive, or abusive practices ( UDAAP ). This case is similar to XXXX XXXX XXXX XXXX XXXX ( XXXX ), where the bank engaged in deceptive business practices, and the CFPB held them accountable under the Act.

3. TD Banks refusal to honor their verbal commitment constitutes a breach of contract and breach of good faith. In XXXX XXXX XXXX XXXX XXXX ( XXXX ), a verbal agreement was deemed binding. In my case, TD Bank representatives confirmed multiple times that I was eligible for the 4 % interest rate, but they failed to follow through.

4. The refusal to provide access to my phone call recordings unless I obtain a subpoena raises concerns about transparency and obstructs my ability to resolve this matter fairly. In In Re XXXX XXXX XXXX Privacy Litigation ( XXXX ), access to consumer records was upheld as a right, and I believe I am entitled to the same in this instance.

Additionally, I believe TD Banks actions may violate New York General Business Law 349, which protects consumers from deceptive acts or practices in the conduct of any business, trade, or commerce in the state.