Consumer complaint received 2022-12-23
Product: Money transfer, virtual currency, or money service — International money transfer
Issue: Fraud or scam — 
Company: TD BANK US HOLDING COMPANY (MD)

To : XXXX XXXXXXXX XXXX TD Bank, XXXX XXXX XXXX XXXX XXXX  Date : XX/XX/2022 RE : TD Bankss Response to CFPB Complaint # XXXX Dear XXXX XXXX XXXX Thank you for your response dated XX/XX/2022 to my CFPB Complaint # XXXX. Unfortunately, much of the information provided to you for your response was either incomplete or incorrect. 

As you suggested, I am contacting you now to request a response to the following facts and questions outlined below. I have highlighted questionable banking processes. 

Following are quotes from your response letter, identified as TD Bank, followed by the facts : TD Bank : In your complaint you allege on XX/XX/2022, you processed an international wire transfer and learned later that day it was a scam. 

FACT : I completed an international wire transfer request and learned two hours later it was a scam. Processing that request by TD Bank was the first questionable banking process. The wire transfer form I signed stated if funds were not in the account the transfer would be cancelled. I told the bank attendant funds in my checking account for the wire were from XXXX XXXX I left TD bank with the understanding my request would be reviewed/approved by the branch manager that afternoon. When TD Bank processed the request the balance in my checking account was approximately XXXX, far short of the XXXX  required for the wire transfer. Instead of adhering to TDs policy of cancelling the transfer XXXX was pulled from my savings account and deposited to my checking account and subsequently sent to XXXX XXXX. Given the circumstances ( i.e., knowing the XXXX} was coming from XXXX XXXX  ), the common practice of pulling funds from one account ( savings ) to cover shortfalls in another account ( checking ), as explained by the bank manager, is unacceptable. 

The second questionable banking process ( or lack of ) is identifying the various stopping points of the funds enroute to the final destination and how those points are determined. When I signed the transfer request I was told it would take three to five days for the funds to be sent to the international bank, giving TD Bank time to check if there were any problems with the transfer. In subsequent correspondence ( letter from TD bank ) I was told the funds were sent to XXXX XXXXXXXX XXXX  and in another correspondence ( TD Banks response to my CFPB complaint ), funds are sent immediately upon request to the receiving bank. 

TD Bank : You went to the store and filed a claim and Request to Return Funds due to fraud was completed. 

FACT : This is the beginning of the incorrect and incomplete information you received in writing your response. I did not go to the store. I did not file a claim and Request to Return Funds. I called the Branch manager who said she would file a claim with the Fraud Division. She said nothing else could be done. She then forwarded me to the Fraud Division whose staff were helpful in closing my accounts and submitting a request for new accounts. A questionable banking process, or rather lack of a process, leads me to believe the Branch manager does not have a procedure for reporting fraud. In this case, she initially reported the fraud to one ( Fraud Division ) of the two divisions responsible for addressing the fraud and told me nothing else could be done. It wasnt until I talked with my contact at the XXXX and XXXX XXXX XXXX and learned the Branch manager had not filed the request. I called the Branch Manager and she agreed to send a Request to Return Funds due to fraud to the International and XXXX XXXX XXXX and did so within an hour, just before bank closure at XXXX on XX/XX/2022. 

TD Bank : XXXX was opened, and the investigation resulted in your being informed that the funds were withdrawn from the international bank and there are no funds remaining. You do not agree with this and feel it was a failed investigation, and you request that we review it again. 

FACT : My claim of a failed investigation, more accurately stated as no investigation, was not based on being told the funds were withdrawn from the international bank and there are no funds remaining. That was obvious. It was based on my correspondence with TD Bank employees between XXXX XXXX, XXXX, and XXXX XXXX, XXXX. Most of the information I received during my correspondence with TD Bank XXXX was false, leading me to believe someone was attempting to cover-up the facts in this case. The alleged cover-up became obvious to me during my correspondence with a TD Bank employee when I called XXXX on XX/XX/2022, with questions about a letter I received stating the funds had been sent to XXXX XXXX XXXX  ( Receiver Bank ) . I asked the status of the funds. After a lengthy time on hold, the TD Bank employee returned to tell me the funds were with the Federal Reserve, the agency that works with TD Bank and the International bank to resolve the problem. The Narrative from XXXXXXXX XXXX XXXX informing TD Bank on XX/XX/2022 the funds were transferred on XXXXXXXX XXXX XXXX  to the International Bank in XXXX proved the information I received from TD Bank employees between XX/XX/2022 and XX/XX/2022 was false. A questionable banking process is the lack of accountability for information provided to customers and the apparent failure to document said information, leading in this case to an apparent cover-up. 

The Narrative from XXXX XXXX XXXX informing TD Bank on XX/XX/2022 the funds were transferred on XX/XX/2022 to the XXXX XXXX  in XXXX is a questionable banking process given the international Bank does not participate in any attempt to stop fraud given their procedure is to contact the recipient ( an accomplice to the scam ) to request return of the funds and their instruction to TD Bank is to contact the recipient directly for any request to return funds in the future. Does XXXX XXXX XXXX  in XXXX operate under the same policy? Are there no standards for banks operating in XXXX? 

The Narrative confirms my belief TD Bank and XXXX XXXX XXXX  were, at the very least, negligent in preventing fraud. There is more to this case that warrants further investigation. 

TD Bank : We have reviewed your concerns and confirmed the investigation was handled correctly and did not fail. On XX/XX/2022 XXXX. XXXX XXXX contacted you and advised you that this was investigated and a wire recall was initiated, however we received the response that no funds remained via indemnified recovery. 

FACT : XXXX. XXXX XXXX XXXX ( not XXXX ), TD Bank XXXX XXXX XXXX XXXX, called me from his NY home office on XX/XX/2022. He was not aware of the investigation by the International and XXXX XXXX XXXX ( i.e., the investigation I referred to throughout my correspondence with individuals and agencies, documenting the details of what was portrayed as an investigation ). He was calling in response to the report filed by the Fraud Division. After a brief discussion he concluded the investigation was handled correctly. He agreed to review the letter I sent to XXXX XXXXXXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX XX/XX/2022, and then discussing the case with me. I emailed the letter to him and followed up several days letter. Although he did not respond to me, I see he is the only person quoted although he had no knowledge of the investigation of the case by the International and XXXX XXXX XXXX when he called me on XX/XX/2022. 

TD BANK : Our wire team has done everything possible to try to recover the funds. The beneficiarys bank stated the funds have already been withdrawn. TD Bank investigated the process to recall the wire and learned there were no delays or errors. Please note that recall attempts are never guaranteed but we make every effort to recover funds when possible. International wires are sent immediately upon request, and we do apologize that you were given incorrect information regarding the timing. We recommend that you contact the federal and local authorities in the foreign city where you sent the money. 

FACT : The incorrect information I received was far reaching, beyond the timing, and was suspicious. The above TD Bank statement is a summary of the incomplete and incorrect information provided throughout TD Banks response to my CFPB complaint. Please refer to the previous listed FACTS for the correct information. 

Following are my questions with responses from TD BANK in bold followed by the FACTS : 1. Where did the funds go immediately after withdrawal from my checking account? The wire was sent out immediately to the Beneficiary as you instructed. 

FACT : I did not instruct TD Bank to send the funds to the Beneficiary immediately. When I signed the transfer request I was told there is a holding period of between three and five days before the funds would be sent to the beneficiary. 

2. What specifically did the investigator do in conducting the investigation of my case? The case was created XX/XX/2022, the investigator received the case on XX/XX/2022 and sent an email out to the store to submit a Fraud intake form and sent out a recall for the Wire Via our XXXX XXXX Please keep in mind that XX/XX/XXXX was the holiday weekend. TD Bank may have been closed but other countries were not. 

FACT : TD Bank was not closed on XX/XX/2022. The holiday weekend was XXXX XXXX XXXX I received a call from TD Bank on XX/XX/2022 stating the investigator requested detailed information about the scam. I provided the information. Your response to my question asking what the investigator did in conducting the investigation indicates the only action by the investigator was sending an email to the store and a recall for the Wire via your correspondent Bank. Was the recall sent to XXXX XXXX XXXX or to XXXX  Wire Transfer Investigators or to another agency? 

3. What role does XXXX XXXX have in TD Banks International Wire Transfers? XXXX XXXX is our correspondent bank. Every bank has a correspondent bank while sending an international wire. 

FACT : I know XXXX XXXX Bank is TD Banks correspondent bank and that XXXX XXXX has a bank in XXXX. My question is what role does XXXX XXXX Bank have in TD Banks International Wire Transfers? I was informed by TD Bank, via a letter, my funds were sent from TD Bank to XXXX XXXX Bank. What was the location of the XXXX XXXX Bank? Did XXXX XXXX Bank send the funds to their bank In XXXX and then to the receiver bank? If so, did they decide when the funds were sent to the receiver bank? 

4. What role if any does the Federal Reserve have in TD Banks International Wire Transfers? The wire process via the XXXX XXXXXXXX system or via XXXX XXXX system. The Federal reserve has nothing to do with a wire. 

FACT : As previously noted, I called XXXX on XX/XX/2022 with questions about a letter I received stating the funds had been sent to XXXX XXXX XXXX  XXXX referred to as the Receiver Bank ). I asked the status of the funds. After a lengthy time on hold, the TD Bank employee returned to tell me the funds were with the Federal Reserve, the agency that works with TD Bank and the International bank to resolve the problem. Based on this and previous contacts with TD employees I suspect there was a cover-up. 

5. Who are the parties in the attached NARRATIVE, namely the XXXX, We and Your? TD Bank is the bank who initiated the wire, and our correspondent bank is XXXX XXXX. 

FACT : I know TD Bank is the bank who initiated the wire and XXXX XXXX Bank is the correspondent bank. Who is ATTN? ATTN wrote the Narrative received by TD Bank on XX/XX/2022 and are identified as ATTN wire transfer investigations. ATTN acknowledged receipt of your cancellation request dated XX/XX/2022 concerning your payment for USD XXXX dated XX/XX/2022. Who is your? Who paid? Who sent the cancellation request? TD Bank or XXXX XXXX XXXX? The funds were paid XX/XX/2022 confirming the false information I received by TD employees throughout what I was led to believe was an investigation of the case. 

6. When and by whom were the funds sent to and received by the XXXX XXXX XXXX? The funds were received by the Beneficiary that the wire was sent to, we received an incoming Swift message on XX/XX/2022 that the funds have been withdrawn and there were no funds in the account therefore the correspondent bank closed their case, in turn we must close our case. 

FACT : You did not answer the question. I see from the Narrative sent by ATTN  Wire Transfer Investigations the funds were received by the XXXX XXXX XXXX  the same day I initiated the request for the wire transfer. If the funds were sent from TD Bank to XXXX XXXX XXXX, as I was told, did XXXX XXXX XXXX  send the funds? If not, who did? 


7. What is the procedure for processing reimbursement of funds by TD Bank for my loss resulting from a misleading and failed investigation of my case # XXXX? When the store files a fraud intake form, the Fraud team will contact the customer on the issue, as mentioned above this occurred on XX/XX/2022. 

FACT : You did not answer the question. XXXX. XXXX XXXX XXXX contacted me on XX/XX/2022. He was not aware of the investigation Ive referred to throughout this document. 

I hereby request TD Bank reimburse me for the stolen money and instruct me as to the procedure for doing so. 

Final Comment My final comment refers to the certified letter I sent to XXXX XXXX, Vice President/Regional Marketing Manager, XXXX XXXX XXXX XX/XX/2022, describing the scam in detail. 

I was told by the XXXX TD Bank Branch staff that I would have to give them the letter to deliver to XXXX XXXX and later they told they would give him my telephone number and ask that he call me. 

I found XXXX XXXX address and sent the certified letter to him on XXXX XXXX. I sent a copy of the letter to the Branch manager at the TD Bank in XXXX, MD. 

Although I received confirmation via a U.S. Postal Service phone message ( XXXX with my tracking number ) my letter was delivered on XX/XX/2022, at XXXX XXXX, I did not receive the return receipt. 

When I didnt hear from XXXX XXXX I called the U.S . Postal Service on XX/XX/2022 with my Return Receipt Tracking Number. 

XXXX XXXX, the XXXX MD XXXX XXXX XXXX called me soon after to confirm XXXX XXXX mailing address. I confirmed and XXXX XXXX informed me the letter I sent was signed in the parking lot of the recipients address. 

On XX/XX/2022, XXXX XXXX sent an email to me informing me my service request had been resolved ; they were unable to locate the letter and therefore it was not delivered as addressed. 

I did not agree my service request was resolved. An USPS Employee delivered the letter. I wanted to know the details of the delivery and asked for the USPS manager responsible for providing the information. I did not hear from XXXX XXXX. 

My experience with the letter to XXXX XXXX and all the facts I provided in this document led me to conclude I needed to consult with a higher authority. I reached out to the Federal Reserve Bank and was informed the Consumer Financial Protection Bureau ( CFPB ) was the government agency responsible for addressing my complaint. I sent my complaint to the CFPB and they forwarded it to TD Bank. TD Bank responded. This document is my response to TD Bank.