Consumer complaint received 2023-05-06
Product: Money transfer, virtual currency, or money service — International money transfer
Issue: Fraud or scam — 
Company: TD BANK US HOLDING COMPANY (MD)

XX/XX/XXXX XXXX XXXX XXXX  TD Bank, Customer Experience Advocate Operations Center XXXX XXXX XXXXXXXX XXXX, ME XXXX Re : Summary of Events and Request for Information re : Complaint # XXXX Dear XXXX XXXX XXXX : This is the fourth complaint Ive submitted to the CFPB in an attempt to seek answerers to TDs system for addressing international wire fraud reported by their customers. On XX/XX/XXXX, I reported fraud shortly after the occurrence and was confident TD Bank with its Domestic and International Wire Fraud Division and Global and Security Investigations Division would stop the fraud and return the {$41000.00} stolen from my TD Bank account. Although I acted reasonably under the circumstances in reporting the fraud, I have been misled with confusing bank procedures, conflicting correspondence, and at times, lies. 

The responses, from XXXX XXXX XXXX to my last two complaints, ignored the facts. I am sending this letter to you because XXXX XXXX responded each time by copying your letter with a couple of additions. 

Below is a summary of events followed by XXXX XXXX response to my last complaint. He did not answer many of my questions. I trust someone at TD Bank can answer the questions. 
Summary XX/XX/XXXX : I signed a Wire Authorization Form, International Outgoing Wire and received a Pre-Payment Disclosure at XXXXXXXX XXXX  at the TD Bank Branch, XXXX, MD. The funds were to be held by TD Bank for 3-5 days to provide time to ensure there are no problems with the transfer. 

I reported the scam to the Branch Manager within two hours of signing the Wire Authorization Form. She filed reports with TD Banks Fraud Division and later with TD Banks Domestic and International Wire Fraud Division, per my request. Both were filed by XXXX XXXX  on XX/XX/XXXX. 

XX/XX/XXXX : I provided information in response to questions from the Investigator, TD Banks Domestic and International Wire Transfer Division. 

I worked with TD Banks Fraud Division to cancel my TD accounts and open new accounts. They were very helpful throughout the process. 

It wasnt until XX/XX/XXXX, that the Senior Investigator, Global and Security Investigation Division, called from his NY office to follow up on the Fraud Report. He was not aware of the investigation by the Domestic and International Wire Fraud Division. After a brief talk he concluded everything was done correctly. He did not respond to my calls or emails after I sent information he agreed to discuss with me. 

XX/XX/XXXX : I called the Branch Bank, as suggested by the Branch Manager, to check the status of the investigation and was told the investigators have the information they need, and the case is still open. 

I received a Receipt from TD Bank, XXXX XXXXXXXX XXXX, dated XX/XX/XXXX, at XXXX XXXX  stating the funds were sent to the recipient ( XXXX XXXX  ) at XXXX XXXX XXXX  ( pick-up location ) and would be available XX/XX/XXXX. 

Note : The funds were sent to the Beneficiary on XX/XX/XXXX, at XXXX XXXX  only eight minutes after I signed the Wire Authorization Form at XXXX XXXX, not enough time for the Branch Manager to review and approve the transaction as she told me, given she was helping another customer, as I exited the bank. See Question # 7 0n pg. 5 for additional information. 

I also received a letter from TD Bank ( no date or Bank location ) stating This letter serves as notification of the Outgoing Wire Transferon XX/XX/XXXX listing XXXX XXXX ( Beneficiary ) and XXXX XXXX XXXX XXXX XXXX XXXX XXXXBank to Bank Information : XXXX Other Payment Error Correction*was stated at the bottom of the letter. 

Note : I called the TD number XXXX in the letter to ask the status of the investigation and was told my funds were with the Federal Reserve XXXX the agency that works with TD Bank and the XXXX XXXX to resolve the problem. That was a lie. I called the Federal Reserve and was informed they dont get involved in such cases. 

On XX/XX/XXXX : The Branch Manager called to inform me she received notice that my funds had been withdrawn by the beneficiary and are no longer available. 

Note : Funds were to be available to the Beneficiary on XX/XX/XXXX, according to the Receipt described above, dated XX/XX/XXXX. Following is the excerpt from XXXX  Wire Transfer Investigations the Branch Manager referred to when she told me my funds were no longer available : PLEASE BE ADVISED WE HAVE RECD THE BELOW MSG FROM BENE BANK QUOTE IN YR CASE, WE TRIED TO CONTACT OUR CUSTOMER SEVERAL TIME BUT WE COULD NOT REACH HER FROM CONTACT DETAILS GIVEN TO OUR BANK. AND NOW THE FUNDS HAS BEEN WITHDRAWN FROM THE A/C. NO BALANCE REMAINING. WE REGRET BEING UNABLE TO ASSIST FURTHER. FOR FURTHER RECALL FUNDS PLS ADVISE REMITTER TO CONTACT BENEFICIARY FOR DIRECT SETTLEMENT. WE CLOSED OUR FILE. END QUOTE. PLEASE QUOTE OUR REF XXXX IN ALL CORRESPONDENCE RELATED TO THIS INVESTIGATION. 

Note : TD bank representatives repeatedly claimed, Our wire team has done everything possible to try to recover the funds. They describe everything possible as the Investigator sending an email out to the store to submit a fraud intake form and a recall for the Wire via their Correspondent Bank. The recall for the wire was sent to a beneficiary bank that does not honor recall notices but rather advises the remitter to contact the beneficiary ( an accomplice to the scam ) for direct settlement. 

On XX/XX/XXXX : In an attempt to resolve this case at the local level I requested the name and contact information for the TD Bank Regional Manager responsible for overseeing the Branch Banks in Maryland. The Branch staff gave me his name and told me I would have to give my letter to them to forward to him. I found his address and sent the letter certified mail. The challenges I faced after mailing the letter are described in the first complaint submitted to the CFPB. 

Questions from complaint # XXXX and XXXX XXXX responses 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. 

XXXX XXXX : I did not instruct TD Bank to send the funds to the Beneficiary immediately. I was told the funds would be held for three to five days before sending to the Beneficiary. 

Why werent the funds held for three to five days before sending to the Beneficiary, as I was told by the bank attendant? 

Did the funds go to XXXX XXXX XXXX on XX/XX/XXXX? If so, did XXXX XXXX Bank receive the recall request? Why didnt they stop the transfer? 

2. 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. 

XXXX XXXX : I know XXXX XXXXXXXX XXXX is TD Banks correspondent bank. XXXX XXXX is also identified as the Receiver Bank in TD documents. 

What role does XXXX XXXXXXXX XXXX  have in TD Banks International Wire Transfers? 
Did XXXX XXXXXXXX XXXX send the funds to the beneficiary bank? If so, did they decide when the funds were sent? 

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

XXXX : As previously noted, I called XXXX on XX/XX/XXXX, with questions about a letter I received stating the funds had been sent to XXXX XXXXXXXX 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 XXXXXXXX XXXX to resolve the problem. I called the Federal Reserve and was informed they dont get involved in such cases. Based on this and previous contacts with TD employees I suspect there was a cover-up. 

Has TD Bank investigated the false information I was given throughout what I was led to believe was an investigation of the case? 

4. 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. 

XXXX, XXXX : I know TD Bank is the bank who initiated the wire and XXXX XXXX XXXX  is the correspondent bank. 

Note : XXXX sent the Narrative received by TD Bank on XX/XX/XXXX, and are identified as XXXX wire transfer investigations. XXXX  acknowledged receipt of your cancellation request dated XX/XX/XXXX concerning your payment for USD XXXX dated XX/XX/XXXX. The funds were paid XX/XX/XXXX confirming the false information I received by TD employees throughout what I was led to believe was an investigation of the case and contradictory to written communication I received from TD Bank stating funds would be available XX/XX/XXXX. 

Who is XXXX and what was their role in the investigation? 
Who is Your, referred to as the payer and the sender of the cancellation request? 

Both XXXX XXXX and the Beneficiary Bank are referred to as the receiver bank. 

Who is the receiver bank? 

5. 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 XXXX message on XX/XX/XXXX, 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 XXXX 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 XXXXXXXX XXXX, as I was told, did XXXX XXXX XXXX send the funds? If not, who did? 

6. 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/XXXX. 

XXXX XXXX : Once again, you did not answer the question. Sr. Investigator XXXX XXXX contacted me on XX/XX/XXXX. He was not aware of the investigation Ive referred to throughout this document. What is the procedure for processing reimbursement of funds by TD Bank? 

I was tricked by the scammers into making the payment. I had a reasonable basis to believe the payment I made was for a legitimate reason and the business was legitimate. I reported the scam on XX/XX/XXXX, within two hours of initiating the transfer and was confident TD Bank had a system in place to prevent fraud. I received information over the next six days confirming my belief in TD Banks ability to prevent fraud until on XX/XX/XXXX, the Branch Manager called to tell me the funds had been withdrawn. If TD had adopted new rules of conduct in XXXX as had other banks they would have invested in a system to prevent fraud and help those of us who have fallen victim to fraud. 

XXXX XXXX added and answered the following two questions to my list, thus implying I asked the questions. 

7. When was the approved processed? The wire was approved the same day as the wire being initiated. At the time the wire was processed you were provided copies of the wire documentation. On Page 3 of the wire documentation that the customer received states : You have the right to cancel a remittance transfer within 30 minutes of payment of the transfer and obtain a refund of all funds paid. 

XXXX XXXX : How could I have cancelled a remittance transfer within 30 minutes of payment of the transfer and obtain a refund of all funds paid if funds were sent immediately ( within 8 minutes ) to the Beneficiary? 

8. Were there enough funds in the account at the time of the wire being submitted to process the wire? At the time of the wire there were adequate funds in the account to cover the dollar amount of the wire. No funds were transferred by a TD Bank employee into the account. At the time of the wire the balance in the checking account ending in XXXX was {$47000.00}. 

XXXX XXXX : Funds for the transfer were to be deposited to my checking account by XXXX XXXX, as I told the bank attendant. The morning of XX/XX/XXXX, the scammers required that I report if the funds had been deposited to my checking account. I monitored the account throughout the morning. When I returned home from the bank I saw {$42000.00} had been transferred from my savings account to my checking account. The Branch Manager told me it is the banks procedure to pull funds from one account to cover shortfalls in another account. 

If a TD employee did not pull funds from my savings account and deposit into my checking account, how did the transaction occur online? By whom? 

Over the past six months I have provided details of my experiences and asked questions of TD Bank to help me understand the confusing and conflicting information I received from them in processing and following up on a wire transfer request I submitted on XX/XX/XXXX, at the XXXX, Maryland Branch of TD Bank. 

Your answers to the questions in my first complaint were gathered from sources either unfamiliar with my case or, as I suspected, were covering up the truth. Most of the responses were incomplete or incorrect. I responded with the facts and highlighted what I saw as questionable business practices. 

My responses to XXXX XXXX letters is similar to my response to the first letter given he copied your letter with a few additions and edits. He repeated the same incomplete or incorrect answers and ignored the facts. I am sending this letter to you and trust someone at TD Bank will answer my questions. Thank you, in advance, for your assistance. 

Sincerely, XXXX XXXX XXXX