Consumer complaint received 2020-11-13
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: TD BANK US HOLDING COMPANY (NH)

Our family has had several checking and savings accounts with TD Bank for many years. Suddenly on XX/XX/XXXX, two electronic transfers through XXXX ( for {$1000.00} in and {$1000.00} out ) occurred in our joint checking account. We had never authorized XXXX usage on our accounts, and TD never contacted us to verify if these XXXX transfers were authorized. On XX/XX/XXXX our son noticed that there had been 5 unauthorized XXXX transfers out of his account for a total of {$4800.00}. He immediately notified TD Bank and filed a fraud claim. TD did not advise our son to freeze or put a hold on his account to prevent further fraud. On XX/XX/XXXX XXXX contacted TD to report that another fraudulent transfer for {$170.00} had occurred in the joint checking account on XX/XX/XXXX and to reiterate that he had NEVER authorized any XXXX transfers at any time and that our accounts were being defrauded. XXXX submitted a fraud claim for the fraudulent {$170.00} transfer. TD advised XXXX to freeze all accounts ( including our son 's ) and to set up a new account with a new username and password. XXXX understood that this account would be secure and TD would prevent further XXXX transfers, as TD had been informed by both XXXX and our son of the fraudulent XXXX activity, and TD said they were investigating the fraudulent transfers. On XXXX, XXXX, XXXX, and XXXX four new fraudulent XXXX transfers totaling {$3900.00} were made from the new " secure '' account set up by TD. On XX/XX/XXXX, XXXX called TD and reported 3 of these fraudulent XXXX transfers out of the new account. He filed another fraud claim, and expressed deep frustration that TD was not able to stop these transfers immediately ( they had been notified of the fraud since XX/XX/XXXX ) and protect our funds. TD advised him to close the compromised account and set up ANOTHER new account, which would be totally locked down and to which he would have no access via Online Banking. XXXX set up the new account as advised by TD. On XX/XX/XXXX we went to the XXXX store and had diagnostics run on our XXXX laptop computers and phones. Two Malware threats were found on XXXX XXXX computer- Adware.XXXX. XXXX removed the Malware from XXXX XXXX computer. Also on XX/XX/XXXX, our son was informed by TD that his fraud claim was denied, in their words " because his dad 's email had been used to authorize XXXX ''. This is untrue- XXXX was NEVER contacted by TD to verify a single one of the 10 fraudulent XXXX transactions that occurred in our accounts ( 5 of which occurred after XX/XX/XXXX when TD was first informed of the fraudulent activity ). The real problem seems to be that TD 's security systems around XXXX electronic transfers are totally INADEQUATE to protect their customers. We have filed a police report with the XXXX NH Police Department ( # XXXX ), which we can make available upon request. We can also provide copies of the XXXX Malware report and bank statements showing evidence of all fraudulent transfers, if requested. We will attach a timeline showing the dates and amounts of the fraudulent transfers as well as the various dates when we reported the fraud to TD.