Consumer complaint received 2024-12-07 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Cashing a check
Company: TD BANK US HOLDING COMPANY
State: NY

Complaint narrative:
Formal Complaint Regarding Fraudulent Check Deposit and Bank Handling I am writing to formally lodge a serious complaint regarding the mishandling of our account, the fraudulent deposit of a check, and the banks lack of proper procedures to prevent such incidents. 
On XX/XX/XXXX, we were unable to log into the TD Bank app. We called customer service and were told that our account had been frozen. The next day, we went to a TD Bank branch and spoke with the manager, who confirmed the account was frozen. We requested the funds in the account to be returned to us, and the manager said they needed approval from higher-ups to decide whether the money would be returned through the branch or via a mailed check.

We went back to work, and the following day, we received a call saying that only the funds in the checking account could be returned to us, while the money in the savings account would be sent to our address by mail within about seven days. We repeatedly asked the manager if the check could only be deposited into the account of the payee and if others wouldnt be able to deposit it. The manager confirmed this and stated that the bank would only issue one check. 

On XX/XX/XXXX, we noticed that a newly issued XXXX credit card ending XXXX hadnt arrived yet, but fraudulent transactions had already occurred. Fortunately, XXXX had blocked these transactions. Since we were working, we couldnt check the mail daily. On XX/XX/XXXX, we went back to TD Bank to speak with the manager about the check because we suspected it might have been stolen. However, the manager told us to wait another week and return if the check hadnt been received. 
On XX/XX/XXXX, we received a check for {$75000.00} with the account number ending in XXXX. We assumed this was the check for the savings account because the manager had said the bank would only send one check. On XX/XX/XXXX, the check was rejected by the bank. We went to TD Bank around XXXXXXXX XXXX, but the manager wasnt available, and the staff said no one could handle the issue. They emailed to inquire about the check, and the staff advised me to come back on XX/XX/XXXX. 

On XX/XX/XXXX, we were notified by TD Bank that the check issued for our savings account ( ending in XXXX ) in the amount of {$76000.00} had been fraudulently deposited. However, the bank has yet to determine which bank the check was deposited into. This is extremely concerning, as we were assured that only the payee could deposit the check, and that no one else would be able to do so. We were also told that the bank would only issue one check, which we received on XX/XX/XXXX, under the assumption that it was the correct one for the savings account. 

We have never receive the check.We are deeply troubled by the fact that the check, which should have been sent to us, was stolen and successfully deposited by someone else. We are particularly alarmed by the fact that such a significant sum was deposited without proper verification, especially given the circumstances. We were never informed that someone other than the account holder could deposit the check, nor were we advised of any safeguards or verification processes in place to prevent this type of fraudulent activity. Why was such a large amount allowed to be deposited into another bank without proper checks? 

The handling of this situation has been deeply frustrating. Since the check was fraudulently deposited, we have had to take additional steps, including reporting the matter to the police. We are very concerned about the lack of accountability and the apparent failure to safeguard our funds, which has resulted in significant distress. 

I respectfully request an immediate investigation into this matter, along with a full explanation of the actions taken by the bank to prevent fraud and the procedures followed in processing our check. I also request that the bank take responsibility for the loss of funds and provide us with a clear plan for how this situation will be rectified. 

I expect a prompt and thorough response to this complaint, and I trust that TD Bank will take appropriate action to address this issue and prevent any future occurrences of this nature.

Company response to consumer: Closed with monetary relief