Consumer complaint received 2025-02-14 00:00:00
Product: Money transfer, virtual currency, or money service — Domestic (US) money transfer
Issue: Money was not available when promised — 
Company: TD BANK US HOLDING COMPANY
State: NJ

Complaint narrative:
My bank ( TD Bank NA ) has ripped me off for {$6300.00} on a failed wire that was sent in error due to the negligence of the XXXX XXXX entering the information in an improper field in the wire transfer system. TD Bank is claiming that the intermediary bank, XXXX XXXX, is refusing to refund the wire and there is nothing anyone can do. The money is gone. 

This is unacceptable. 

After numerous conversations with TD Bank and XXXX XXXX customer service agents, along with extensive internet research, Ive figured out that the problem with this wire was that the For Further Credit to ( FFC ) information was incorrectly entered in the Further Credit Bank Name and Further Credit Bank Account fields. These fields are unique to the TD Bank wire system and are generally used for International Wire Transfers that must traverse a Correspondent Bank for currency conversion purposes. 

General Banking Custom requires domestic For Further Credit to transactions such as my XXXX transfer to have the FFC information entered into the Special Instructions field. When the Branch Manager put the FFC information into the field used for a corespondent bank, it directed XXXX to deposit the funds directly into a XXXX account number matching my XXXX account number instead of Schwabs account number at XXXX, which is why XXXX never received anything. 

While I can appreciate how this mistake happened, the fact is that the Branch Manager violated General Banking Custom for FFC transactions. He should have known, via training in the use of the TD Bank wire system that the field he used to enter the FFC information was incorrect.

Furthermore, as a consumer of financial services, I can not be expected to kno
w what any of the fields labeled in TD Banks proprietary wire transfer system represent. I gave TD Bank the correct instructions. The form I was asked to review had all of the correct Names and Account Numbers. I was relying on the Branch Manager to know how to perform his job functions. He failed in his professional duty, and my money was lost in the process. 

TD Bank NA should reimburse me for their negligence. They have not. 

Timeline of Events XX/XX/2024 : Visited the TD Bank NA branch office in XXXX, NY with a printed Domestic Wire Instructions document to transfer funds to my personal brokerage account at XXXX XXXXXXXX XXXX XXXX XXXX I was directed to the Branch Manager. At the beginning of our interaction I handed the Manager the printed Domestic Wire Instructions and directed him to send {$6300.00} from my TD Convenience Checking account to XXXX XXXX XXXX XXXX using the Domestic Wire Instructions. The Manager made several errors while entering the information that were subsequently corrected before the wire was actually approved for sending. He had me sign a Domestic Wire Transfer form and executed the transfer. 

Later that day, XXXX XXXX received the funds, but there was another error. The For further credit instructions were done improperly and the wire was rejected. 

XX/XX/XXXX : The money was returned to my TD Bank checking account. 

XX/XX/XXXX : Returned to the TD Bank NA branch in XXXX and again sat with the Branch Manager to resend the wire correctly. I again handed the Manager the Domestic Wire Instructions document and explained that the Further Credit To information was invalid because it did not say For further credit to ( my name ), ( my account number ). He updated the information and presented a new Domestic Wire Form for approval, which I signed, and he executed. 

XX/XX/XXXX : It was determined that XXXX had not received the wire so I initiated a Wire Trace with TD Bank customer support, was given reference number XXXX  and was told to wait XXXX business days for a response. 

XX/XX/XXXX : Initiated a XXXX XXXX via XXXX to see if they could help locate the missing funds. They gave me reference number XXXX. 

XX/XX/XXXX : XXXX notified me that the wire was received by XXXX XXXX as invalid and that XXXX was contacting TD bank to have them initiate a recall. They gave me a XXXX reference number XXXX. 

After receiving this information from XXXX, I contacted TD Bank customer support to notify them about the XXXX communications. They told me they had received the message from XXXX and directed me to visit the XXXX NY XXXX so that the XXXX XXXX could respond to the XXXX message. So I went to the branch and told the Manager what I knew. After tracking down the message he sent a response. I do not know the contents of either message, but the Manager told me that they were doing a modification and that the money would arrive at XXXX in XXXX business days. 

XX/XX/XXXX : I contacted TD Bank customer support to inquire if there were any updates. A customer support XXXX explained that TD Bank had responded with everything XXXX had requested and assured me that the money would arrive in my XXXX account on or before XX/XX/2024. 

XX/XX/XXXX : Someone at TD Bank initiated another wire trace. I dont know who or why. 

XX/XX/XXXX : The money had still not arrived in my accounts at XXXX or TD Bank, so I again contacted TD customer support to initiate a trace. I was directed to a customer service manager who informed me about the trace initiated on XX/XX/XXXX. I was told that since a trace was already in process, I could not initiate another at that time. After explaining the circumstances to the customer service XXXX, she agreed that this entire mess was the direct result of TD Bank negligence. I was then told I could initiate a recall, but chose not to at that time because it was still possible that the funds could arrive at XXXX after the TD wire department closed that day. 

XX/XX/XXXX : XXXX still had no record of the wire. So I contacted TD Bank to initiate a recall, which was executed. I was told to wait XXXX business days for XXXX to XXXX to the recall request. 

XX/XX/XXXX : XXXX XXXX Bank customer support for an update and was informed that XXXX had rejected the wire recall request and that there was nothing further that TD Bank could do ; my funds were lost. 

I explained this was unacceptable. I explained that the XXXX I talked to on XX/XX/XXXX agreed that all of this was the result of TD Bank negligence and that I should not be made to suffer for their mistakes. So the case was escalated to a higher level and I was told to wait XXXX business days for someone from the escalation department to contact me. 

XX/XX/XXXX : No call. No new information. Submitting complaint to CFPB and other relevant regulators...

Company response to consumer: Closed with explanation