Consumer complaint received 2025-03-31 00:00:00
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: TD BANK US HOLDING COMPANY
State: MA

Complaint narrative:
Date : XX/XX/XXXX From : XXXX XXXX XXXX, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, MA XXXX To : Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX, IA XXXX Subject : Complaint to the Consumer Financial Protection Bureau XXXX CFPB ) Complaint Summary : I am filing a formal complaint against TD Bank XXXX XXXX, for engaging in unfair and deceptive banking practices that have caused serious financial harm to my company, XXXX XXXX XXXX XXXX XXXX TD Bank has repeatedly mishandled my accounts, including retroactive-ly placing holds on cleared deposits, failing to process wire transfers correctly, and failing to provide timely responses from their fraud department. 
To Whom It May Concern, I am submitting this complaint regarding ongoing and repeated errors by TD Bank that have severely impacted my business operations. Despite my repeated efforts to communicate, provide documenta-tion, and resolve these issues, the bank has failed to act in a timely and professional manner, causing significant financial harm to my company, XXXX XXXX XXXX XXXX XXXX 
Key Issues and Updates : XXXX. Unauthorized and Unjustified Account Restrictions : o I submitted deposits totaling {$370000.00} from a client, XXXX XXXX XXXX, on XX/XX/XXXX. These deposits cleared and were made available, prompting me to send a wire transfer of {$370000.00} based on the bank 's confirmation of funds. 
o On XX/XX/XXXX, I deposited {$1.00} XXXX from another client, Preferred XXXX XXXX XXXX, a XXXX Bank account holder. This deposit also cleared and was available by XX/XX/XXXX. 
o Despite this, TD Bank later placed a retroactive hold on these previously cleared funds, causing my account to show an overdraft of XXXX and severely impacting my abil-ity to conduct business. 
XXXX. Repeated Mishandling of My Account : o In XX/XX/XXXX, TD Bank closed my account in error, citing security concerns relat-ed to a transaction from XXXX XXXX XXXX XXXX XXXX After I provided a notarized affida-vit from the client confirming the legitimacy of the transaction, my account was rein-stated and TD Bank credited returned XXXX XXXX, proving that this was an error on their part. 
o Despite resolving the issue, TD Bank reopened an investigation into this same matter in XX/XX/XXXX, again restricting my account without any new evidence. 
3. Failure to Act on Submitted Documentation : o The maker, Preferred Physical Therapy, has confirmed they have full access to their account and that TD Bank has not restricted them.

o On XX/XX/XXXX, the maker submitted XXXX XXXX and XXXX XXXX for every questioned check, which XXXX XXXX from TD Banks Global Security Investiga-tions ( GSI ) team stated was the only requirement to resolve the issue. Yet, no action has been taken. 
o I have provided notarized affidavits from the account holders confirming that all trans-actions are legitimate business dealings, yet my account remains restricted. 
XXXX. Lack of Response from TD Bank XXXX XXXX XXXX XXXX : I have sent multiple emails to TD Bank regarding this issue on the following dates : XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX. 
I have made numerous phone calls following up with TD Bank on : XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, and XX/XX/XXXX. 
On XX/XX/XXXX, XXXX XXXX stated he would call me when there was an update, essentially dismissing my concerns and preventing me from obtaining a resolution. 
As a result of these actions, my business has suffered estimated losses of {$10000.00} - {$20000.00} per week, totaling approximately {$90000.00} - {$180000.00} over the past XXXX weeks.

Company response to consumer: Closed with explanation