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TD Bank, N.A.
Subsidiary
Industry Banking, Financial services
Founded January 1852; 166 years ago (1852-01) (as Portland Savings Bank)
Portland, Maine, U.S.
Headquarters Cherry Hill, New Jersey, U.S.[1]
Number of locations
1,301[2]
Area served
Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas, Vermont, Virginia, Washington, D.C.
Key people
Greg Braca (CEO)
Number of employees
26,000+
Parent Toronto-Dominion Bank
Website tdbank.com
TD Bank branch in Chinatown, Washington, D.C.

TD Bank, N.A., is an American national bank and subsidiary of the Canadian multinational Toronto-Dominion Bank based in Toronto, Ontario. It operates primarily across the East Coast, in fifteen states and Washington, D.C. TD Bank is the eighth largest bank in the United States by total assets, resulting from many mergers and acquisitions.

History[edit]

It is a successor to the Portland Savings Bank, which later became Banknorth.[3] The bank took its current name, TD Bank, N.A., in 2008, through the acquisition and renaming of Commerce Bank and its subsequent merger with TD Banknorth. The bank's "TD" initials, first popularized in Canada, are used officially for all American operations. In 2013, TD Bank, N.A. centralized its headquarters in Cherry Hill, New Jersey, U.S.[1]

Legal actions and public controversies[edit]

2012 data breach[edit]

In October 2012, the Massachusetts attorney general announced that TD Bank misplaced unencrypted backup tapes with "extensive customer information, including Social Security numbers and bank account numbers." The bank initially refused to state how many customers were affected. After an inquiry by the attorney general, it stated 267,000 customers. The bank waited more than six months to notify customers.[4]

TCPA class action lawsuit[edit]

In October, 2015, a class action lawsuit was filed against TD Bank claiming that it violated the Telephone Consumer Protection Act of 1991.[5] The lawsuit stated that the bank called consumers up to 10 times a day.[6]

As of July 3, 2017, all but 1 of the claims were tossed out by Judge Jerome B. Simandle.[7]

Coin-count machine lawsuit[edit]

The bank was sued in 2016 for allegations that their coin counting machines, "Penny Arcades," were inaccurately counting coins.[8] The lawsuit estimates that 26 cents out of every $100 was not counted, totaling to $9 million.[9]

Blocking bitcoin[edit]

In October, 2017, customers reported that TD Bank blocked credit card purchases of bitcoin. A bank representative said "the institution does not support Bitcoin, nor does it 'deal with the kind of business'."[10]

See also[edit]

TD Bank's branch footprint after the South Financial merger

Notes[edit]

  1. ^ a b Deirdre Fernandes (October 1, 2013). "TD Bank moves headquarters out of Maine - Takes base to N.J. after expansion south". The Boston Globe. Retrieved March 22, 2015. New Headquarters: Exclusively in Cherry Hill, N.J.; previously split between the New Jersey office and Portland, Maine. 
  2. ^ [1]. TD Bank website. Retrieved 2015-03-19.
  3. ^ Company History. TD Bank, N.A., website. Retrieved on 2010-08-30.
  4. ^ Wallack, Todd. "TD Bank data breach affects 267,000 customers, including 73,000 in Massachusetts". The Boston Globe. Retrieved October 13, 2012. The bank told customers that two tapes disappeared in transit while being shipped to one of its location in March. The company has not been able to find the tapes. The tapes were unencrypted and contained extensive customer information, including Social Security numbers and bank account numbers, the bank told the office of Massachusetts Attorney General Martha Coakley. 
  5. ^ "TD Bank Hit with TCPA Class Action Lawsuit". Mondaq Business Briefing. Retrieved 19 October 2017. 
  6. ^ Jones, Diana. "TD Bank Sued Over Robotcalls". Law360. Retrieved 19 October 2017. 
  7. ^ "Martinez v. TD Bank USA, N.A." law360.com. Retrieved 19 October 2017. 
  8. ^ DeAngelis, Martin. "Customer Sues TD Bank, Saying Coin-Count Machines Were Ripoff". Press of Atlantic City. Retrieved 19 October 2017. 
  9. ^ Walsh, Josh. "TD may pay $7.5 million to Penny Arcade users". Courier Post Online. Retrieved 19 October 2017. 
  10. ^ Buntinx, BJ. "TD Bank Prevents Customers From Buying Bitcoin and Other Cryptocurrencies". The Merkle. Retrieved 19 October 2017. 

External links[edit]

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