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 eleventh largest bank in the United States by total assets, resulting from many mergers and acquisitions.
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History
It is a successor to the Portland Savings Bank, which later became Banknorth. 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.
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Legal actions and public controversies
2012 data breach
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.
TCPA class action lawsuit
In October, 2015, a class action lawsuit was filed against TD Bank claiming that it violated the Telephone Consumer Protection Act of 1991. The lawsuit stated that the bank called consumers up to 10 times a day.
As of July 3, 2017, all but 1 of the claims were tossed out by Judge Jerome B. Simandle.
Coin-count machine lawsuit
The bank was sued in 2016 for allegations that their coin counting machines, "Penny Arcades," were inaccurately counting coins. The lawsuit estimates that 26 cents out of every $100 was not counted, totaling to $9 million.
Blocking bitcoin
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'."
Source of the article : Wikipedia
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