TD Bank Class Lawsuit
The CFPB fined TD Bank for in accurate credit reporting which tarnished the credit reports of select customers. The fine was $20m in penalties, plus $8m to tens of thousands of victims of the bank’s illegal actions.
Per this pdf, the payment will be $150 to each person who was affected. A reader notes that even TD Bank deposit account holders can also potentially be eligible for this settlement.
Our Verdict
I suppose the bank or CFPB will send out notification to those affected, or maybe you’ll just get a check in the mail. Readers mention that it’s worth making sure that the bank has your updated address, phone, and email in case they send you something.
Hat tip to reader A1
They randomly closed my checking account in 2021-2022. I never checked what they put in my report.
Anyway to check whether we’re affected? I’ve had TD credit card and bank accounts before but unsure if affected or not.
Check your consumer reports. The CFPB post calls out TD Bank for reporting incorrect derogatory information.
I saw I was affected and submitted CFPB to complain and force them to take action.
TD never gave an account due to being out of the area and nothing ever showed on the report. However Capital One issued a *false* fraud alert to the credit reports *two years* after closing the account. Shortly after the alert went out it had a cascading effect with other cards frozen until they processed identity paperwork meanwhile I used exclusively cash as it did not affect chexsystems and bank accounts.
It’s a bad year for TD…..!
At first I thought this related only to TD credit card customers, but then I read this part:
“By January 2022, TD Bank identified hundreds of thousands of deposit account openings that were either confirmed or suspected to be fraudulent. By April 2023, instead of making sure only accurate information about its customers was sent to consumer reporting companies, TD Bank kept sharing fraudulent information about those accounts as if it belonged to the bank’s customers. Derogatory information, including information that some of the fraudulent accounts were overdrawn, was shared with consumer reporting companies.”
So, sounds like they knowingly reported negative info on deposit customers whose identities had been used to open fraudulent deposit accounts.
Yeah they opened a fraudulent account and reported it as overdrafted on my EWS. Good reminder to everyone to pull their EWS regularly to make sure banks don’t pull this shady nonsense.
Is there an easy way to pull ews like Chex?
Download the EWS form from their website. Fill it out using a free pdf filler. Submit the form on the online portal (link inside the “how to request your report” button) and wait a few weeks to receive a pdf with your EWS report
https://www.earlywarning.com/consumer-information
Keep the form around, reuse it next time you request. Takes around 5 minutes to do.
When I pulled mine I reviewed line by line and was pretty shocked when I found the random TD account
Interesting, I’ll add a note
Can the CFPB fine them for not letting us churn their Checking Bonus???
I’m about to “churn” the fine since I was impacted. Then I’m gonna go back and churn the checking bonus as well
What’s the secret to churning TD bank checking? I actually have one of the few data points on churning it for my P2…. But I have no logical reason why it worked.
By churn I meant collect the fine and the bonus
They should be fined for reporting business credit card activity to personal credit bureaus as well as capital one.
Used to open TD checking/saving before and already closed. I guess checking & saving customer will not be affected?
I had an auto loan with TD Auto Finance. Wonder if they’ll send me 150 or if that’s a separate entity.
separate
Consumer Financial Butt Protection
Stay Classy, Dog!
is isniffdogbutts your alt?
I believe that this was
ieatdogfood’s creative way of telling you that you made a typo in the title. It should be “CFPB”, not “CFBP”.
Fixed