Are TD Bank Accounts Protected From Fraud?

If you’re facing fraud and TD Bank won’t listen, we want to hear about it…

Identity theft and fraud are serious problems that can cost you hundreds if not thousands of dollars. That is why it’s always best to know if your TD bank accounts are protected from fraud and who to call in the event that something doesn’t look right. You might have issues with things like hidden fees. There are plenty of consumer complaints about service contracts and account problems. No large company is immune. So what can you do when TD Bank doesn’t solve the problem? We explain.

Are Bank Accounts Protected from Fraud?

Checking accounts have federal protection against fraud thanks to Federal Reserve Regulation E. Your accounts are insured by the FDIC, so you are not responsible for paying for fraudulent activity on your account.

Report Fraud to TD Bank

TD Bank has a list of suggestions for protecting your card numbers and identity. 

TD Bank clarifies that they will never ask you to confirm an account number, a password, PIN, or personal information through a voice call, text, or email. So, if you receive any fraudulent text messages, calls, or emails asking for such information, you need to report it immediately to the TD Bank broad Center by calling 1 800-893-8554. If you have a suspicious email, you can forward it to Phishing@TD.com

If you need to report fraud on a TD Bank credit card, you must contact the Visa credit card department at 1-888-561-8861.

If your card is lost or stolen, you need to report it immediately. For a lost or stolen debit card, call 1-888-751-9000, 24/7. For a lost or stolen credit card, call 1-888-561-8861, 24/7. If you want to dispute a fraudulent ATM transaction, you should call 1-866-222-3456.

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Does TD Bank Reimburse Stolen Money?

According to TD Bank, in order to qualify for a disputed transaction, the transaction has to be made with your credit card or debit card. It’s up to you to first attempt to resolve it with the merchant directly, and if that doesn’t work, you can submit a transaction dispute request. This must be submitted within 30 days of receiving notice of the transaction. TD Bank might contact you to ask for any additional information as they initiate an investigation. 

It can take up to 15 business days to issue a refund while they complete their investigation.

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Do Banks like TD Bank Really Investigate Fraud?

TD Bank monitors a lot of information, not just the types of purchases made on your account. They check things like your device and app history 10 minutes before when you logged into your bank account, your device ID, your Wi-Fi connection, your camera, your location, your contact list, Google maps, IP address, and financial information for a multitude of purposes but primarily for fraud prevention. Verifying all of this information regularly can help identify patterns and suspicious activity. If TD Bank finds activity they believe to be suspicious, they will flag it and notify you. But you are responsible for notifying TD Bank of any activity you find fraudulent or suspicious and any situation where personal information, including cards, gets lost, stolen, or shared with people that shouldn’t be.

The fine print of their user agreement says, “We will investigate and, where appropriate resolve any potential error or fraudulent purchase on your Payment Card as set out in your Account Agreement.”

Unfortunately, there are news outlets reporting customer frustrations with fraud investigations. Some customers have reported fraudulent activities and denied their claims without a thorough investigation. One customer noted that his wallet was stolen at a concert, and he notified TD Bank right away, who notified him on the phone that the thief in question was taking money out of the account at that moment. The account was shut down, and a fraudulent complaint was submitted, with police reports capturing surveillance footage of potential suspects. Unfortunately, the bank denied his claim in this particular situation, and a year later, the issue remains unresolved.

Other news reports involve customers whose computers were hacked and whose TD bank accounts were fraudulently accessed. After reporting the fraud and closing the accounts, confusion involving a transfer of money from her TD Bank account to Western Union has resulted in a series of unexpected charges and fraud investigations to no avail.

What can a scammer do with my bank account or credit card number?

Like the complaints listed above, when a scammer gets ahold of your credit card number or bank account, they can transfer money even using a credit card to a Western Union cash transaction, take money out of an ATM, or pay for things online without your permission. It’s even possible to deal with things like identity theft.

Related: How to Spot and Report Illegal and Unfair Banking

What to Do If TD Bank Won’t Help

If you aren’t having luck with TD Bank’s customer service or fraud department, you still have options. You can file a complaint against TD Bank. You might not be able to join lawsuits against TD Bank, but you can sue them in small claims court. Or, you can file an official dispute using consumer arbitration. 

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