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stevea161

TD Bank strikes again

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My son had an IRA worth about 30k through TD Bank. He elected to close the IRA in beginning of March. First he was told there was a 60 day hold on his money. When that time up, they mailed a check to my son, but put wrong address on envelope. The person that lived at that address decided to try to cash the banks check. Obviously that did not work, and that gentleman is currently in jail awaiting trial. It has now been almost Ten (10) weeks since TD Band disbursed the check originally. My sons money is tied up in a fraud account with TD Bank.  He is having trouble getting people to call him back, nobody seems to have any answers as to when his money will be available.  This has been a case of gross incompetence on TD Banks part, and since the guy that tried to cash the check was arrested in the bank, this money has never left TD Banks possession.  My question is, what type of legal recourse does my son have to recover his money?

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Hi @stevea161

 

Welcome to the community and thanks for posting! Sorry to hear about your son's aggravation. If his efforts to communicate with TD Bank have not gotten him anywhere, he may want to consider speaking with an attorney. Hopefully, a few aggressively-worded letters, or some form of communication from an attorney to the TD Bank legal department, will accelerate the process.

 

Your son can use our Lawyer Directory to find a Maryland attorney -- many offer free consultations.

 

Best of luck to your son!

The FindLaw.com Team

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The story about holding the funds in a "fraud account" is BS.  Money in a bank is nothing but a bunch of zeros and ones in a computer,  It makes sense to hold the stolen check but not to release the funds.  He should hire a lawyer!

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I don't understand what you mean by "type of legal recourse."  He is, of course, free to sue the bank if he likes, but he should retain an attorney to assist him.  If you want to explain your question a little better, I or someone else may be able to provide additional information.

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