TD Bank, N.A.

TD Bank, N.A., is an American national bank and subsidiary of the Canadian multinational Toronto-Dominion Bank. It operates primarily across the East Coast, in fifteen U.S. states and Washington, D.C. TD Bank is the seventh-largest U.S. bank by deposits[3] and the 8th largest bank in the United States by total assets, resulting from many mergers and acquisitions. T.D. Bank, N.A. is headquartered in Cherry Hill, New Jersey.[1]

This article is about the United States based bank. For the Canadian parent company, see Toronto-Dominion Bank.
TD Bank, N.A.
TypeSubsidiary
IndustryBanking, Financial services
FoundedJanuary 1852 (1852-01)
Portland, Maine, U.S.
HeadquartersCherry 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+
ParentToronto-Dominion Bank
Websitetdbank.com
TD Bank branch in Chinatown, Washington, D.C.

History

It is a successor to the Portland Savings Bank, which later became Banknorth.[4] The bank took its current name, TD Bank, N.A. on May 31, 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]

In February 2016 TD Banks consumer card division purchased Nordstrom credit card unit for an undisclosed amount.[5] The acquisition would now include Nordstrom to its growing of private label card division including Target, Nordictrack, and Tourneau.[6]

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.[7]

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.[8] The lawsuit stated that the bank called consumers up to 10 times a day.[9]

As of July 3, 2017, all but 1 of the claims were dismissed by Judge Jerome B. Simandle, which casts doubt on the veracity of the claims.[10]

Coin-count machine lawsuit

The bank was sued in 2016 for allegations that their coin counting machines, "Penny Arcades," were inaccurately counting coins.[11] The lawsuit estimates that 26 cents out of every $100 was not counted, totaling to $9 million.[12]

Sponsorships

In 2005, TD Banknorth announced it purchased the naming rights of the TD Garden, home of the Boston Celtics and Boston Bruins sports teams.[13]

When TD Bank bought Commerce Bancorp in 2009, the company became title sponsor of the TD Bank Ballpark, home of the Somerset Patriots.

On August 22, 2019, TD announced its partnership with The Shed, the new arts center on Manhattan's Far West Side, as lead sponsor of the "Open Call" artist commissioning program[14]

See also
TD Bank's branch footprint after the South Financial merger

Notes
  1. . TD Bank, N.A.. Accessed December 9, 2018.
  2. . TD Bank website. Retrieved 2015-03-19.
  3. Accessed December 9, 2018.
  4. Company History. TD Bank, N.A., website. Retrieved on 2010-08-30.
  5. https://www.seattletimes.com/business/retail/nordstrom-sells-credit-card-operation/
  6. https://www.target.com/c/td-bank-privacy-policy-for-target-credit-card/-/N-4tgiy
  7. 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.
  8. "TD Bank Hit with TCPA Class Action Lawsuit". Mondaq Business Briefing. Archived from the original on 20 October 2017. Retrieved 19 October 2017.
  9. Jones, Diana. "TD Bank Sued Over Robotcalls". Law360. Retrieved 19 October 2017.
  10. "Martinez v. TD Bank USA, N.A." law360.com. Retrieved 19 October 2017.
  11. DeAngelis, Martin. "Customer Sues TD Bank, Saying Coin-Count Machines Were Ripoff". Press of Atlantic City. Archived from the original on 20 October 2017. Retrieved 19 October 2017.
  12. Walsh, Josh. "TD may pay $7.5 million to Penny Arcade users". Courier Post Online. Retrieved 19 October 2017.
  13. Kerber, Ross (April 1, 2008). "Commerce Bank & Trust Sues to Guard Mass. Identity". The Boston Globe. Retrieved August 30, 2010.
  14. Bank, T. D. "TD Partners with The Shed to Expand Opportunities in the Arts Across New York City". www.prnewswire.com. Retrieved 2019-08-22.
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