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 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.

History

It is a successor to the Portland Savings Bank, which later became Banknorth. 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.

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.

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.
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