Author Topic: TD Bank Bank Freeze  (Read 1185 times)

Offline jose34

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Aug 2016
  • Posts: 2396
  • Total likes: 154
  • DansDeals.com Hat Tips 2
    • View Profile
TD Bank Bank Freeze
« on: June 06, 2020, 07:41:39 PM »
I have not made any transactions in TD Bank for a while and when I called up to ask to close my account they told they can't and I need to make transaction like a deposit to reactivate the account in order to close it... issue is I live no where near a TD Bank.
Is this legal to freeze my money?

Offline Realshlomo

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Jul 2017
  • Posts: 676
  • Total likes: 152
  • DansDeals.com Hat Tips 4
    • View Profile
Re: TD Bank Bank Freeze
« Reply #1 on: June 06, 2020, 11:12:15 PM »
Do they allow a mobile deposit?

Offline biobook

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Apr 2020
  • Posts: 1393
  • Total likes: 1692
  • DansDeals.com Hat Tips 0
    • View Profile
Re: TD Bank Bank Freeze
« Reply #2 on: June 06, 2020, 11:38:39 PM »
Yes, it's legal.  Many people forget about a small bank account when they move, or grow up, and there's the risk that when you're not paying attention to it someone else finds the account number and empties it.  So to prevent that, the bank declares an account inactive if you haven't used it for a while. 

1. After a year or two of inactivity, they should send you a letter saying that your account will be deemed inactive if you don't use it soon, and at that point you can make a small ATM withdrawal or deposit to keep it going.

2. If you moved and didn't get that letter, or you're just forgetful and ignored it, then the account becomes inactive, and you have to make a transaction to re-activate it. 

3. If you do nothing for a few more years, the bank doesn't want to bother with your inactive account any more, and will turn it over to the state treasury.  It's still your money, but you have to make the effort to track it down.  And if you have any outstanding bills, such as unpaid income tax, the treasury will deduct what they think you owe.

All three of these have happened to me....   

For your situation, #2, if you have another checking account, you should be able to mail a paper check or send an electronic check to your TD account.  Call the branch where you opened the account and ask what the minimal amount needs to be and how to make it out and where to send it and how long it will take.  They WANT you to close the account if you're not actively using it, so they will be helpful.

You might also be able to do a direct electronic transfer from a savings account, but again, call the bank to make sure.  It could be this will be automatically rejected, since the account isn't active.

Maybe you have a relative or friend in one of the many cities where TDBank has branches who could go and make a deposit for you.  Again, call the bank first to see if this would work, and if you should give this friend a note saying that you're asking them to make this deposit.  I remember that the amount I had to deposit was small, but I can't remember if it was $1 or $25.

Offline TheDroid

  • Dansdeals Gold Elite
  • ***
  • Join Date: May 2017
  • Posts: 147
  • Total likes: 12
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: COVID FREE USA
Re: TD Bank Bank Freeze
« Reply #3 on: June 07, 2020, 10:21:18 AM »
Is this legal to freeze my money?

PATRIOT Act

Offline YitzyS

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jan 2015
  • Posts: 5552
  • Total likes: 13695
  • DansDeals.com Hat Tips 34
  • Gender: Male
    • View Profile
  • Location: Lakewood, NJ
Re: TD Bank Bank Freeze
« Reply #4 on: June 07, 2020, 10:31:36 AM »
PATRIOT Act
Is it a violation to post on DDF just because there are foreigners on the forum?

Offline TheDroid

  • Dansdeals Gold Elite
  • ***
  • Join Date: May 2017
  • Posts: 147
  • Total likes: 12
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: COVID FREE USA
Re: TD Bank Bank Freeze
« Reply #5 on: June 07, 2020, 02:21:48 PM »
Is it a violation to post on DDF just because there are foreigners on the forum?

I'm not sure what you mean but PATRIOT Act applies regardless of foreigners or not as long as big brother 'thinks' you are a threat to 'national security'.

Offline biobook

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Apr 2020
  • Posts: 1393
  • Total likes: 1692
  • DansDeals.com Hat Tips 0
    • View Profile
Re: TD Bank Bank Freeze
« Reply #6 on: June 07, 2020, 03:37:01 PM »
Although @jose34 uses the word "freeze", the description sounds like the account is not frozen (unable to be activated, as might occur due to Patriot act), but simply inactive (long time with no transactions, able to re-activated with a deposit).


Offline Yehuda25

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Dec 2013
  • Posts: 6069
  • Total likes: 78
  • DansDeals.com Hat Tips 9
    • View Profile
Re: TD Bank Bank Freeze
« Reply #7 on: June 07, 2020, 03:51:14 PM »
Although @jose34 uses the word "freeze", the description sounds like the account is not frozen (unable to be activated, as might occur due to Patriot act), but simply inactive (long time with no transactions, able to re-activated with a deposit).
yes, it is inactive, some banks will simply reactivate if you ask nicely (wf) others might want to a deposit or something similar.
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle