HOW TO SERVE LEGAL PAPERS ON TD BANK

TD bank

Undisputed Legal | Process Service

TD Bank, N.A. is a subsidiary of Toronto-Dominion Bank, a Canadian multinational, and an American national bank. It is mainly active along the East Coast of the United States, in fifteen different states and the District of Columbia. Due to many mergers and acquisitions, TD Bank is the United States’ seventh-largest bank by deposits and the country’s ninth-largest bank by total assets. Cherry Hill, New Jersey is home to T.D. Bank N.A.

In addition to banking products, TD Bank and its subsidiaries offer customers tailored private banking and wealth management services via TD Wealth and car finance and dealer commercial services through TD Auto Finance.

HISTORY OF TD BANK

After the Portland Savings Bank, the entity became Banknorth in its capacity as its successor.  After acquiring Commerce Bank and merging with TD Banknorth, the bank changed its name to TD Bank, N.A. on May 31, 2008. In its American activities, the bank is known officially by the letters ‘TD,’ which were originally popularized in Canada.

As of 2010, TD Bank N.A. has bought the South Financial Group, which had 172 locations throughout the Carolinas and Florida. Carolina First, with branches in North and South Carolina, and Mercantile Bank, having branches in Florida, were purchased for about USD 191 million by South Financial, the parent company. The TD Bank name was adopted by the former South Financial branch locations.

As of 2013, the headquarters of TD Bank, N.A. has been moved to Cherry Hill, New Jersey. In addition to Target, NordicTrack, and Tourneau, TD also offers an increasing number of private-label cards under the Nordstrom brand. TD Bank calls itself America’s Most Convenient Bank and is one of the ten biggest banks in the U.S. with strong roots in the region going back more than a hundred years. TD Bank provides a wide variety of retail, small business, and commercial banking products and services to millions of clients via its vast network of hundreds of convenient locations and ATMs. 

TD BANK IN CANADA

The Toronto-Dominion Bank (called the Banque Toronto-Dominion) is a Canadian multinational banking and financial services company based in Toronto, Ontario. Commonly known as TD and functioning as TD Bank Group (Groupe Banque TD), the bank was established on 1st February 1955, via the merging of the Bank of Toronto and The Dominion Bank, which had been founded in 1855 and 1869, respectively. This is one of the twin Big Five banks established in Toronto, and the other is the Canadian Imperial Bank of Commerce. 

According to Standard & Poor’s matrices, TD Bank Group was the biggest bank in Canada by total assets, the second greatest by market cap, a top-ten bank in North America, and the 26th largest bank in the world.  In 2019, it was named a worldwide systemically significant bank by the Financial Stability Board.

In Canada, the bank operates as TD Canada Trust and services more than eleven million clients. In the United States, the business operates as TD Bank, which was formed via the merger of TD Banknorth and Commerce Bank. TD Bank services more than six million clients in the United States with a network in sixteen states and the District of Columbia.

LEGAL ACTIONS AGAINST TD BANK 

In October 2012, the Massachusetts attorney general revealed that TD Bank lost unencrypted backup tapes containing ‘significant customer information, including Social Security numbers and bank account numbers.’ The bank originally declined to disclose however many clients were impacted. After such an investigation by the attorney general, they claimed over two hundred thousand clients bore the effects. The bank delayed upwards of six months to inform consumers, although the bank later agreed to pay USD 625,000 and tighten security practices to resolve the probe.

In October 2015, a class-action lawsuit was filed against TD Bank alleging that it violated the Telephone Consumer Protection Act of 1991. The complaint claimed that the bank phoned customers up to ten times each day. 

SUBSIDIARIES OF TD BANK

TD BANKNORTH HOUSING INVESTMENT FUND LP

TD Banknorth Housing Investment Fund LP is a domestic entity in Delaware, set up on 1st March 2006. The entity is categorized as a limited partnership company, retaining a registered agent for New Jersey Process Service in the state of Delaware. A limited partnership is one method that individuals may structure their business to safeguard the assets of the shareholders. With a limited partnership, the limited partners are solely accountable for the litigation or debts for which they are personally responsible. On the other hand, general partners bear responsibility for all of the financial commitments of a business.

Typically, general partners have all the duties and privileges of operating a corporate organization according to Process Service requirements. This covers the operations and financial issues of the corporate entity. Broad partners also hold general responsibility for the obligations, debts, and actions of the limited partnership.

Usually, limited partners do not engage in the properties or administration of the company at all when it comes to Process Service guidelines. Limited partners must avoid engaging in the company’s management on any level. If a limited partner engages in the administration of the firm, they will no longer be exempt from personal responsibility for debts and litigation connected to the business.

The Limited Partnership Act in Delaware regulates limited partnerships and Process Services thereof. The Limited Partnership Act permits the establishment of a partnership as long as the partnership has at least one general partner and additional limited partners to accept Process Service. To establish, operate, or terminate a limited partnership in Delaware, individuals need to follow all the filing procedures and state standards that come with Process Service. A Limited Liability Partnership is often formed by licensed professionals such as a group of attorneys, accountants, or physicians because they generally protect each individual partner from liability for the professional malpractice of all other partners. However, any group of two or more people can form an LLP in Delaware, as long as Process Service is provided to the Division of Corporations. 

TD Banknorth Housing Investment Fund LP retains the Corporation Trust Company as the registered agent for Process Service. 

TD BANK US HOLDING COMPANY

TD Bank US Holding Company is a general corporation for purposes of Process Service,  incorporated in the state of Delaware. TD Bank US Holding Company acts as a holding company. The Bank, via its subsidiaries, offers consumer loans, commercial loans, mortgage loans, deposit products, trust services, online banking, credit cards, insurance, and investment management services.

A holding company is a parent business entity—usually, a corporation or LLC—that will not really produce anything, offer any goods or services or perform any other commercial activities. Its aim, as the name suggests, is to hold the controlling stock or membership interests in other businesses. TD Bank US Holding Company is located in Portland, United States and is part of the Depository Credit Intermediation industry, and should receive Process Service as such. This is a subset of the finance and insurance industry as intimated by the North American Industry Classification System (NAICS) metric. As such this classification comprises establishments primarily engaged in accepting deposits (or share deposits) and in lending funds from these deposits. Within this group, industries are defined on the basis of differences in the types of deposit liabilities assumed and in the nature of the credit extended.

For financial reporting, their fiscal year ends on October 31st. On 25th August 2004, TD Bank US Holding Company was incorporated in Delaware, rendering it under Delaware jurisdiction in its capacity for Process Service. The entity retains the Corporation Service Company as a registered agent for Process Service. 

TD BANK NA

TD Bank, N.A., is an American national bank and subsidiary of the Canadian multinational Toronto-Dominion Bank for purposes of Process Service. Additionally, TD and its subsidiaries provide private banking, wealth management, and asset management services via its TD Asset Management and TD Wealth divisions. Deposit accounts, residential and commercial mortgages, business and personal loans, insurance, investment planning, and wealth management are all available via TD.  The Toronto-Dominion Bank affiliate operates the bank, whose original Canada parent company is also known as TD Bank. The entity can be reached via telephone or mail to receive the process service.

For financial reporting and Process Service, the fiscal year for TD Bank, N.A  ends on December 31st.

TD GROUP US HOLDINGS LLC

TD Bank US Holding Company should not be confused with  TD Group US Holdings LLC, since they are both different for purposes of Process Service.  TD Group US Holdings LLC is incorporated in the state of Delaware. The entity retains Corporation Trust Company as its registered agent for Process Service. As such, TD Group US Holdings LLC would be classified as a domestic limited liability company in the state of Delaware in accordance with Process Service norms.

A Delaware LLC is an exceptionally flexible company structure with minimal start-up expenses and an inexpensive Franchise Tax.   The characteristics of a Delaware limited liability corporation and its Process Service requirements, when coupled with non-U.S. source revenue, imply non-resident aliens of the United States may circumvent U.S. taxation when utilizing an LLC for Process Service.

The Delaware LLC is a genuinely unique corporate organization in that the structure of the company and the Process Service regulations that govern the members of the company are included in a contract called the operating agreement, which is created by the firm’s members. The operating agreement may be modified to allow for any terms the members and/or founders desire according to law and Process Service. The contractual freedom provided by the state of Delaware is unequaled by any other LLC legislation in any other state. 

LLCs provide members asset protection from liability and creditors because a restriction on personal responsibility implies that LLC members cannot be held accountable for an amount greater than the original investment in the LLC, even if a member engages in management. 

It is important to ensure that the name of the Delaware LLC is unique and available in the State of Delaware. Thereinafter, the entity may file the certificate of formation in accordance with Process Service, a process commonly referred to as ‘incorporating.’ Incorporation is the formal creation of the entity by the Delaware Secretary of State. 

It is also imperative to obtain a Federal Tax ID to further Process Service. If the company will be realizing any U.S.-sourced income, they will be required to have a Federal Tax ID number, also known as an Employer Identification Number (EIN). This number is assigned by the Internal Revenue Service (IRS).

Generally, regardless of what kind of company is being run, the owners are going to need to acquire and maintain a business license (and potentially more than one) (and possibly more than one). Special permissions may also be needed, depending on local and federal laws and that particular business.

It is important to verify if the entity has the necessary licenses and permissions before they begin operating to avoid fines for non-compliance.

The LLC Operating Agreement is also a necessary and basic document for the business and Process Service. It enables the owners, known as members, to create ownership shares, obligations, and any other Process Service conditions they want to codify. In Delaware, this document is kept internally by the LLC (not submitted with the state or on public record), but is nonetheless admissible in court and respected as Process Service guidelines dictate in most instances

TD BANKNORTH INC

TD Banknorth, National Association is located in Mahwah, NJ, United States and is part of the Depository Credit Intermediation industry. The entity is incorporated in the state of Delaware, being in the business of state commercial banks, as per the Standard Industrial Classification system used by the SEC. 

TD Banknorth, previously Banknorth, was a wholly-owned subsidiary of The Toronto-Dominion Bank that performed banking and insurance operations, mainly servicing the northeastern region of the United States, based in Portland, Maine. The bank renamed itself TD Bank, N.A. on May 31, 2008.  In August 2004, Toronto-Dominion Bank would become the majority owner, calling it ‘TD Banknorth, N.A.’ and the remaining assets of TD Banknorth were purchased by Toronto-Dominion Bank on April 20, 2007.

Its operational businesses were Banknorth Connecticut, Peoples Heritage Bank (in Maine), Banknorth Massachusetts, Bank of New Hampshire, Evergreen Bank (in New York), Hudson United Bank, Banknorth Vermont, and Banknorth Insurance Group. The bulk of these businesses were branded as TD Banknorth of State (example ‘TD Banknorth of Maine’) (example ‘TD Banknorth of Maine’).

On April 10, 2008, TD Banknorth combined with New Jersey-based Commerce Bank to create TD Bank, with joint offices in Cherry Hill, New Jersey, and Portland, Maine. The official designation of the institution was converted to TD Bank, N.A. on May 31, 2008, with all TD Banknorth branches beyond New England and all Commerce Bank branches being renamed in the autumn of 2008. The remaining branches, throughout New England, adopted the new moniker in September 2009.

The entity may be served at its principal office, accepting personal and mail service. However, process service may also be levied upon the CEO or other higher officers in the business. 

TD AMERITRADE

TD Ameritrade is a dealer that provides an electronic trading framework for the trade of financial assets such as common stocks, preferred stocks, futures contracts, exchange-traded funds, forex, options, cryptocurrency, mutual funds, fixed income investments, margin lending, and cash management services. The business receives profit through interest income on margin accounts, fees for order execution, and payment for order flow. The business is a subsidiary of Charles Schwab Corporation and its services and accounts will be merged with those of Schwab by 2023. Its activities are in the process of being relocated to Schwab’s headquarters in Westlake, Texas.

The business was established as Ameritrade in 1971. In 2006, it purchased the U.S. business of TD Waterhouse from Toronto-Dominion Bank and was renamed TD Ameritrade. It was purchased by Charles Schwab Corporation in 2020

For more information on serving legal papers, contact Undisputed Legal our Process Service department at (800) 774-6922. Representatives are available Monday-Friday 8 am – 8 pm EST.  If you found this article helpful, please consider donating.  Thank you for following our blog, A space dedicated to bringing you news on breaking legal developments, interesting articles for law professionals, and educational material for all. We hope that you enjoy your time on our blog and revisit us!  We also invite you to check out our Frequently Asked Questions About Process Servers.

Sources

1. ‘Top Banks.’ ADV Ratings, https://www.advratings.com/north-america/top-banks-in-canada. 

2. The Big Five Banks is a term used in Canada to describe the five largest banks: Royal Bank, The Bank of Montreal, Canadian Imperial Bank of Commerce, The Bank of Nova Scotia, and Toronto-Dominion Bank.

Occasionally, the term ‘Big Six Banks’ is used, with the sixth bank referring to the National Bank of Canada. As of Jan 2021, the Big Six Banks and Desjardins Group are the largest banks in Canada, in terms of total assets. The Five Big Banks hold over $100 billion in assets, and they are all based in Toronto.

3. Stempel, Jonathan. ‘TD Bank Settles Massachusetts Data Breach Probe, to Pay $625,000.’ Reuters, Thomson Reuters, 8 Dec. 2014, https://www.reuters.com/article/torontodominion-massachusetts-settlement-idUSL1N0TS1H320141208. 

4. The Telephone Consumer Protection Act of 1991 was passed by the United States Congress in 1991 and signed into law by President George H. W. Bush as Public Law 102-243. It amended the Communications Act of 1934. The TCPA is codified as 47 U.S.C. § 227.

5. As of July 3, 2017, all but one of the claims were dismissed by Judge Jerome B. Simandle, which casts doubt on the veracity of the claims

6. Delaware Division of Corporations 401 Federal Street – Suite 4 Dover, DE  19901

7. THE CORPORATION TRUST COMPANY

CORPORATION TRUST CENTER 1209 ORANGE ST

WILMINGTON

County: New Castle

DE Postal Code: 19801

302-658-7581

8. NAICS 52 – FINANCE AND INSURANCE. Under this, there is a subset of  NAICS 522  for CREDIT INTERMEDIATION AND RELATED ACTIVITIES, which then is subclassified into  NAICS 5221 – DEPOSITORY CREDIT INTERMEDIATION

9. CORPORATION SERVICE COMPANY

251 LITTLE FALLS DRIVE

WILMINGTON County: New Castle

DE Postal Code: 19808

302-636-5401

10. ONE PORTLAND SQUARE
P O BOX 9540

PORTLAND ME 04112-9540

11. 207-761-8500

 Mailing Address

12. ONE PORTLAND SQUARE

P O BOX 9540

PORTLAND

ME

04112-9540

13. 251 LITTLE FALLS DRIVE

WILMINGTON

DE

19808

14. Business Phone 856-470-2275

15.  Standard Industrial Classification is a system for classifying industries by a four-digit code. Established in the United States in 1937, it is used by government agencies to classify industry areas. The SIC system is also used by agencies in other countries, e.g., by the United Kingdom’s Companies House

TD Banknorth comes under SIC 6022 [STATE COMMERCIAL BANKS]

16. Business Address TWO PORTLAND SQUARE

PO BOX 9540

PORTLAND ME 04112-9540

17. Business Phone (207) 761-8500

Mailing Address

TWO PORTLAND SQUARE

PO BOX 9540

PORTLAND

ME

04112-9540

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