Bank refuses to let some FL homeowners cash hurricane insurance checks

[@Lynn705Hal]

It's a bank. It's not an insurance company. What business is it of theirs to investigate? Put them out of business.

[@eleanormassaro5195]

Exactly what I was thinking!

[@gstar876]

I'm wondering if it's because they are also the mortgage holder and thus have a vested interest in how the funds will be spent to repair the property. That's the best guess I could come up with because this makes absolutely no sense beyond that.

[@dustyflair]

@@gstar876 you nailed it. The bank not gonna get stuck for repairs already paid for if the house gets forclosed. They think of everything.

[@truegrit7697]

Maybe the bank and the insurance company have the same owners...

[@JAXTRPTR]

If the bank....and for that matter any bank has a mortgage on the property, they are contractually obligated by the mortgage/loan agreement to take steps to validate the insurance money is being spent on the repair work. In most cases, the bank just services the loan and they have to validate everything for the investor that furnished the funds for the mortgage. The work normally has to be done by a licensed contractor. If it's being completed by the owner, then it adds an extra layer of complexity. This is not new and it has been this way for decades.

[@rubeng3091]

But TD Bank was quick and had zero issues with laundering millions of dollars for the drug cartels😂

[@jimthain8777]

Which is why they want to be careful and follow protocol here, it would be bad to be accused of money laundering again, right?

[@davidterrell1242]

​@@jimthain8777huh? They knew exactly what they were doing with those millions. They just don't want to pay out just because they're greedy and don't think regular citizens will be able to do something about it.

[@davidterrell1242]

​@@jimthain8777plus it's a bank, not an insurance company. Just cash the check, the insurance company already looked into damages and determined their customer deserved the 20k.

[@felipenunez2058]

Cartels bring millions cashing checks don't. Capitalism my guy you don't matter only if you bring billions.

[@HansDelbruck53]

It wasn't smart of them to cause all this attention to now be focused on their bank. If they had just cashed the checks, no one would be hearing about TD Bank in the media. Federal regulators will now be all over them and discover any and all nefarious business they're doing behind the scenes.

[@michaellovelace8995]

Is there anyone that is not trying to screw over disaster victims?

[@johnc3525]

Yes, climate change scientists.

[@sarahsarah-ki8gg]

Because he refuses to deposit the money into his TD checking first. The media doesn’t do their homework and due diligence. The banks will get swamped with demands with requests to cash checks with high amounts and not enough of time constraint to properly vet the process and discern from counterfeit fraud.

[@eleanormassaro5195]

It’s just ridiculous. I’m confused as to why the bank would not cash a check because they keep referring to the bank as the lienholder. What does that have to do with anything? As long as the mortgage is getting paid? What the heck do they care?

[@HuddlesNCuddles]

St Pete Beach "victims" will be fine. If you want to live in a multi million dollar home on a sand bar I'm sure you're getting by just fine after taking your private jet or first class ticket back to wherever your primary mansion is. 🙃

[@hoppas77]

@@HuddlesNCuddles Dude, we are not all millionaires. Stop watching CNN. LOL, It's so funny that people think if we live near the beach we are rich LOL!!

[@tw5560]

get everthing out of this bank ASAP!!!!!!!! RED FLAGS !!!!!

[@patriot101101]

The bank wants the check to put it towards the balance. Refinance your mortgages threw a different bank.

[@darcymoon2109]

@@patriot101101Because it doesn’t make sense to rebuild these homes.

[@Cruel_Shoes]

I thought Bank Of America Wells Fargo were the worst banks. I can add TD Bank.

[@grayrabbit2211]

@@darcymoon2109 It's cheaper for the insurance companies to let them rebuild these homes than force them to be sold... then McMansions appear and the losses for those will be MUCH higher in a storm, even if they take on 'less damage'. Much more expensive home.

[@CrownxMe7]

Banks are looking to make profits, not break even.

[@boldpredictionssports]

Waiting for the check to clear makes sense. Refusing to deposit the check is complete nonsense though.

[@LibbyRal]

Waiting for the check to clear makes no sense. Checks go through overnight these days. It's just one more bullshit excuse to hold on to your money and earn interest on it.

[@Skipbo000]

they're not saying that though are they? They keep saying "cash" a check and why this story is bogus.

[@boldpredictionssports]

@Skipbo000 you're not walking into 99% of banks and getting 20k in cash immediately. Even if it's already in your account. They did say that though btw.

[@jr3254]

Sounds to me that TD bank is in financial TROUBLE hmmmm??

[@cheetahman859]

Huh? Even if the bank had zero funds, it would not matter. That check was drawn on Chase, that is where the money would be coming from. TD only holds his mortgage. Have you never had an insurance check while having a mortgage?

[@guytech7310]

Money Laudering problem. Feds are scrutenizing every large transaction as possible money laundering issue: TD Bank hit with record $3 billion fine over drug cartel ... Oct 10, 2024 - TD Bank will pay $3 billion to settle charges that it failed to properly monitor money laundering by drug cartels, regulators announced Thursday. That's why the are requiring customers to provide documentation for every large transaction.

[@heinz-haraldfrentzen1261]

I hope once the repairs are settled, people are out shopping for a new bank

[@HansDelbruck53]

Always go with a credit union rather than a bank. Unlike banks, credit unions are owned by the customers, and are non-profit organizations.

[@FkBdn]

Id take my money out and go find another bank

[@douglasschnabel4480]

Not in this case. As a condition for loaning money on the property, TD Bank required the homeowner to purchase insurance and required the insurance carrier to give TD bank oversight on funds dispersed. They do this to protect their collateral. So, the homeowner can only access these funds through TD bank.

[@mattschehr163]

@@douglasschnabel4480 in that case you can take money out of the bank and go to a different one they cant protect their collateral as it's non existent

[@nooneyouknow5516]

​@@douglasschnabel4480 Now this makes a tiny bit of sense but I'm wondering why the reporter didn't include that information.

[@flipper60]

@@douglasschnabel4480 Exactly! After Hurricane Andrew, people cashed checks and up and moved leaving the banks with damaged or destroyed houses. Banks want to make sure the repairs are done because they own the house. They also want to make sure the repairs are professionally completed. Every Cletus and Billy Bob who got a hammer for Christmas is suddenly a contractor.

[@flipper60]

@@nooneyouknow5516 It is the state of journalism in this country. All about the feelings.

I closed my TD bank account years ago. Never bank with TD.

[@mocat1]

I closed my account over 30 years ago, when Canada Trust opened a location nearby, in my late teens. Only to have TD merge/take over Canada Trust, less than 10 years later. 😡😫

[@ConsullaCaldwell-h7d]

Why what’s wrong with T.D. Bank?

[@mocat1]

@@ConsullaCaldwell-h7d It’s one of the big 5 banks here in Canada. There are a few credit unions, but those are few and far between where I am. TD: Toronto Dominion Scotiabank BMO: Bank of Montreal CIBC: Canadian Imperial Bank of Commerce RBC: Royal Bank of Canada Also, in the Globe & Mail a couple of days ago, there was an article about how TD was fined for trying to money launder. 🙄🤬

[@thirteen13ees]

@@ConsullaCaldwell-h7d nothing.

[@deemelody2396]

TD Bank should not be denying cashing insurance checks to homeowners, or verifying anything but the validity of the check. I bet TD Bank has a REO business that's looking to buy homes cheap from distressed homeowners!

[@sarahsarah-ki8gg]

Hold up he refuses to deposit the money into his TD checking first. The media doesn’t do their homework and due diligence. The banks will get swamped with demands with requests to cash checks with high amounts and not enough of time constraint to properly vet the process and discern from counterfeit fraud.

[@bjdefilippo447]

🎯

[@basspig]

Either that or they actually have taken fractional Reserve banking to the extreme and don't have cash on hand.

[@SarahDeshay]

The bank owns the house already, their house that they paid for has been damaged and they want it repaired not abandoned by the mortgage holder. Simple as that!

[@mrcead]

​@SarahDeshay they already vetted the mortgage holder as an acceptable risk therefore witholding the money is unacceptable

[@FloridaNative59]

This is not unusual, 20 years ago when hurricane Charley wrecked our place and we had a mortgage the insurance company sent the check to the bank that held the mortgage. Then we had to fight the bank for every nickle and dime to do the repairs. I feel for these folks, it is not a level playing field and never has been.

[@nooneyouknow5516]

Wow. Just... Wow

[@lilli-beth]

That's because it's like a financed car... The bank owns it until it's paid off. It's not yours! It's the banks. And (legally) they're entitled to keep that money if they deem the home to be a write off. They can/do apply it to the outstanding mortgage amount. It's an equation that has to do with property, repair and resale value. It is all based on their equation no other factors are considered. You ppl finance everything out the wazzo and you think it's yours. It's not!

[@FloridaNative59]

@lilli-beth your exactly right and you never really own it try not paying your property taxes lol.

[@elizabethmuhleisen357]

Yes that happened to a lot of people after Hurricane Katrina as well.

[@GO-nh6br]

Your the one paying the insurance, just like rentens insurance

[@reginayfavors]

I would be sick. It's already hard to get those insurance checks. Then when you can't cash it? Crazy.

[@autumnmcewing9211]

It’s none of the banks business 😡😡😡😡😡

[@daddyshoneygirlusa7030]

I am curious if they even have the funds? WTF did the banks do with the deposits?

[@ncasti]

If they hold his mortgage, IT IS.

[@Baebon6259]

@@ncasti shouldn't the lender be jumping up to quickly cash a check that is going to repair 1 of their loan?

[@ncasti]

@@Baebon6259 , what the lenders do is take the ENTIRE check and hold it in escrow. Then, as repairs are completed, they release the monies to the CONTRACTOR who repaired the property. This way, the lender assures that the monies are going for the intended use, the repair of the property.

[@lilli-beth]

​​@@Baebon6259if the home is a pile of rubble these folks won't be "rebuilding" they'll take the money and run. So... In that scenario.... The mortgage holder holds a $3 million mortgage (for example; because they already paid the previous homeowner the agreed upon amount) on a pile of rubble and 1. nobody is going to make the payments and 2. the property no longer has resale value. The bank essentially loses the $3 million they paid for that house. House insurance doesn't pay off mortgages! It pays off homeowners. Now times that but thousands of homes. The banks are going to get the isht end of this stick; And in turn, consumers. Your mortgage will go up to offset the losses..... Anyway, the bank is trying to find a way to offset what's happening here. They're hoping to keep those cheques to reduce mortgage amounts (I think). If the banking system collapses were in serious trouble.

[@ncasti]

No one has heard the key statement in this video: TD Bank holds his MORTGAGE. The $20K check was likely made payable to BOTH the homeowner AND TD. TD will NOT endorse the check over to the homeowner unless it confirms that the monies will be used to repair the property, and not pocketed by the homeowner, leaving the bank with a damaged home. The homeowner needs a contractor's estimate ASAP. Then, TD will hold the monies in escrow, and release the monies to the contractor in stages as work is completed, and not all at once. I could be wrong, but this is the usual process.

[@christopherc4814]

If the check is fraud then I can see the bank not taking the check. If the check is real the work being done is between the home owner and the insurance company. The banks job is to take the check and deposit it, not check if the work is being done. All the bank should do is verify the insurance company sent the check to the individual, that's it.

[@Bill-im6nt]

They are using their mortgage as an excuse. Has anyone checked if the bank perhaps already has the money, just didn't give it to the customer?

[@tomtom1541]

​@@Bill-im6ntthe bank won't let you get large amounts of cash out unless you have proof of the work with invoices etc. Cause they don't wanna risk loosing money to a bad check.

[@jaycahow4667]

@@tomtom1541 That is crap, the bank can verify the check in minutes, after that they should cash it just like any other check. They have nothing to do with what the customer does with their money....

[@Bill-im6nt]

@@tomtom1541 You are contradicting yourself, bad check or work done???

[@tomtom1541]

@Bill-im6nt well the thing is the bank won't let the customer take risks. So they make us do all this paperwork, I had the same issue renovating my house. And yeah there was a lot of different questions.

[@peterrose5373]

Chances are, they don't have the money to cover all the checks being written. But if they admit that, they WILL be out of business

[@truthseeker4298]

The money is from the insurance company

[@rebasmom4575]

Terrible. I will never do business with TD Bank.

[@flipper60]

Well you might as well cross Wells Fargo, USAA and a bunch of others off your list. They protect their interest in the real estate they provide loans for.

[@Slartybartfast465]

Forget your bank. Cash it with the bank the check is written with. Then find a new bank for yourself. If a bank won’t let me have some of my money then they don’t get to use any of my money

[@GaryB19561]

It’s a two party check made out to the mortgage holder and the mortgagee. If they refuse to endorse it then no one else can cash it!

[@GardenerEarthGuy]

Bank won't have 20 grand laying around to cash your check.

[@RealMTBAddict]

​@@GardenerEarthGuyyes they do lol. $20k is nothing to a branch. Get real.

[@GardenerEarthGuy]

@@RealMTBAddict It takes close to an hour to withdrawal 10 grand, banks don't have much cash on hand as cash isn't used all that much any longer. Older banks with large vaults mostly use those as employee break rooms these days. I have been behind the scenes at many branches doing landscape work and their clocks and valves are usually inside the bank. The majority have empty vaults save for boxes of paperwork, and decorations.

[@countbenjamin1442]

Sounds like it might be time to move away from TD Bank

[@JohnJohn-wr1jo]

Or maybe like so many others it's time to bail from Florida. Most corrupt and mismanaged state in the union....

[@CheekyBird790]

If the check is legitimate, why would proof be required? CASH it already FFS! Shame on TD Bank

[@sarahsarah-ki8gg]

Because he refuses to deposit the money into his TD checking first. The media doesn’t do their homework and due diligence. The banks will get swamped with demands with requests to cash checks with high amounts and not enough of time constraint to properly vet the process and discern from counterfeit fraud.

[@73musicmatch]

I work for a mtg company and I’ve seen clients calling in, crying because they have money they can’t liquidate. Bounced back and forth btw the lender and insurance agent on who endorse the damn check. I felt so bad for this lady and said this is by design. These companies just want your money they don’t want to really insure it. So sad. My aunti, over 20 years, no claim and they will not replace the Roof. With that money invested, she damn near purchased another house

[@nooneyouknow5516]

Are the checks written to both is that why this is happening? I'm just not understanding the difference in an insurance check versus the check my grandmother sends for my birthday. If it's a check written to me how are all these people having any thing to say about how you're spending it?

[@73musicmatch]

@@nooneyouknow5516 both the lender and the insurance company has to endorse the check. They are giving this lady the run around pretty much.

[@basspig]

Many American banks are on the verge of financial collapse as is the rest of the country's Financial system. This is just a symptom of the fact that the banks are really bankrupt.

[@ConsullaCaldwell-h7d]

So true

[@kabbystevens5167]

So if one attempts to cash a paycheck …does the bank ask for paperwork to see hours worked, time card …no. Disgusting.

[@theshow1269]

It’s because your bank is also your mortgage company. The issue is the Bank “your mortgage company” is also listed on the check. The check is made out to you and your bank. You are fixing their collateral, the house, so they want to control everything. Making sure you only spending the money on repairs as oppose to taking the money for yourself. It’s very frustrating!

[@paulne1514]

I use to work at a scrapyard, where every month a box truck would come in with brand new office furniture. Some of it real nice leather chairs, like brand new. I went up to the driver and asked why each month he would throw away brand new furniture. He told me that when a TD bank got a new manager, he/she would want his/her furniture, because they didn’t like what was there. I mean, some of the chairs were high back recliners. Made me wish I drove a car instead of taking the bus!!!

[@triciap1102]

This is when you take your business to another bank.

[@glynnjohnson3531]

That Bank wouldn’t be my Bank anymore!check

[@sandreawhite7534]

My mortgage lender told me the process of how it’s handled. The check is made out to both the mortgage holder and the owner when you have work done it’s done in three stages. They release the check in three stages to pay the appropriate contractors that you hire that is sent in and then their money is released the first part when they start the job. The second when they’re halfway done and then the final payment.

[@Bill-im6nt]

There is nothing that says that check was made out to anyone buy him. If it was, it would have to be signed by both parties, it obviously wasn't.

[@VF31Rules]

@@Bill-im6nt Time stamp 2:00 they (TD Bank) will not endorse the check. That expressly implies that TD Bank must also endorse the check for it to be cashed.

[@GeneralAllenby4Aqaba]

This is right. Mortgage holders need to countersign property loss checks. The problem is most mortgage companies contract property loss operations out to the same company called Assurant. It doesn’t really matter who you have your mortgage with, because they all use Assurant.

[@rirkc]

Time to change banks.

[@ralphrotten9030]

There have been reports citing numerous people affected by these storms being held up from repairs and rebuilding for various reasons. Not just banks not cashing checks. Even people with their own money at their disposal have been told to cease and desist. Someone should be looking into the bigger picture as to what the heck is going on

[@thewebdiva5903]

@@ralphrotten9030 who told them that the ‘Nanny’ state?

[@darkwing3713]

Corporate America wants to buy their homes for cheap.

[@Scalihoo]

why not deposit it let it clear ?

[@annf3949]

I would be finding a new bank and closing account in that bank

[@fredflintstone2234]

TD Bank is a JOKE of a bank. Get your money out of there.

[@ano070602]

Banks will make you wait 30 business days just to cash a tax return check. This does not surprise me.

[@thewebdiva5903]

Wow, I never heard of that. What bank is that?

[@ano070602]

@thewebdiva5903 bank of America, Wells Fargo, TD. It's worse if you are in the military. USAA and Navy Federal hold all large checks. They say it's for security purposes per the Pentagon.

[@RealMTBAddict]

Who still gets tax returns in the mail? I thought everybody did direct deposit. 😂😂😂

[@ano070602]

@@RealMTBAddict the state of Colorado will send out checks randomly. They say it's for security purposes.

[@RealMTBAddict]

@@ano070602 sounds like a scam

[@freshprince130]

The company I worked for used TD..and after 10+ years got rid of them..and that company was crooks so what does that tell you!

[@Adik-nr8hx]

Worst bank ever. They are so cheap that they don't provide water for their employees. That's right, employees must bring their own water to work!

[@b0bbyblueyes746]

If your bank isn't providing services to you (Legitimate services) Then close your accounts and go to a BETTER BANK! I didn't hear any other bank involved in this. Since when is a BANK involved in insurance policies or procedures, its a bank not the ones holding the policies of the insured!

[@A735h]

The SEC needs to get on top of this.

[@thealtafferzoo]

If it's Wells Fargo as insurance bank could they cash at Wells Fargo as an "on us" check?

[@rachel112263]

Cash the check at the bank who wrote the check.

[@silviatrevino3138]

GET ANOTHER BANK

[@ExjanaH]

They most likely don't even have the cash on hand because it is all elsewhere and they are going under quickly

[@mr_ice117]

Not the banks business why the check is being cashed. Just cash it and move on...

[@JohnSmith-vo9zc]

This is a common requirement when you have a mortgage or you have an auto loan and you get a check from insurance company. It is common for the Insurance companies to issue checks written to both "owner" and lien holder. The reason why the lien holder would not cash a check is that the homeowners, in some cases, take the money from the insurance check and stop making any payments to bank and leave damaged property behind and not make any repairs with the money. If you have a mortgage you are not an "exclusive" owner, you are a co-owner with the bank that holds the note and the bank requires you to have insurance and the mortgage most times states that if you receive monies for repairs from insurance company those funds must be used for repairs and the check must be issued to bank and "homeowner" both. This is not anything new and if you don't want to answer to a bank, don't get a mortgage, pay cash for your home and pay cash for your cars.

[@thewebdiva5903]

These checks in question are payable to the homeowner only.

[@eleanormassaro5195]

It wasn’t said in this video, whether the check was written to him alone or to him and his mortgage company

[@ThatOneLadyWithCommonSense]

What reason did two Banks FEMA check. It should clear instantly it is a federal check it happened again today. 30-day wait on a government Federal check

[@autumnmoonfire3944]

So now I understand why they were using the term “endorse” I was scratching my head on that. Clearly the bank manager is being a fist head, thing one, you want repairs done asap, the dude in the story is a landlord who won’t be paid his rent while his tenants are not able to live in the unit so he’s loosing big time rent in addition to not being able to do repairs in a timely manner. Finally, cash the check, any one of these insurance companies is at risk to go bankrupt, get the check cleared swiftly or there may be no funds to pay it in six months!!

[@JohnSmith-vo9zc]

@@thewebdiva5903 And nearly every mortgage clearly states that any payment made for repairs of damaged property is in part the property of the bank until mortgage is payed off. Otherwise, the homeowner could just chose to leave the house in disrepair or take off with the money and in either case the bank would be left with no means to offset mortgage with the damaged property.

[@suenorton6032]

the bank should not be able to decide whether to cash it or not if it is a legit check. This is bull pucky. Leave Td bank!!!!!

[@andyny29]

I know someone who worked for TD Bank. They worked her like a mule in a mine because the manager didn’t like her and they were trying to get her to quit. Finally, they fired her one day and it was brutal. Never bank at TD Bank!😡

[@mrchad97z49]

TD bank doesnt have the credit and surely doesnt have the CASH. The recipient may deposit it, but not CASH IT. The Bank may even have to go to the Fed to get the liquidity. That's why they are pushing back. These are bad signs for TD bank. Also, the reason the insurance company gave him and others a PARTIAL payment, is because they are hoping you will just take the cash and walk away, instead of them giving you a check for ALL 100% of the damage. If you want all 100% payment for damage, then you will have to get the work done and show where it cost you... most likely. Otherwise, they wont pay it all unless you do the work.

[@jameshurley224]

Why do they need documents? Its a check. Do we need proof to cash a payroll check? They should sue the bank.

[@AmericanKendoll]

TD bank did this same exact thing with me in 2019 ! I hate that bank with everything in me. So glad I moved on from them to a credit union

[@jr3254]

20000 is a lot of money hmmmm not in this country it aint😂😂

[@LAFITZ10]

of course it is in this country as well just not to the bottomless pits of greed of greedy people.

[@Cruel_Shoes]

Let me put 20 K in perspective for you. Well, it’s true that 20,000 will not buy you a new car like it would maybe 10 years ago, or some major purchase or a very nice vacation. However, the average person cannot handle a $400 emergency. I bet they would love to have that 20 K. So would a lot of homeless people. And while this 20 K is not necessarily life-changing, it’s nice to have. I just sold my mineral rights for $25,000. And while that’s not huge, I’m gonna get myself a new complete air conditioning system. And that’s gonna cost approximately $7400. And I knew I was gonna have to get a new AC system for about two years. And thanks to the sale of these worthless mineral rights in my opinion because I i doubt anyone will ever drill on the land, I sure am glad I sold them and I could pay for that new air conditioner out that 25K. And I’m gonna pay in $100 bill to get a $200 discount. And I paid for my new pick up in 2019 with hundred dollar bills. That’s really a neat experience. They kind of stand up and take notice when you whip that big wad of money out. I believe in the golden rule. He who has the gold rules.

[@nooneyouknow5516]

Although I hate to use this word, it is from a place of privilege that you are able to make a statement like that.

[@RealMTBAddict]

Yes it is. If you don't think that's a lot of money then give me $20,000 right now.

[@jr3254]

@RealMTBAddict I was being sarcastic, duuuuu hello anyone in there ?

[@fluffywarhampster]

Sounds like all of these customers of the bank should be making cfpb complaints to get them to stop fucking around...

[@michaelmcguire9749]

I hope all account holders leave the TD (TOTALLY DECREPIT) bank ASAP. Bad behavior must never be condoned.

[@firstbluedragon]

Nah, if you were a money launderer, they would gladly take your money. Honest customer? Nah, we can't deal with you. Their ex ceo and the board should have been prosecuted and jailed

[@FnixGhod1]

What documentation? There is no requirement above the cheque issuer having the funds available to depositing a cheque. Ever.

[@DarkShock91]

This is bonkers. Typically it’s the insurance companies that are the roadblock, but if it’s not them, not the banks could potentially screw you over. And if they’re screwing you, that means it’s time to banks with someone else.

[@bbrcummins1984]

The bank is afraid people will take the money and walk away, I've seen it done plenty of times , the bank is being SMART

[@nooneyouknow5516]

But it's NOT THEIR MONEY. If they have the right to that, where does their right to our money end?

[@raybassman7536]

Never ever put your money in TD ,Bank of America ,Chase or Wells Fargo!!!!!!!!!!!!!

[@tracyearwin2241]

Well... Where SHOULD I put my money? You've pretty much covered my then and now banks. 🙆🙇

[@nukestrom5719]

I would add 53rd and Huntington to the list.

[@tracyearwin2241]

@@nukestrom5719 Huntington Too!? Can you guys elaborate on why?

[@raybassman7536]

@@tracyearwin2241 Credit Unions by all means. CU's are run by the members...not corporate bank people that don't care about you.

[@RealMTBAddict]

Wells Fargo isn't bad. Banking with them since 2013 just bought a house with them too. Y'all need to relax 😂

[@nooneyouknow5516]

Who does this bank think they are to ask for such documentation? Why are these checks different than any others or is this how they handle all checks? Well, now we know one more bank we shouldn't be using.

[@originalscottfree]

I received a check from FEMA and it is on hold with Navy Federal.... There is no excuse to hold those funds.

[@scottmcshannon6821]

it isnt any business of the bank, they just need to cash it. they have no business deciding whether their customer deserves insurance.

[@michaelodonoghue7464]

Either a Cheque has Value or it doesn’t.

[@MrDCMiami]

Go to the OCC and file a complaint!!

[@tonygarrett9115]

Just move out of the flood zone! I wouldn't rebuild if it could happen again! Get the HELL! Out!

[@stolennimbus]

Just remember, once the insurance check is cashed, the insurance company is not going to give you more money if the insurance check amount is not sufficient to cover the repairs. Better read the fine print.

[@Gugaatomico]

I was forced to sell in NJ after paying mortgage, rent, storage, and renovations while the bank withheld 60k+ out of 90k paid out by the insurance company which didn’t cover everything. It came to a point I had no other option but to sell, once I sold the suckers released the funds!! Shame on the banks and mortgage companies!!

[@SandDuneProperties]

Drying that house WITHOUT opening up the walls is a recipe for huge mold bloom in those walls. Don't do it man ... the water needs to be remediated correctly. That is why you aren't getting your check endorsed!

[@hermenutic]

That stinks.

[@johnDingoFoxVelocity]

Of course they wont cash them they support private investment firms

[@dianab9806]

Unbelievable ...

[@53Jacque]

Chase Morgan did same to us after Florence in 2004. Took me 6 months but I kept calling corporate office where I was hung up on and told to endorse the check and mail it to them. Luckily we didn’t because we learned they were applying the insurance money to mortgages. I called the Fla insurance commissioner’s office and they were aware of what the bank was doing but it helped to have more cases as they dealt with Chase. Hope you get this resolved soon.

[@cherylcarlson3315]

Same thing happened to me after hurricane Ike. 21st mortgage in TN held partial payment 4mos as they wanted to see consistent mortgage payment and evidence of continuing insurance and ALL work had to be done by contractors approved by them. The delay caused Foremost to decide no further payment. Had to pay out of pocket to make it barely livable without heat or AC , saved money and forclosed moved 1000 miles

[@stevetaxpayer6664]

As long as the homeowners provide proof the collateral has been repaired, the lender will endorse the check

[@hildeschmid8400]

I've had an account at TD for about 15 years and have had no problems. Canadian banking rules are tighter than US rules.

[@xeero24]

Toronto Dominion is a horrible bank in Canada. I can’t imagine their US division is any better. Horrible horrible bank.

[@gdcapra]

The bank must be the mortgage holder and one of the check payees and wants to make sure their mortgage is secure. They don’t want a homeowner to cash a big insurance check and then walk away from the property and sticking the bank with a defaulted mortgage.

[@654Bearcub]

Truist is a bank to avoid too!

[@lorrainecooper889]

It's not an issue of fraud. It's an issue of being sure the funds are used for repairs instead of personal purchases. The owner can have them deposit the check and have the bank pay the contractors directly. This happens with car insurance also where the check is most times in the name of the customer and the lienholder.

[@crich8956]

The bank wants the money. I understand they need to hold or provide proof that the check is large. But there us no reason to refuse if they have information from the claim. Very shafyvand seedy

[@grd1184]

I believe this is a Canadian bank Toronto Dominion. If it is the same bank here in Canada they are a terrible bank, and as a Canadian I wouldn’t use them. Pull and run

[@banne8834]

Yes. The mortgage holder wants to make sure there isn't insurance fraud. They usually require seeing a signed contract, a contractor to sign a Waiver of Lien, and they want to inspect the repairs. This is because you don't own your home, the bank owns part of it if you have a mortgage. You have signed this agreement when you take the mortgage. This is called a monitored insurance claim. I found out the hard way too.

[@MuzicTunes-lk6np]

All the bank needs to do is call the insurance company to verify the check. How hard is that??

[@Bradimoose]

Having worked at 2 banks, I suspect this is because they don't have a checking account with TD bank. If they deposited it at their bank they'd have the money in a couple days. Banks don't like to cash checks if you don't have an account because they want you to open an account with them. Some wont cash checks in a drive thru so that you have to come inside where they'll try to sell you a checking account.

[@MuvaLaNegra]

Even If their mortgage is with said bank?

[@Bradimoose]

@@MuvaLaNegra I'm just speculating but they do make "rules" to inconvenience you and get you to open more accounts. Lots of people have their mortgage with a different company than their checking. Look at wells fargo, they went as far as opening accounts for you. Its all about more more more accounts.

[@meeky0420]

That’s what happens if you have a mortgage. It’s not your check, it’s belongs to the bank, and they need to know how it’s being used.

[@MrKingj1969]

I've done insurance for over 30yrs and never heard of a bank wanting to see the adjusters forms before cashing a check. Their job is to receive and facilitate funds not manage repairs.

[@kenmore01]

It's probably because the fine print often says "acceptance of this check resolves us from any future payments of this event" and the bank, who is a lienholder, knows that.

[@henrypacheco9048]

I would give them the keys to their trashed property and walk away

[@terry_willis]

1. If it's a valid check, how can a bank (licensed or some how approved to be in business by the U.S. gov't) be "refused"? 2. Why not use a different bank?

[@carolkrone3610]

The bank also owns the property if you have a mortgage and they don't want you cashing a check which means you've settled for that amount. The bank is only protecting their investment.

[@JK-lp6uw]

The homeowner wants to protect their property too.

[@stonecrestquilt]

Thank you for explaining this I didn’t quite understand. Until the mortgage is paid off, your house belongs to the bank. Period.

[@rachel112263]

JP Morgan Chase and Bank of America would rather make you foreclose than help you. They'd rather let the house rot and see you homeless.

[@RealMTBAddict]

The bank is only making the property lower in value by not allowing the property owner to fix it up. Come on man use your brain.

[@MS-ty8eq]

I feel bad for the immigrant multi-unit landlord who has properties right on the water. Yeah that $20,000 check is all he has. Poor thing.

[@sct4040]

You can’t cash a check that is more than what you have in your bank account. However, not allowing a deposit of the check is weird.

[@ThatOneLadyWithCommonSense]

For a government check it doesn't matter you can have a dollar in the bank they still have to cash it just like social security

[@RealMTBAddict]

If you're not depositing it and just cashng it you can cash it.

[@hotttt28]

Just another brick in the wall !

[@stargazer5073]

Sadness, homeowners are under extreme stress, help them.

[@waynesutherland-rs6ct]

the bank must own the mortgage and pays the insurance because it own the property

[@ChillWill-q5x]

Sounds like the bank owns the property, and not him. They have every right to demand proof of where the insurance money is going.

[@trustnowon]

To me it sounds like they don't have enough available funds to cash these checks. That's a huge red flag

[@La-familia-de-Fazio]

Time to boycott that bank!

[@FloridaFrank2010]

Why does TD bank need full documentation as to what will be repaired in excruciating detail, independent inspector reports - to cash a simple check?

[@garrettously3605]

This is why I avoid crappy 'off-brand' banks

[@Esrin1]

The honest title should be Mortgage holder TD Bank creating excessive delays in repairing homes by stopping checks. If you miss one sentence in the report, then you would think TD banks is refusing to cash checks when in reality they are refusing to endorse the check to be cashed.

[@SarahDeshay]

The bank owns your house if you have a mortgage. They know that many homeowners will take the money and leave the bank with a worthless home. That’s why this has always been the case with checks above approx 5K. There are systems in place to pay for work from the proceeds of insurance checks just as with a construction loan.