Title: TD joint account – $16,000 transferred to co-signer’s personal account without my knowledge. What are my options?
I’m in Alberta and looking for advice from anyone who has dealt with something similar.
In 2021, I opened a TD joint savings account with another person for my sister’s Group of Five sponsorship. I transferred $16,000.92 of my own money from my RBC TFSA into the account for the sponsorship.
I have a TD document dated March 4, 2022, showing the account had $16,000.92 and was listed as “JOINT – ALL TO SIGN.” I also have documents showing the money came from my RBC account.
Recently, because the sponsorship was cancelled, I went to TD to withdraw the money. That is when I discovered that the money had apparently been transferred in 2023 and the joint account was subsequently closed.
I went to the bank with the co-signer. TD told both of us that the money had been transferred from the joint account into the co-signer’s personal TD account. TD showed me documentation related to the transfer. There was also another transaction involving another account that they are still reviewing.
The part I don’t understand is how the money could be transferred and the joint account closed without my knowledge or authorization, especially when my document says “Joint – All to Sign.”
The co-signer said she did not receive the money when the bank manager asked her, and said the money was for her sister’s sponsorship.
TD has opened an investigation and given me a case number. A Customer Care Manager is currently reviewing the complaint, and I have provided/will provide my sponsorship documents and proof showing the source of my money.
My questions are:
Does “Joint – All to Sign” normally mean both account holders must authorize a transfer?
Could one joint holder potentially transfer money online without the other person’s authorization depending on the account setup?
What records should I specifically request from TD to determine how the transfer was authorized?
If TD confirms the transfer did not follow the account signing requirements, would the bank potentially reimburse the funds?
Is there anything else I should be doing while TD’s investigation is ongoing?
I’m not trying to make accusations before the investigation is finished. I just want to understand how this could have happened and what my options are for recovering my money.