In St. Pete Beach, the path to recovery from Hurricanes Helene and Milton has been slow and difficult. Sandy streets and debris-covered lawns are daily reminders of the storms, while residents struggle with lengthy insurance claims and rebuilding efforts.

One such resident is Reza Razavi, who owns several waterfront properties, all damaged by Hurricane Milton. His multi-unit rental in Pass-A-Grille took on about a foot of water, causing extensive damage. “We had to remove the flooring, the baseboards, and drywall,” Razavi shared with ABC Action News. Relief came when his insurance company sent a $20,000 check to help with repairs. “I was a little surprised, to be honest, in a very good way,” he said. The partial payment felt like progress for him and his tenants, who had to vacate the property while repairs were underway.

But when Razavi went to TD Bank, which holds the mortgage on his property, he was told the bank would not endorse the check without additional documentation. “They informed me that they won’t endorse the check because of their requirements,” he said, referring to notarized paperwork and detailed proof of the damage. Despite supplying some of the necessary documents, the bank demanded even more, including a report from his claims adjuster, which was delayed by a month.

Razavi isn’t alone. His neighbor, who received a $2,500 advance check from the insurance company, has also been unable to get TD Bank’s endorsement. When asked for comment, a TD Bank spokesperson acknowledged the delays, stating:  

“We know that many Florida residents experienced heartbreaking loss with Hurricanes Helene and Milton and have begun the slow recovery process. TD is here to help, including depositing and endorsing many insurance checks for our customers. To avoid delays, we suggest customers contact their local store before coming in to deposit or endorse an insurance check, so they can ensure they have all required documentation.”

Insurance expert Karyn Roeling noted that while large claims checks may require additional scrutiny, smaller, partial payments typically don’t. “You would hope that the bank understands the gravity of the situation,” she remarked, suggesting that exceptions could be made given the unprecedented impact of back-to-back hurricanes.

Razavi, who has since filed a complaint with the state, was forced to take out an additional line of credit to complete repairs while TD Bank held his funds. “Why are you stopping homeowners from doing what they need to do to prevent further damage?” he asked. 

Less than two hours after ABC Action News reached out to TD Bank, the bank deposited Razavi’s check, though a hold was placed on the funds until the end of the week.

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(Image credit: Corporate Finance Institute)