TD Canada Trust controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2020
TD reaches settlement over overdraft practices
Settlement
TD Bank Group reached a US$122-million settlement with the U.S. Consumer Financial Protection Bureau following an investigation into overdraft marketing and sales practices. The bureau said TD violated the Electronic Fund Transfer Act and required restitution and a civil penalty. TD said it disagreed with the bureau's conclusions and did not admit wrongdoing.
Company response
Denial — TD
In a statement, TD said it did not admit to any wrongdoing under the settlement and had a clear process to secure proper consent when providing services.
Source excerpt
TORONTO — TD Bank Group has reached a US$122-million settlement with the U.S. Consumer Financial Protection Bureau after an investigation into its marketing and sales practices related to its overdraft services.
Posted August 21, 2020 10:55 am.
The U.S. regulator says the bank’s actions constituted deceptive and abusive acts and required TD to pay $97 million in restitution to roughly 1.42 million consumers and a civil money penalty of $25 million.