Click here to view original web page at thepostmillennial.com
According to a federal investigation, the Toronto-Dominion Bank withheld promised fee discounts from half a million seniors in Canada. The Bank yesterday was fined $400,000 for breach of the Bank Act but saved $31 million by withholding seniors’ rebates.
“Over the six years the breach was ongoing, this is estimated to be approximately 500,000 customers and excess charges of approximately $31 million,” wrote Commissioner Judith Robertson of the Financial Consumer Agency of Canada. “Toronto-Dominion does not dispute these totals.”
The Agency said from 2012, the Bank introduced a fee schedule promising in the fine print a “seniors’ rebate” for depositors over 60, the equivalent of 25 percent off monthly fees.
“The actual charge for eligible accounts held by seniors was not shown as a dollar amount, nor were there instructions provided regarding any specific action the customer needed to take in order to access the seniors’ rebate,” wrote Commissioner Robertson.
Investigators determined the Bank only paid the rebate if depositors spotted the reference “set out in a footnote” of the fee schedule, then explicitly asked for it, reported Blacklock’s . Feds cite @TD_Canada for withholding $31M in seniors’ discounts, impose $400,000 fine. THAT’ll teach ’em. https://t.co/CYihCJ1ieO #cdnpoli #TDBank @FCACan @CdnBankers pic.twitter.com/Srx3S94Zfz — Blacklock’s Reporter (@mindingottawa) September 30, 2021 “Existing eligible customers and customers who became eligible were not automatically charged the lower rate,” wrote Robertson. “Toronto-Dominion required that these eligible customers make a request.”
A half-million seniors did not notice the footnote and never asked for the promised 25 percent discount, “a signal that something was not working,” wrote Commissioner Robertson.
“As early as March 2013, Toronto-Dominion was aware many eligible seniors had not requested the rebate and were therefore not being charged the lower rate.”
Christian-Driven America-First Precious Metals.
Before markets collapse, the smart play is to move wealth or retirement to precious metals. Contact Genesis Gold now to make it happen smoothly with no hassles from a group driven by fellowship.
Bank executives said they did eventually post a note on a TD website and in 2017 rewrote fee schedules to delete all reference to a “seniors’ rebate.” The Bank attributed the lapse to “the result of a difference in interpretation made in good faith rather than indicating negligence or intent,” wrote Commissioner Robertson.
Under the Bank Act, “A bank shall disclose to its customers and the public at the prescribed time […]
Click here to view original web page at thepostmillennial.com
Yes, We Need Your Help
I hate being “that guy” who asks people to donate because I think our conservative news network is so crucial, but here I am…
When I left my cushy corporate job in 2017, I did so knowing that my family would have to make sacrifices. But I couldn’t continue to watch the nation slip into oblivion and was inspired by President Trump’s willingness to fight the good fight even at his own personal expense. What I didn’t realize then is that conservative media would be so heavily attacked, canceled, and defunded that the sacrifices would be extreme.
Many in this nation are struggling right now even though we weren’t struggling just a few years ago. I’m not alone. But I wake up every morning and operate the sites we’ve been able to build because there’s really no other choice. I refuse to be beholden to Big Tech like so many other conservative news outlets, which is why you won’t see Google ads here. With that said, it’s often challenging to pay the bills and it’s even harder to expand so we can get the America First message out to a wider audience.
The economic downturn has forced me to make a plea for help. Between cancel culture, lockdowns, and diminishing ad revenue, we need financial assistance in order to continue to spread the truth. We ask all who have the means, please donate through our Giving Fuel. Your generosity is what keeps these sites running and allows us to expand our reach so the truth can get to the masses. We’ve had great success in growing but we know we can do more with your assistance.
We currently operate:
- NOQ Report
- Conservative Playlist
- Uncanceled News
- Based Underground
- Five other conservative news sites
I would even be willing to entertain investments and partnerships at this stage. I’ve turned them down in the past because editorial purity is extremely important. I’ll turn them down again if anyone wants us to start supporting RINOs or avoid “taboo” topics like voter fraud, vaccines, or transgender supremacy. But I’d talk to fellow America First patriots who want to help any (or all) of our 10 news sites. Hit me up at jdrucker (at) substack (dot) com if you’re interested.
For those who have the means and just want to help keep the mission of spreading a conservative, Christian message to the nation, please consider a generous donation.