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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.”
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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 […]
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Will America-First News Outlets Make it to 2023?
Things are looking grim for conservative and populist news sites.
There’s something happening behind the scenes at several popular conservative news outlets. 2021 was bad, but 2022 is proving to be disastrous for news sites that aren’t “playing ball” with the corporate media narrative. It’s being said that advertisers are cracking down, forcing some of the biggest ad networks like Google and Yahoo to pull their inventory from conservative outlets. This has had two major effects. First, it has cooled most conservative outlets from discussing “taboo” topics like Pandemic Panic Theater, voter fraud, or The Great Reset. Second, it has isolated those ad networks that aren’t playing ball.
Certain topics are anathema for most ad networks. Speaking out against vaccines or vaccine mandates is a certain path to being demonetized. Highlighting voter fraud in the 2020 and future elections is another instant advertising death penalty. Throw in truthful stories about climate change hysteria, Critical Race Theory, and the border crisis and it’s easy to understand how difficult it is for America-First news outlets to spread the facts, share conservative opinions, and still pay the bills.
Without naming names, I have been told of several news outlets who have been forced to either consolidate with larger organizations or who have backed down on covering certain topics out of fear of being “canceled” by the ad networks. I get it. This is a business for many of us and it’s not very profitable. Those of us who do this for a living are often barely squeaking by, so loss of additional revenue can often mean being forced to make cuts. That means not being able to cover the topics properly. Its a Catch-22: Tell the truth and lose the money necessary to keep telling the truth, or avoid the truth and make enough money to survive. Those who have chosen survival simply aren’t able to spread the truth properly.
We will never avoid the truth. The Lord will provide if it is His will. Our job is simply to share the facts, spread the Gospel, and educate as many Americans as possible while exposing the forces of evil.
To those who have the means, we ask that you please donate. We have options available now, but there is no telling when those options will cancel us. We have our GivingFuel page. There have been many who have been canceled by PayPal, but for now it’s still an option. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Thank you, and God Bless!
JD Rucker