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 […]
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