Basic Search  |  Summaries  |  Advanced Search

Violation Tracker Individual Record

Company: TD Bank, N.A.
Current Parent Company: Toronto-Dominion Bank
Penalty: $122,000,000
Year: 2020
Date: August 20, 2020
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: Fair Credit Reporting Act violation
Mega-Scandal: Overdraft Fees
Violation Description: The Consumer Financial Protection Bureau announced a settlement with TD Bank, N.A. regarding its marketing and sale of its optional overdraft service: Debit Card Advance. The Bureau found that TD Bank's overdraft enrollment practices violated the Electronic Fund Transfer Act and Regulation E by charging consumers overdraft fees for ATM and one-time debit card transactions without obtaining their affirmative consent, and that TD Bank engaged in deceptive and abusive acts or practices in violation of the Consumer Financial Protection Act of 2010. The Bureau also found that TD Bank engaged in practices prohibited by the Fair Credit Reporting Act and its implementing Regulation V. The consent order required TD Bank to provide an estimated $97 million in restitution to about 1.42 million consumers and to pay a civil money penalty of $25 million.
Level of Government: federal
Action Type: agency action
Agency: Consumer Financial Protection Bureau
Civil or Criminal Case: civil
HQ Country of Current Parent: Canada
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.