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{{Short description|Canadian commercial banking company}}
{{Short description|Canadian commercial bank}}
{{Use dmy dates|date=August 2022}}
{{Use dmy dates|date=April 2023}}
{{Infobox company
{{Infobox company
| name = TD Canada Trust
| name = TD Canada Trust
| trade_name = TD
| logo = TD Canada Trust logo.svg
| logo = TD Canada Trust logo.svg
| type = [[Division (business)|Division]]
| type = [[Division (business)|Division]]
| foundation = [[Toronto]], Ontario (2000)
| foundation = {{Start date and age|2000}}
| location_city = Toronto, Ontario
| location_city = [[Toronto]], Ontario
| location_country = Canada
| location_country = Canada
| key_people = [[Bharat Masrani]] (CEO of [[TD Bank Group]])
| key_people = [[Bharat Masrani]] ([[Chief executive officer|CEO]] of [[TD Bank Group]])
| locations = Approximately 1,100 branches, and 2,600 [[Automated teller machine|ATM]]s<ref name="td">{{cite web |url=http://www.td.com/ |title=Welcome to TD Bank Financial Group |website=TD Bank Financial Group |access-date=15 March 2013}}</ref>
| locations = Approximately 1,100 branches, and 2,600 [[Automated teller machine|ATM]]s<ref name="td">{{cite web |url=http://www.td.com/ |title=Welcome to TD Bank Financial Group |website=TD Bank Financial Group |access-date=15 March 2013}}</ref>
| industry = [[Financial services]]
| industry = [[Financial services]]
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| parent = [[TD Bank Group]]
| parent = [[TD Bank Group]]
| area_served = Canada
| area_served = Canada
| website = {{url|https://www.td.com/}}
| website = {{url|https://www.td.com/ca/en/personal-banking}}
}}
}}
'''TD Canada Trust''', frequently shortened to simply '''TD''', is the [[commercial banking]] operation of [[TD Bank Group]] in Canada.<ref name="tce">{{cite book| first=Sasha| last=Yusufali| url=http://www.thecanadianencyclopedia.com/en/article/td-bank-financial-group/| title=TD Bank Financial Group| work=[[The Canadian Encyclopedia]]| year=2012| access-date=15 March 2013| archive-url=https://web.archive.org/web/20140220183053/http://www.thecanadianencyclopedia.com/en/article/td-bank-financial-group/| archive-date=20 February 2014| url-status=dead}}</ref> TD Canada Trust offers a range of financial services and products to more than 10 million Canadian customers through more than 1,100 branches and 2,600 [[Automatic teller machine|ATM]]s.<ref name="td"/>
'''TD Canada Trust''', commonly shortened in marketing to simply '''TD''', is the Canadian [[commercial bank]]ing division of the multinational [[TD Bank Group]].{{efn|"TD Canada Trust" is a [[trade name]] of the Toronto-Dominion Bank (the head company of the TD Bank Group) and some of its subsidiaries, and is not a separate corporate entity in its own right.<ref>{{cite web|url=https://www.tdcanadatrust.com/products-services/index.jsp|title=Protecting Your Deposits|work=TDCanadaTrust.com|access-date=May 21, 2024|quote=The following TD Bank Group entities are CDIC member institutions[:] The Toronto-Dominion Bank [...] These entities operate under the trade name TD Canada Trust.}}</ref>}}<ref name="tce">{{cite encyclopedia| first=Sasha| last=Yusufali| url=https://www.thecanadianencyclopedia.ca/en/article/td-bank-financial-group| title=TD Bank Financial Group| encyclopedia=[[The Canadian Encyclopedia]]| year=2012| access-date=15 March 2013| archive-url=https://web.archive.org/web/20140220183053/http://www.thecanadianencyclopedia.com/en/article/td-bank-financial-group/| archive-date=20 February 2014| url-status=live}}</ref> It is the [[list of banks and credit unions in Canada|second-largest commercial bank in Canada]] by [[assets under management|assets]], behind only the [[Royal Bank of Canada]]. TD Canada Trust offers a range of financial services and products to more than 10 million Canadian customers through more than 1,100 branches and 2,600 [[Automatic teller machine|ATM]]s.<ref name="td"/>


In addition to the countrywide network of TD branches and ATMs in Canada, the bank has a network of mobile mortgage specialists,<ref>{{cite web|url=http://mms.tdcanadatrust.com/|title=Mortgage Specialists| website=TD| access-date=6 August 2021}}</ref> financial planners,<ref>{{cite web| url=http://financialplanners.td.com/| title=Financial Planners| website=TD| access-date=6 August 2021}}</ref> private bankers,<ref>{{cite web| url=http://private-bankers.td.com/| title=Private Bankers| website=TD| access-date=6 August 2021}}</ref> investment advisors,<ref>{{cite web| url=http://advisors.td.com/| title=Investment Advisors| website=TD| access-date=6 August 2021}}</ref> and portfolio managers.<ref>{{cite web| url=http://portfolio-managers.td.com/|title=Portfolio Managers| website=TD| access-date=6 August 2021}}</ref><ref name="td"/><ref name="tce"/>
In addition to the countrywide network of TD branches and ATMs in Canada, the bank has a network of mobile mortgage specialists,<ref>{{cite web|url=http://mms.tdcanadatrust.com/|title=Mortgage Specialists| website=TD| access-date=6 August 2021}}</ref> financial planners,<ref>{{cite web| url=http://financialplanners.td.com/| title=Financial Planners| website=TD| access-date=6 August 2021}}</ref> private bankers,<ref>{{cite web| url=http://private-bankers.td.com/| title=Private Bankers| website=TD| access-date=6 August 2021}}</ref> investment advisors,<ref>{{cite web| url=http://advisors.td.com/| title=Investment Advisors| website=TD| access-date=6 August 2021}}</ref> and portfolio managers.<ref>{{cite web| url=http://portfolio-managers.td.com/|title=Portfolio Managers| website=TD| access-date=6 August 2021}}</ref><ref name="td"/><ref name="tce"/>


The current TD Canada Trust [[Division (business)|division]] was formed after TD's acquisition of [[Canada Trust]] in 2000; prior to this merger, the institution's retail operations were branded '''TD Bank'''. All new and most existing accounts are officially issued by Toronto-Dominion Bank ([[Routing number (Canada)|Institution Number]]: 004), although Canada Trust (Institution Number: 509) remains a separate subsidiary entity, and it remains the issuer of accounts opened at that institution prior to the merger.<ref name="about">{{cite web| url=http://www.td.com/document/PDF/accounts/513796E-080111.pdf| title=About Our Accounts and Related Service| publisher=TD Canada Trust| date=1 August 2012| access-date=15 March 2013}}{{Dead link|date=June 2018 |bot=InternetArchiveBot |fix-attempted=no }}</ref><ref name="payments">{{cite web| url=http://www.cdnpay.ca/imis15/pdf/pdfs_rules/rule_d4.pdf| archive-url=https://web.archive.org/web/20101227003607/http://www.cdnpay.ca/imis15/pdf/pdfs_rules/rule_d4.pdf| url-status=dead| archive-date=27 December 2010| title=Rule D4: Institution Numbers and Clearing Agengy/Representative Arrangements| publisher=[[Canadian Payments Association]]| date=December 2012| access-date=15 March 2013}}</ref>
The current TD Canada Trust division was formed after TD's acquisition of [[Canada Trust]] in 2000; prior to this merger, the institution's retail operations were branded '''TD Bank'''. All new and most existing accounts are officially issued by Toronto-Dominion Bank ([[Routing number (Canada)|institution number]]: 004), although Canada Trust (institution number: 509) remains a separate subsidiary entity, and it remains the issuer of accounts opened at that institution prior to the merger.<ref name="about">{{cite web| url=http://www.td.com/document/PDF/accounts/513796E-080111.pdf| title=About Our Accounts and Related Service| publisher=TD Canada Trust| date=1 August 2012| access-date=15 March 2013}}{{Dead link|date=June 2018 |bot=InternetArchiveBot |fix-attempted=no }}</ref><ref name="payments">{{cite web| url=http://www.cdnpay.ca/imis15/pdf/pdfs_rules/rule_d4.pdf| archive-url=https://web.archive.org/web/20101227003607/http://www.cdnpay.ca/imis15/pdf/pdfs_rules/rule_d4.pdf| url-status=dead| archive-date=27 December 2010| title=Rule D4: Institution Numbers and Clearing Agengy/Representative Arrangements| publisher=[[Canadian Payments Association]]| date=December 2012| access-date=15 March 2013}}</ref>


Since 2012, TD has been phasing out the "Canada Trust" part of its name from its logo online, in advertisements, and on stationery. {{citation needed|date=March 2021}}
Since 2012, TD has been phasing out the "Canada Trust" part of its name from its logo online, in advertisements, and on stationery. {{citation needed|date=March 2021}}
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==History==
==History==
[[File:Toronto-Dominion Bank TD Edmonton 3751.jpg|thumb|TD Canada Trust branch in [[Edmonton|Edmonton, Alberta]]]]
[[File:Toronto-Dominion Bank TD Edmonton 3751.jpg|thumb|TD Canada Trust branch in [[Edmonton|Edmonton, Alberta]]]]
The [[Bank of Toronto]] (1855) and [[The Dominion Bank]] (1869) were merged on 1 Feb 1955 to form TD Bank. [[Canada Trust]], founded in 1864 in [[London, Ontario]] as ''Huron and Erie Savings and Loan Society'', an independent company, was acquired by TD Bank in 2000. TD then adopted the new brand name "TD Bank Financial Group".
The [[Bank of Toronto]] (founded in 1855) and [[The Dominion Bank]] (founded in 1869) merged on 1 February 1955 to form TD Bank. [[Canada Trust]], founded in 1864 in [[London, Ontario]] as ''Huron and Erie Savings and Loan Society'', was acquired by TD Bank in 2000, after which TD adopted the new brand name "TD Bank Financial Group".


Canada Trust's retail division was merged with TD's existing retail banking operations over the course of 2000 to 2001 to collectively form "TD Canada Trust". Canada Trust's president and [[CEO]], [[W. Edmund Clark]], was made President and [[Chief Operating Officer|COO]] of TD, and he became president and CEO of TD Bank Financial Group in 2002.
Canada Trust's retail division was merged with TD's existing retail banking operations over the course of 2000 and 2001 to form "TD Canada Trust". Canada Trust's president and [[CEO]], [[W. Edmund Clark]], was made president and [[Chief Operating Officer|COO]] of TD at the time of the merger, and became the president and CEO of TD Bank Financial Group in 2002.


As many of Canada Trust's existing branches overlapped areas TD already served, many branches from both institutions were closed or combined as a result of the merger.
As Canada Trust's existing branches had often served areas already served by TD's own retail banking branches prior to the acquisition, many branches from both institutions were closed or combined as a result of the merger.

==TD in the media==
⚫
[[Toronto-Dominion Bank]] has come under fire due to a series of articles published by [[CBC News]] that question its banking practices. The first article written to the ''Go Public'' portion of the CBC Business section was posted on 10 March 2017, under the title "'We do it because our jobs are at stake': TD bank employees admit to breaking the law for fear of being fired".<ref>{{cite news| url=http://www.cbc.ca/news/business/td-bank-employees-admit-to-breaking-law-1.4016569| title='We do it because our jobs are at stake': TD bank employees admit to breaking the law for fear of being fired| work=CBC News| access-date=19 April 2018}}</ref>

⚫
On 15 March 2017, another article was released by [[CBC News]] that reported thousands of banking employees from the top-five banks in Canada (RBC, BMO, CIBC, TD and Scotiabank) being pressured to meet unreasonable sales targets.<ref>{{cite news| url=http://www.cbc.ca/news/business/banks-upselling-go-public-1.4023575| title='We are all doing it': Employees at Canada's 5 big banks speak out about pressure to dupe customers| work=CBC News| access-date=19 April 2018}}</ref>

⚫
TD has been accused of [[pinkwashing (LGBT)|pinkwashing]] for using its prominent sponsorship of [[Pride Toronto]] as a [[demographic marketer|demographic marketing]] tool, while locking [[trans women]] out of their accounts if they attempt to access [[telephone banking]] in what the bank identifies as a "male voice" and mislabels as fraud.<ref>https://www.cbc.ca/news/canada/manitoba/banking-account-manitoba-1.5002885</ref> There have also been multiple complaints that depositors who purchased [[registered retirement savings plan|RRSP]]s from pre-merger TD Bank<ref>https://www.cbc.ca/news/canada/toronto/this-toronto-man-says-td-bank-lost-his-rrsp-potentially-worth-100k-1.5495569</ref> or Canada Trust<ref>https://www.cbc.ca/news/canada/toronto/td-bank-rsp-1.6029875</ref> have lost access to these funds as TD Canada Trust claims to have no record of the deposits, the pretext being that the institution is only required to retain records for seven years. There have also been cases where the bank has absolved itself of responsibility for theft or fraudulent access to depositors accounts by third parties, blaming the depositor for fraud which is no fault of their own.<ref>https://www.cbc.ca/news/canada/british-columbia/td-bank-considers-clients-guilty-until-proven-innocent-says-victim-of-debit-card-theft-1.5543362</ref>


==Operations==
==Operations==
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TD customers are able to do [[online banking]] through TD's EasyWeb system. EasyWeb allows users to perform transactions, manage bills, update personal information, manage investments, and view banking histories.{{citation needed|date=August 2022}}
TD customers are able to do [[online banking]] through TD's EasyWeb system. EasyWeb allows users to perform transactions, manage bills, update personal information, manage investments, and view banking histories.{{citation needed|date=August 2022}}


In 2010, TD Canada Trust launched a mobile banking app for [[iOS]], [[Android (operating system)|Android]] and [[BlackBerry]] platforms, allowing clients to perform many of the same transactions that are available through EasyWeb online banking.<ref name="mobile">{{cite web| url=http://www.td.com/products-services/banking/electronic-banking/mobile/mobile-index.jsp| title=Connect to TD anytime, anywhere| publisher=TD Financial Group| access-date=15 March 2013}}{{Dead link|date=August 2018 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>
In 2010, TD Canada Trust launched a mobile banking app for [[iOS]], [[Android (operating system)|Android]] and [[BlackBerry]] platforms, allowing clients to perform many of the same transactions that are available through EasyWeb online banking.<ref name="mobile">{{cite web| url=http://www.td.com/products-services/banking/electronic-banking/mobile/mobile-index.jsp| title=Connect to TD anytime, anywhere| publisher=TD Financial Group| access-date=15 March 2013}}{{Dead |bot=InternetArchiveBot |fix-attempted=yes |date=October 2023}}</ref>


In June 2012, TD Canada Trust introduced an enhanced Access Card with the new [[Visa Debit]] / [[Interac]] Flash access card which allows customers to use it via the phone or online and at international merchants through the Visa network.<ref name="accesscard">{{cite web|title=Your New TD Access Card|url=https://www.customercares4u.com/2019/05/td-bank-hours.html|archive-url=https://web.archive.org/web/20190530183719/https://www.customercares4u.com/2019/05/td-bank-hours.html|url-status=dead|archive-date=30 May 2019}}</ref>
In June 2012, TD Canada Trust introduced an enhanced Access Card with the new [[Visa Debit]] / [[Interac]] Flash access card which allows customers to use it via the phone or online and at international merchants through the Visa network.<ref name="accesscard">{{cite web|title=Your New TD Access Card|url=https://www.customercares4u.com/2019/05/td-bank-hours.html|archive-url=https://web.archive.org/web/20190530183719/https://www.customercares4u.com/2019/05/td-bank-hours.html|url-status=dead|archive-date=30 May 2019}}</ref>
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=== Services ===
=== Services ===
TD provides over 200 different languages on phone service for customers in Canada, including English, French, Mandarin and Cantonese. Five languages (English, French, Italian, Cantonese and Portuguese) are provided on ATMs.<ref>{{Cite web|url=https://www.td.com/corporate-responsibility/diversity/serving-diverse-needs/diverse-languages-for-diverse-needs.jsp|title=Diverse languages for diverse needs|website=www.td.com|language=en|access-date=23 March 2017}}</ref>
TD provides over 200 different languages on phone service for customers in Canada, including English, French, Mandarin and Cantonese. Five languages (English, French, Italian, Cantonese and Portuguese) are provided on ATMs.<ref>{{Cite web|url=https://www.td.com/corporate-responsibility/diversity/serving-diverse-needs/diverse-languages-for-diverse-needs.jsp|title=Diverse languages for diverse needs|website=www.td.com|language=en|access-date=23 March 2017}}</ref>

==Controversy==
⚫
[[Toronto-Dominion Bank]] has come under fire due to a series of articles published by [[CBC News]] that question its banking practices. The first article written to the ''Go Public'' portion of the CBC Business section was posted on 10 March 2017, under the title "'We do it because our jobs are at stake': TD bank employees admit to breaking the law for fear of being fired".<ref>{{cite news| url=http://www.cbc.ca/news/business/td-bank-employees-admit-to-breaking-law-1.4016569| title='We do it because our jobs are at stake': TD bank employees admit to breaking the law for fear of being fired| work=CBC News| access-date=19 April 2018}}</ref>

⚫
On 15 March 2017, another article was released by [[CBC News]] that reported thousands of banking employees from the top-five banks in Canada (RBC, BMO, CIBC, TD and Scotiabank) being pressured to meet unreasonable sales targets.<ref>{{cite news| url=http://www.cbc.ca/news/business/banks-upselling-go-public-1.4023575| title='We are all doing it': Employees at Canada's 5 big banks speak out about pressure to dupe customers| work=CBC News| access-date=19 April 2018}}</ref>

⚫
TD has been accused of [[pinkwashing (LGBT)|pinkwashing]] for using its prominent sponsorship of [[Pride Toronto]] as a [[demographic marketer|demographic marketing]] tool, while locking [[trans women]] out of their accounts if they attempt to access [[telephone banking]] in what the bank identifies as a "male voice" and mislabels as fraud.<ref>{{cite web |title=Manitoba woman says she was locked out of her online banking because of deep voice |url=https://www.cbc.ca/news/canada/manitoba/banking-account-manitoba-1.5002885 |website=[[CBC News]] |date=1 February 2019 |archive-url=https://web.archive.org/web/20230314164248/https://www.cbc.ca/news/canada/manitoba/banking-account-manitoba-1.5002885 |archive-date=14 March 2023 |url-status=live |last1=Cole |first1=Alana}}</ref> There have also been multiple complaints that depositors who purchased [[registered retirement savings plan|RRSP]]s from pre-merger TD Bank<ref>{{cite web |title=This Toronto man says TD Bank lost his RRSP, potentially worth $100K |url=https://www.cbc.ca/news/canada/toronto/this-toronto-man-says-td-bank-lost-his-rrsp-potentially-worth-100k-1.5495569 |website=[[CBC News]] |date=13 March 2020 |archive-url=https://web.archive.org/web/20230314161244/https://www.cbc.ca/news/canada/toronto/this-toronto-man-says-td-bank-lost-his-rrsp-potentially-worth-100k-1.5495569 |archive-date=14 March 2023 |url-status=live |last1=Lancaster |first1=John}}</ref> or Canada Trust<ref>{{cite web |title=TD Bank accused of losing customers' RSPs — again |url=https://www.cbc.ca/news/canada/toronto/td-bank-rsp-1.6029875 |website=[[CBC News]] |date=18 May 2021 |archive-url=https://web.archive.org/web/20230314161241/https://www.cbc.ca/news/canada/toronto/td-bank-rsp-1.6029875 |archive-date=14 March 2023 |url-status=live |last1=Lancaster |first1=John}}</ref> have lost access to these funds as TD Canada Trust claims to have no record of the deposits, the pretext being that the institution is only required to retain records for seven years. There have also been cases where the bank has absolved itself of responsibility for theft or fraudulent access to depositors accounts by third parties, blaming the depositor for fraud which is no fault of their own.<ref>{{cite web |title=TD bank considers clients 'guilty until proven innocent,' says victim of debit card theft |url=https://www.cbc.ca/news/canada/british-columbia/td-bank-considers-clients-guilty-until-proven-innocent-says-victim-of-debit-card-theft-1.5543362 |website=[[CBC News]] |date=24 April 2020 |archive-url=https://web.archive.org/web/20230314164253/https://www.cbc.ca/news/canada/british-columbia/td-bank-considers-clients-guilty-until-proven-innocent-says-victim-of-debit-card-theft-1.5543362 |archive-date=14 March 2023 |url-status=live |last1=Rankin |first1=Eric}}</ref>


==See also==
==See also==
{{Portal|Banks}}
{{Portal|Banks}}
*[[TD Canada Trust Tower, Calgary]]
*[[TD Canada Trust Tower, Calgary]]

==Notes==
{{Notelist}}


==References==
==References==
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[[Category:Canadian companies established in 2000]]
[[Category:Canadian companies established in 2000]]
[[Category:Banks established in 2000]]
[[Category:Banks established in 2000]]
[[Category:Companies based in Toronto]]
[[Category:Financial services companies based in Toronto]]
[[Category:2000 establishments in Ontario]]
[[Category:2000 establishments in Ontario]]

Latest revision as of 05:28, 9 September 2024

TD Canada Trust
Company typeDivision
IndustryFinancial services
Founded2000; 24 years ago (2000)
Headquarters
Toronto, Ontario
,
Canada
Number of locations
Approximately 1,100 branches, and 2,600 ATMs[1]
Area served
Canada
Key people
Bharat Masrani (CEO of TD Bank Group)
ServicesBanking
Revenue
  • Increase CA$43.6 billion
  • CA$41.1 billion [2]
ParentTD Bank Group
Websitewww.td.com/ca/en/personal-banking

TD Canada Trust, commonly shortened in marketing to simply TD, is the Canadian commercial banking division of the multinational TD Bank Group.[a][4] It is the second-largest commercial bank in Canada by assets, behind only the Royal Bank of Canada. TD Canada Trust offers a range of financial services and products to more than 10 million Canadian customers through more than 1,100 branches and 2,600 ATMs.[1]

In addition to the countrywide network of TD branches and ATMs in Canada, the bank has a network of mobile mortgage specialists,[5] financial planners,[6] private bankers,[7] investment advisors,[8] and portfolio managers.[9][1][4]

The current TD Canada Trust division was formed after TD's acquisition of Canada Trust in 2000; prior to this merger, the institution's retail operations were branded TD Bank. All new and most existing accounts are officially issued by Toronto-Dominion Bank (institution number: 004), although Canada Trust (institution number: 509) remains a separate subsidiary entity, and it remains the issuer of accounts opened at that institution prior to the merger.[10][11]

Since 2012, TD has been phasing out the "Canada Trust" part of its name from its logo online, in advertisements, and on stationery. [citation needed]

History

[edit]
TD Canada Trust branch in Edmonton, Alberta

The Bank of Toronto (founded in 1855) and The Dominion Bank (founded in 1869) merged on 1 February 1955 to form TD Bank. Canada Trust, founded in 1864 in London, Ontario as Huron and Erie Savings and Loan Society, was acquired by TD Bank in 2000, after which TD adopted the new brand name "TD Bank Financial Group".

Canada Trust's retail division was merged with TD's existing retail banking operations over the course of 2000 and 2001 to form "TD Canada Trust". Canada Trust's president and CEO, W. Edmund Clark, was made president and COO of TD at the time of the merger, and became the president and CEO of TD Bank Financial Group in 2002.

As Canada Trust's existing branches had often served areas already served by TD's own retail banking branches prior to the acquisition, many branches from both institutions were closed or combined as a result of the merger.

Operations

[edit]
TD Canada Trust in Markham

TD Canada Trust markets itself as having longer hours than most major banks, a feature which was a hallmark of the former Canada Trust before its 2000 acquisition. Since late 2007, most branches are open 8–6 Monday to Wednesday (some until 8pm), 8–8 Thursday and Friday, and 8–4 on Saturday, with some exceptions for very low-traffic branches. By February 2011, over 300 branches were open 11–4 on Sundays; these hours were curtailed during the first year of the COVID-19 pandemic and have not been fully restored.

All branches are closed on statutory holidays.

Online banking

[edit]

TD customers are able to do online banking through TD's EasyWeb system. EasyWeb allows users to perform transactions, manage bills, update personal information, manage investments, and view banking histories.[citation needed]

In 2010, TD Canada Trust launched a mobile banking app for iOS, Android and BlackBerry platforms, allowing clients to perform many of the same transactions that are available through EasyWeb online banking.[12]

In June 2012, TD Canada Trust introduced an enhanced Access Card with the new Visa Debit / Interac Flash access card which allows customers to use it via the phone or online and at international merchants through the Visa network.[13]

Services

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TD provides over 200 different languages on phone service for customers in Canada, including English, French, Mandarin and Cantonese. Five languages (English, French, Italian, Cantonese and Portuguese) are provided on ATMs.[14]

Controversy

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Toronto-Dominion Bank has come under fire due to a series of articles published by CBC News that question its banking practices. The first article written to the Go Public portion of the CBC Business section was posted on 10 March 2017, under the title "'We do it because our jobs are at stake': TD bank employees admit to breaking the law for fear of being fired".[15]

On 15 March 2017, another article was released by CBC News that reported thousands of banking employees from the top-five banks in Canada (RBC, BMO, CIBC, TD and Scotiabank) being pressured to meet unreasonable sales targets.[16]

TD has been accused of pinkwashing for using its prominent sponsorship of Pride Toronto as a demographic marketing tool, while locking trans women out of their accounts if they attempt to access telephone banking in what the bank identifies as a "male voice" and mislabels as fraud.[17] There have also been multiple complaints that depositors who purchased RRSPs from pre-merger TD Bank[18] or Canada Trust[19] have lost access to these funds as TD Canada Trust claims to have no record of the deposits, the pretext being that the institution is only required to retain records for seven years. There have also been cases where the bank has absolved itself of responsibility for theft or fraudulent access to depositors accounts by third parties, blaming the depositor for fraud which is no fault of their own.[20]

See also

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Notes

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  1. ^ "TD Canada Trust" is a trade name of the Toronto-Dominion Bank (the head company of the TD Bank Group) and some of its subsidiaries, and is not a separate corporate entity in its own right.[3]

References

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  1. ^ a b c "Welcome to TD Bank Financial Group". TD Bank Financial Group. Retrieved 15 March 2013.
  2. ^ "TD Bank Group Reports Fourth Quarter and Fiscal 2020 Results". Newswire (Press release). TD Bank Group. 3 December 2020. Retrieved 4 December 2020.
  3. ^ "Protecting Your Deposits". TDCanadaTrust.com. Retrieved 21 May 2024. The following TD Bank Group entities are CDIC member institutions[:] The Toronto-Dominion Bank [...] These entities operate under the trade name TD Canada Trust.
  4. ^ a b Yusufali, Sasha (2012). "TD Bank Financial Group". The Canadian Encyclopedia. Archived from the original on 20 February 2014. Retrieved 15 March 2013.
  5. ^ "Mortgage Specialists". TD. Retrieved 6 August 2021.
  6. ^ "Financial Planners". TD. Retrieved 6 August 2021.
  7. ^ "Private Bankers". TD. Retrieved 6 August 2021.
  8. ^ "Investment Advisors". TD. Retrieved 6 August 2021.
  9. ^ "Portfolio Managers". TD. Retrieved 6 August 2021.
  10. ^ "About Our Accounts and Related Service" (PDF). TD Canada Trust. 1 August 2012. Retrieved 15 March 2013.[permanent dead link‍]
  11. ^ "Rule D4: Institution Numbers and Clearing Agengy/Representative Arrangements" (PDF). Canadian Payments Association. December 2012. Archived from the original (PDF) on 27 December 2010. Retrieved 15 March 2013.
  12. ^ "Connect to TD anytime, anywhere". TD Financial Group. Retrieved 15 March 2013.[permanent dead link‍]
  13. ^ "Your New TD Access Card". Archived from the original on 30 May 2019.
  14. ^ "Diverse languages for diverse needs". www.td.com. Retrieved 23 March 2017.
  15. ^ "'We do it because our jobs are at stake': TD bank employees admit to breaking the law for fear of being fired". CBC News. Retrieved 19 April 2018.
  16. ^ "'We are all doing it': Employees at Canada's 5 big banks speak out about pressure to dupe customers". CBC News. Retrieved 19 April 2018.
  17. ^ Cole, Alana (1 February 2019). "Manitoba woman says she was locked out of her online banking because of deep voice". CBC News. Archived from the original on 14 March 2023.
  18. ^ Lancaster, John (13 March 2020). "This Toronto man says TD Bank lost his RRSP, potentially worth $100K". CBC News. Archived from the original on 14 March 2023.
  19. ^ Lancaster, John (18 May 2021). "TD Bank accused of losing customers' RSPs — again". CBC News. Archived from the original on 14 March 2023.
  20. ^ Rankin, Eric (24 April 2020). "TD bank considers clients 'guilty until proven innocent,' says victim of debit card theft". CBC News. Archived from the original on 14 March 2023.
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