The Toronto-Dominion (TD) Bank has been fined $6.4 million and ordered to refund nearly 256,000 customers for errors related to credit card annual fee rebates spanning two decades, a federal regulator said.
“During the September 1, 2001 to October 5, 2023 period, an estimated 255,886 customers were affected, representing an approximate financial impact of $71,723,694.49,” the Financial Consumer Agency of Canada (FCAC) said in a “Summary of Proceeding” issued on Nov. 6 and first reported by Blacklock’s Reporter.
The error involved the bank’s employees not properly applying annual fee rebates to credit card account holders, the regulator said. No details about specific cases were provided.
TD paid the $6.5 million penalty in July, about a month after the amount was proposed in a notice of violation, FCAC said. It added that the bank will reimburse affected customers, with a contribution to charity to be made for those who cannot be identified….