"TD Bank to pay $62m in overdraft fee suit" Bloomberg News, May 12, 2012
MIAMI - Toronto Dominion Bank, Canada’s second-biggest lender, reached a preliminary agreement to pay $62 million to settle litigation accusing it of gouging customers on overdraft fees for checking accounts.
Related: Banks Preying For Profit
Not Such a Good Citizen
That's banks for you!
Update: Wells Fargo appeals overdraft case
The accord would resolve claims by consumer account holders who sued over fees charged to debit cards attached to their checking accounts. US District Judge James Lawrence King in Miami must approve the settlement. On April 3, King certified the case as a class-action, or group, lawsuit.
The litigation before King involves more than 30 banks sued over
their overdraft fee policies. Bank of America Corp., the second-biggest
US bank by assets, agreed last year to pay $410 million, without
admitting liability, to settle an overdraft lawsuit.
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How much did they pay for the naming rights?
"TD Bank to close Mass. call center, cutting 200 jobs:" by Todd Wallack | Globe Staff, May 09, 2012
TD Bank, the fourth-largest retail bank in the state, confirmed Wednesday that it plans to close a customer call center in Springfield by the end of the year, eliminating 200 jobs.
Bank spokesman Jimmy Hernandez said the regional bank plans to shift the call center operations from Western Massachusetts to Greenville, S.C., in December.
He said the bank decided to make the move because it owns 467,000
square feet of office space in Greenville and received state and local
financial incentives to expand in Greenville, which is located in the
Appalachian foothills, between Atlanta and Charlotte, N.C.
“The Greenville corporate office space gives us an opportunity to improve overall efficiency and maximize the office space that we inherited through the acquisition,’’ Hernandez said.
Workers were notified about the decision to close the Springfield call center on Tuesday, Hernandez said. Like other banks across the country, TD Bank has been trying to find ways to reduce expenses to offset the sluggish economy, unusually low interest rates, and the increased cost of new regulations.
Related: Big Banks Are Booming
I'm so sick of the banker's mouthpiece and it's prism of "news."
So what were TD's profits last quarter, Globe?
Still, Hernandez said the decision to shutter the Springfield operation was “very difficult’’ and stressed that TD Bank remains committed to Massachusetts.
The bank, a unit of Toronto-based TD Bank Group, has opened dozens of new branches in the Boston area in the past few years as part plans to grow and is aggressively scouting for more sites.
TD Bank has 2,300 employees statewide, including 370 in Springfield, and 151 branches.
Hernandez said the bank is trying to find new jobs for the Springfield call center workers. TD Bank currently has 40 job openings in the Springfield area and plans to hold job fairs at the call center to help workers.
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Yeah, it's the good bank.
Also see: Who Owns New England's Banks?
