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The Toronto-Dominion Bank Message Board

  • onesmallstepk onesmallstepk Jan 11, 2011 12:12 PM Flag

    Fraud and exploitation defended by TD huckster

    By the way, Rep. Maloney also authored the Credit Cardholders Bill of Rights , which is working its way through Congress.

    Advertise | AdChoicesMy two cents
    It’s one thing to overdraw your account by writing a check. It’s quite another when an overdraft takes place electronically – using a debit card or ATM. In these situations, the bank knows if you are going to overdraw the account and could either stop the transaction or give you the option to pay the penalty and proceed. In this case, customer choice is customer service.

    The banks have lobbied hard for the status quo and for good reason; they’re making a ton of money. Consumers Union figures the nation’s banks collected about $7.8 billion last year in overdraft fees related to debit cards and ATM withdrawals.

    According to the FDIC, the average overdraft triggered by ATM and debit card transactions is $17. The median fee for each overdraft is $27.

    Consumer groups are doing their best, but the regulators need to hear from you. Time is running out. The comment period ends next Monday, March 30. Contact the Federal Reserve right now and let the Board know you want the opt-in rule. It’s just silly to make you cancel a service you didn’t ask for. If bankers are so sure customers want this high-priced overdraft protection they don’t have anything to worry about.

    The Center for Responsible Lending web site has more information on bank overdraft fees and an easy way to comment to the Fed.

    To comment directly to the Fed send an e-mail here. The subject line MUST include “Docket No. R-1343.”

    Or fax your comments to 202-452-3819.

    More information

    ABA testifies on credit card and overdraft protection legislation
    Consumers Union on overdraft programs
    Consumers Union: Defend your dollars
    Overdraft fees and opting in survey
    © 2011 Reprints

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    • Morelandhotstuff loves his dividends.

      • 2 Replies to onesmallstepk
      • Also, as a tie-in to your original cut 'n paste, the Canadian government has already passed a "cardholder bill of rights" in Canada.

        Looks like the US is lagging yet again in banking reform in relation to its Canadian counterparts.

        Try to keep up, BittyBit.

      • I sure do.

        Only losers with no money overdraw their accounts. If they're hit with a service charge, too bad. Don't spend more than you have.

        These are the same people that are underwater on their real estate purchases. We're all responsible for our own actions, don't blame your stupidity on someone or something else.

        That's just like you, BittyBit. You think that because you panicked and sold all your TD for a $30+ per share loss, that somehow TD Bank is responsible for your stupid financial decision.

        Wah, Wah, Wah.


        BTW, when's that dividend cut coming? Betcha it gets increased real, real soon.


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