TD Bank Fined with $28M Fine: How Faulty Reports Hurt Thousands of Customers!

hey folks welcome back to another episode where Banks do the darnest things today I've got a juicy one for you TD Bank's $28 million oopsy that's right the US Consumer Financial Protection Bureau or cfpb just dropped a bombshell on TD Bank for sharing faulty Consumer Reports now what does that mean well TD Bank was caught red-handed sending out inaccurate and negative information about its customers imagine waking up one day and finding out your credit report is messed up because your bank decided to take a creative approach to data entry not cool TD not cool the cfpb said TD Bank needs to cough up a total of $28 million that's $ 7.76 million to tens of thousands of victims and a $2 million civil penalty TD Bank's data was so bad it could have tarnished credit reports tenant and employee screening reports and other background checks yikes cfpb director Rohit Chopra didn't hold back either he said TD Bank barely lifted a finger to fix it and seemed more interested in expanding its Empire through mergers shots fired but wait there's more TD Bank spokeswoman Miranda Garrison said the bank actually found these issues on their own before the settlement and has been working to improve its practices she claims TD is all about fulfilling its responsibilities to its customers well better late than never right this isn't TD's first rodeo with fines and penalties oh no they've got a WAP sheet back in August TD agreed to pay $ 46.5 million to the SEC and another $82 million to the commodity Futures Trading commission for recordkeeping violations they were just one of 26 banks in that settlement and in March TD was hit with a $9.2 million fine in Canada for failing to report suspicious transactions they're practically a fine paying machine at this point let's not forget 2020 when the cfpb ordered TD Bank to provide $97 million in restitution to Consumers for unlawful overdraft enrollment practices plus a $25 million penalty that's a whole lot of D so what's the take away here well folks it's clear that even big Banks can mess up and when they do it's the little guy that often pays the price so keep an eye on your credit reports and if something looks fishy don't hesitate to dig in and ask questions all right that's all for today's episode of banks Behaving Badly if you like this video give it a thumbs up and don't forget to subscribe for more news that keeps you in the know until next time stay Savvy and don't let the big Banks get you down