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TD WebBroker ISA (Investment Savings Account).
October 11, 2024
2:30 pm
Dean
Valhalla Mountains, British Columbia
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TINAisOver said

I'm looking at this like Dean, an opportunity. I'm not concerned TD won't survive this. I'm day trading TD and looking for an entry point for a long position when the stock finally settles.  

Yup . . .

And somewhere (in a dark room?) down in the TD USofA Division ...

      ... Heads Are Gonna Roll ❗

Dean

sf-cool " Live Long, Healthy ... And Prosper! " sf-cool

October 13, 2024
8:45 am
RetirEd
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I'd certainly never have any use for an Amazon gift card. Again, just a promotion for Amazon, who probably provided them for free.

I'm happy to see the TD fine, as we do need to keep the laws enforced.

The real corporate culture crime at TD is their abusive promotion and unrequested fee-earning service policy, and its aggressive sales quotas.

RetirEd

October 13, 2024
9:25 am
mordko
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Yes, some people don’t have any need for money. Not in that category so I made use of $50. Zero chance that Amazon gave money to TD bank “for free”.

My issue with TDDI service isn’t promotions but comparatively high costs, dated and slow app, difficulties in getting money out and erroneous charges (compensated later but still an irritant). And I do have a problem with their corporate culture which turned money laundering into an inside joke. On a positive side, they have LOTS of room for improvement.

October 13, 2024
5:05 pm
Norman1
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More details are in the FinCEN press release and in the consent order.

Something went seriously wrong in their two US subsidiaries TD Bank, N.A. and TD Bank USA, N.A. The consent order noted that the two US subsidiaries spent around 1/10 of what their peers spent on anti-money laundering compliance:

E. TD Bank Failed to Implement and Maintain an AML Program

… As described more fully below, TD Bank [TD Bank, N.A. and TD Bank USA, N.A.] failed to devote sufficient resources to BSA compliance, and refused to invest in improvements to address such gaps when they were deemed too costly, thus allowing illicit activity to flow through the Bank.21 TD Bank vastly underinvested in its AML compliance efforts, with TD Bank knowingly spending an order of magnitude less than its peers. Additionally, the Bank’s AML staffing was not proportionate to its size, risk profile, and ongoing compliance concerns: during the periods of TD Bank’s most acute issues (including those related to backlogs from insufficient staffing), AML spending remained flat. As explained below, when a host of significant AML compliance issues arose during the Relevant Time Period [from at least 2012 through May 9, 2024], the Bank consistently chose to address them in the least costly way possible, even if it meant ignoring failures and refusing to meaningfully remediate issues and prevent recurrences. …

October 14, 2024
9:12 am
RetirEd
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mordko: A gift card is like a $5 chip gift from a Las Vegas casino. You can't really use it without spending more. And I won't do business with Amazon in any way. I even block their ads specifically.

The reason that so many promotions now use gift cards is that their providers supply them either for free or at a strong discount to drive more purchases. I learned this from research institutions supplying them as rewards for participants.

RetirEd

October 14, 2024
9:44 am
mordko
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RetirEd said
mordko: A gift card is like a $5 chip gift from a Las Vegas casino. You can't really use it without spending more. And I won't do business with Amazon in any way. I even block their ads specifically.

The reason that so many promotions now use gift cards is that their providers supply them either for free or at a strong discount to drive more purchases. I learned this from research institutions supplying them as rewards for participants.  

Ok, but I spend thousands on Amazon, have been for years and to me $50 in Amazon cash is just cash. And if you can’t use it you can give it to someone who can because 85% of Canadians use Amazon at least once per month. And what you buy is stuff like socks, food, tools and books.

Its nothing like casino. More like the internet. There will be some people who don’t use it but when a bank has a website its to promote itself rather than to promote the internet.

October 14, 2024
12:00 pm
savemoresaveoften
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RetirEd said
mordko: And I won't do business with Amazon in any way. I even block their ads specifically.

Reason being ??

To me, Amazon is a retailer, may not have the best price, but for the convenience esp free delivery for over $35 or prime, I dont see any need to hate them.

October 15, 2024
9:54 am
RetirEd
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Amazon is, in my view, an abusive monopoly that is destroying the world of retail. It is one of the biggest data collectors and abusers, if not the biggest, in the world. And it is a leading practitioner of price discrimination - one almost never gets the same price twice, or the same price as others... or even knows how that price compares to what others are charged. On top of that, its delivery practices involve gig-work contractors and wasteful disposal of packaging materials.

But my original point is that replacing payments with gift cards tied to a particular retailer is a way for the retailers to profit and the payers to minimize or avoid payment.

mordko: if you can’t use it you can give it to someone who can

...and thus lose the promotional value or rebate I was due? That is my whole complaint!

RetirEd

October 15, 2024
9:59 am
mordko
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RetirEd said

mordko: if you can’t use it you can give it to someone who can

...and thus lose the promotional value or rebate I was due? That is my whole complaint!  

Just to be clear, I wasn’t due $50 from TDDI. They sent this Amazon voucher completely out of the blue on the same day when TD was fined $3bn (by a lucky coincidence).

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