Toronto-Dominion Bank paid penalty of $5.5 million
Oct. 10, 2025
Global Korean Post
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Financial Consumer Agency of Canada(FCAC) on September 29 announced an administrative monetary penalty of $5.5 million on the Toronto-Dominion Bank (TD) for a violation of consumer provisions in the Bank Act. The violation is described in Summary of Proceeding #3, published today. TD has paid the penalty.
TD failed to provide consumers of certain mortgage, home equity lines of credit, personal loans and small business loans (Loan Accounts) with accurate disclosure of the cost of borrowing, contrary to the obligations in the Bank Act. The violation relates to an error in the Bank’s calculation of the principal and interest payment amounts following a request from certain customers for a change to their loan payment frequency.
The Bank committed this violation from September 1, 2001, to February 22, 2024. 160,658 loan accounts were affected, representing a financial impact of over $12.1 million. TD has reimbursed affected consumers, including a credit for redress interest.
