TD Canada Trust

TD Canada Trust, commonly shortened in marketing to simply TD, is the Canadian commercial banking division of the multinational TD Bank Group. It is the second-largest commercial bank in Canada by assets, behind only the Royal Bank of Canada. TD Canada Trust offers a range of financial services and products to more than 10 million Canadian customers through more than 1,100 branches and 2,600 ATMs.

In addition to the countrywide network of TD branches and ATMs in Canada, the bank has a network of mobile mortgage specialists, financial planners, private bankers, investment advisors, and portfolio managers.

The current TD Canada Trust division was formed after TD's acquisition of Canada Trust in 2000; prior to this merger, the institution's retail operations were branded TD Bank. All new and most existing accounts are officially issued by Toronto-Dominion Bank (institution number: 004), although Canada Trust (institution number: 509) remains a separate subsidiary entity, and it remains the issuer of accounts opened at that institution prior to the merger.

Since 2012, TD has been phasing out the "Canada Trust" part of its name from its logo online, in advertisements, and on stationery.

History
The Bank of Toronto (founded in 1855) and The Dominion Bank (founded in 1869) merged on 1 February 1955 to form TD Bank. Canada Trust, founded in 1864 in London, Ontario as Huron and Erie Savings and Loan Society, was acquired by TD Bank in 2000, after which TD adopted the new brand name "TD Bank Financial Group".

Canada Trust's retail division was merged with TD's existing retail banking operations over the course of 2000 and 2001 to form "TD Canada Trust". Canada Trust's president and CEO, W. Edmund Clark, was made president and COO of TD at the time of the merger, and became the president and CEO of TD Bank Financial Group in 2002.

As Canada Trust's existing branches had often served areas already served by TD's own retail banking branches prior to the acquisition, many branches from both institutions were closed or combined as a result of the merger.

Operations


TD Canada Trust markets itself as having longer hours than most major banks, a feature which was a hallmark of the former Canada Trust before its 2000 acquisition. Since late 2007, most branches are open 8–6 Monday to Wednesday (some until 8pm), 8–8 Thursday and Friday, and 8–4 on Saturday, with some exceptions for very low-traffic branches. By February 2011, over 300 branches were open 11–4 on Sundays; these hours were curtailed during the first year of the COVID-19 pandemic and have not been fully restored.

All branches are closed on statutory holidays.

Online banking
TD customers are able to do online banking through TD's EasyWeb system. EasyWeb allows users to perform transactions, manage bills, update personal information, manage investments, and view banking histories.

In 2010, TD Canada Trust launched a mobile banking app for iOS, Android and BlackBerry platforms, allowing clients to perform many of the same transactions that are available through EasyWeb online banking.

In June 2012, TD Canada Trust introduced an enhanced Access Card with the new Visa Debit / Interac Flash access card which allows customers to use it via the phone or online and at international merchants through the Visa network.

Services
TD provides over 200 different languages on phone service for customers in Canada, including English, French, Mandarin and Cantonese. Five languages (English, French, Italian, Cantonese and Portuguese) are provided on ATMs.

Controversy
Toronto-Dominion Bank has come under fire due to a series of articles published by CBC News that question its banking practices. The first article written to the Go Public portion of the CBC Business section was posted on 10 March 2017, under the title "'We do it because our jobs are at stake': TD bank employees admit to breaking the law for fear of being fired".

On 15 March 2017, another article was released by CBC News that reported thousands of banking employees from the top-five banks in Canada (RBC, BMO, CIBC, TD and Scotiabank) being pressured to meet unreasonable sales targets.

TD has been accused of pinkwashing for using its prominent sponsorship of Pride Toronto as a demographic marketing tool, while locking trans women out of their accounts if they attempt to access telephone banking in what the bank identifies as a "male voice" and mislabels as fraud. There have also been multiple complaints that depositors who purchased RRSPs from pre-merger TD Bank or Canada Trust have lost access to these funds as TD Canada Trust claims to have no record of the deposits, the pretext being that the institution is only required to retain records for seven years. There have also been cases where the bank has absolved itself of responsibility for theft or fraudulent access to depositors accounts by third parties, blaming the depositor for fraud which is no fault of their own.