There have been some complaints and concerns raised about how banks have handled certain aspects of the pandemic. For example, there have been reports of long wait times for customer service and delays in processing requests for relief programs, such as loan deferrals.

Some customers have also expressed frustration with the banks’ handling of their accounts during the pandemic, such as being charged fees or interest for missed payments.

That being said, it’s important to note that many Canadian banks have implemented a range of measures to support their customers during the pandemic, including offering relief programs, increasing online and mobile banking services, and enhancing safety protocols in branches.

Overall, the response of Canadian banks to the pandemic has been generally positive, and they have been recognized for their efforts to support customers and communities during this difficult time.

Famous lawsuits against TD bank

TD Bank, a Canadian multinational banking and financial services corporation, has been involved in several significant lawsuits. One notable case involved TD Bank’s alleged involvement in Scott Rothstein’s Ponzi scheme, which resulted in a settlement of $170 million being paid out to affected investors.

TD Bank and other lenders were also sued in a different case for charging exorbitant interest rates and fees in the payday lending industry in South Dakota, leading to a settlement of $13 million.

TD Bank was also involved in a class-action lawsuit with other banks over their overdraft fee practices, which allegedly involved manipulating the order in which transactions were processed to maximize overdraft fees. TD Bank settled the case for $62 million.

TD Bank was sued in 2017 by a group of current and former employees over allegations that the bank had failed to pay them overtime wages.

The lawsuit claimed that TD Bank had misclassified employees as exempt from overtime pay under the Fair Labor Standards Act, and the case was settled for an undisclosed amount.

It is important to note that these are only a few examples of significant lawsuits involving TD Bank, and there may be others that are not as well-known.

What was the Canada Emergency Business Account program?

The Canada Emergency Business Account (CEBA) was a program introduced by the Canadian government in response to the COVID-19 pandemic. It was aimed at providing financial assistance to small businesses and non-profit organizations that met certain eligibility criteria.

Through CEBA eligible businesses could apply for an interest-free loan of up to $60,000, with a portion of the loan being forgivable (up to $20,000) if specific conditions were met. The loan was intended to help cover the operating costs of businesses, including rent, payroll, and utilities, during the pandemic.

To qualify for CEBA a business had to demonstrate that its revenue had declined due to the pandemic.

The program initially targeted businesses with payrolls between $20,000 and $1.5 million, but the eligibility criteria were later broadened to include businesses with payrolls as low as $20,000 and as high as $20 million.

CEBA was administered by financial institutions in Canada, such as banks and credit unions, with applications being accepted through their online banking platforms. The program concluded on June 30, 2021.

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TD Bank Lawsuits During COVID-19