Someone in Canada is fighting with TD Bank credit cards over unfair lending and their failure to cancel his TD credit card. The person paid off the full amount of their credit card, and then repeatedly requested that TD cancel this card. It took over a year for TD to cancel the card.

We will call the person being taken advantage of “Steve.”

According to TD, they were sent 34 emails over a one-year period by Steve, but they never responded. Our journalist has reviewed all these emails and found that TD Bank had responded to one of the emails.

After around half a year of the card being inactive, the credit card was billed again. TD Bank never sent out credit card statements to Steve but started trying to collect $15,000 of unapproved charges.

When TD Bank was asked for a copy of the credit card statements, the bank refused to provide them or shut down the credit card.

Understanding the Allegations Against TD Bank Credit Cards

It took a year for Steve to hear back from anyone at TD, and then a Customer Care Manager at TD, Bernie Lui, spent a month reviewing the 34 emails that were sent to TD over the one-year period.

Bernie concluded that because TD Bank had not responded to the emails, TD Bank didn’t need to shut down the credit card. He then refused to answer detailed questions and said he couldn’t assist further.

It turned out that TD Bank had responded to the emails, but for some reason, Bernie Lui said he couldn’t see it.

The reason Clearway is writing this article is because TD Bank has recently been accused of serious crimes in the media. These reports of wrongdoing seem to be more common.

A lot of hedge funds are expecting TD Bank shares to decline in share value.

And if shady business practices are happening to one person, it’s probably happening to many people across Canada.

TD cancel credit card

If TD Bank credit cards are engaging in unfair lending practices, it needs to stop now.

At the end of the article, you can see the laws that talk about if credit card companies in Canada have to cancel when asked.

You can see the message that Steve sent to TD many times over a one-year period below. Steve provided some screenshots as well.

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From Steve:

Please respond by email only. I do not have access to Easy Web, and due to the power difference between TD Bank and myself, I need everything in writing. Speaking on the phone is not an option due to the power imbalance.

I have already gone through the first step in the TD complaint process.

The Timeline

In May 2022, I closed my TD bank account and asked the teller to close my TD personal credit card. I was told that they couldn’t close the credit card at the branch, but that I could send a request through the TD web portal. I did so.

The documents between the ( ) are the file names.

(No money owing May 4, 2022)- This shows there was no money owing in May 2022. The balance shows $0.

(I emailed TD in May 2022)- This was the confirmation I received when I sent a message to TD asking them to close my credit card.

I received a response from TD confirming my credit card would be closed, as well as my access to the portal (“Easy Web”) within 30 days.

TD Bank was emailed again on June 11, 2022. See attached document: (June 2022)

On June 15, 2022, I received a confirmation of my request, saying that the card and EasyWeb would be shut down.

On October 2022, I noticed that I still had access to Easy Web, and I sent another message to TD seeking confirmation that my credit card was cancelled, and again asking for Easy Web to be shut down.

(No balance owing October 2022) – There was still no balance

(I emailed TD on October 2022)- Confirmation of my message to TD Bank

TD Bank unfair lending complaint

I received a similar confirmation from TD as the one received in May 2022.

I then checked Easy Web on November 2022, and I noticed a number of charges on my credit card.

Emails were sent to TD Bank saying that I would not be paying those charges, and again asking for my credit card to be cancelled, and for Easy Web to be shut down.

Please see the attachment (I emailed TD on November 2022)

When I reached out to TD via Easy Web in November 2022, I provided my email so that someone could contact me. No one ever contacted me.

On December 2022, I tried to log in to my Easy Web, but could not do so. I assumed the issue was corrected by TD.

But in February 2023 I received notice from Equifax, saying that TD had reported that I did not pay my credit card, and my credit score dropped 200 points.

The TD credit card issue

Despite requesting my card to be cancelled multiple times, and there is no balance when I cancelled, my card was apparently still being used.

I have not had a credit card with TD since May 2022. It seems that sometime after November 5, 2022 someone started using my credit card.

The resolution

I am willing to be reasonable, and I want to resolve this issue with TD Bank. I don’t even know what the amount owing on the card is, as I no longer have access to EasyWeb TD. Nothing has arrived in the mail.

But I do feel victimized, with my back against the wall. I am afraid that TD Bank will continue to refuse to cancel my credit card, and I will just keep being charged.

If this matter cannot be resolved, I will be forced to hire a lawyer to file a claim for damages against TD.

TD Bank has been negligent, and it has caused me damages.

Back in May 2022, I followed the guidelines under the article “Cancelling your credit card” written by the Financial Consumer Agency of Canada. My card was meant to have been cancelled within 30 days. To the best of my knowledge, my card is still active.

Please cancel all amounts owing under the card, and then confirm in writing to me that you have done so. Also, please make it clear to Equifax that the report was an error, and that my credit score should not have been affected.

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Investigating TD Bank’s Alleged Unfair Lending

That’s the end of the messages from Steve to TD Bank. All 34 of these types of emails were forwarded to Bernie Lui of TD Bank so that he could look into them.

As you could see in the messages from the person to TD, TD failed to cancel the card, made a big mistake at best, and was engaging in illegal lending at worst.

Bernie Lui, the Customer Care Manager at TD, said after all of this that because TD Bank hadn’t responded, they didn’t need to cancel the credit card.

Luckily for Steve, he had kept screenshots of everything, just in case. Steve had legal training and had gone to law school.

Canadian laws do not support what Bernie Lui said. It’s simply untrue, and it seems like illegal lending.

As a next step, Steve will be filing a complaint with the Financial Consumer Agency of Canada and also trying the last step of the TD review process, which is probably a waste of time. It’s never a good thing when you have a bank employee looking into if the bank they work for did wrongdoing.

Laws that govern how credit card companies operate in Canada

Credit card companies in Canada are governed by a variety of regulations and statutes designed to protect both consumers and financial institutions. Some of these regulations pertain directly to the conditions under which credit cards can be cancelled.

The primary legislative framework governing credit card companies in Canada is the Bank Act, under the purview of the Office of the Superintendent of Financial Institutions. This Act provides a broad regulatory framework for all federally regulated financial institutions in Canada, including credit card companies.

One of the specific regulations under the Bank Act that affects credit card cancellation is the Cost of Borrowing Regulations. These regulations stipulate that credit card companies must provide a written notice at least 30 days before they change the terms of the credit card agreement or cancel a card. This gives the cardholder ample time to make alternative arrangements.

The Cost of Borrowing Regulations

The Cost of Borrowing Regulations also requires that credit card issuers provide an initial disclosure statement, which must include information about the circumstances under which the credit agreement can be changed or terminated by the issuer. This ensures that consumers are aware of the situations that might lead to card cancellation when they sign up for the card.

The Bank Act also requires credit card issuers to establish complaint-handling procedures, which can be used by consumers if they believe their card has been unjustly cancelled. The Financial Consumer Agency of Canada oversees these procedures and may impose penalties if a credit card company is found to be non-compliant.

Canadian Consumer Protection Act

In addition to the Bank Act, the Canadian Consumer Protection Act also has provisions affecting credit card cancellation. This Act requires credit card companies to provide clear and comprehensive contracts, which should include information on how and when a card can be cancelled. Failure to meet this requirement could result in the credit card company being penalized, including by invalidation of the contract.

Furthermore, the Personal Information Protection and Electronic Documents Act (PIPEDA) governs how credit card companies use and handle consumers’ personal information, which can be pertinent when cancelling credit cards. For example, credit card companies may be required to purge a consumer’s personal information from their systems upon cancellation of the card, subject to certain exceptions.

Consumer Protection Concerns: Is TD Bank Crossing the Line?

It’s worth noting that credit card companies must comply with the regulations of provincial governments, which can sometimes be stricter than federal regulations. For instance, some provinces have regulations requiring additional disclosures or providing consumers with additional rights when it comes to credit card cancellation.

Credit card companies in Canada are governed by a robust set of regulations that affect how they can cancel credit cards. These regulations, which come from both federal and provincial statutes, aim to protect consumers and ensure that they are given adequate notice and information about card cancellation.

It is essential for consumers to be aware of their rights and for credit card companies to ensure their practices are compliant with these laws.

Do Canadian credit card companies have to cancel the cards when asked?

The short answer is yes, but it’s essential to understand the details and implications of this process.

When you ring your credit card company with the request for cancellation, they are legally required to fulfill it. The FCAC oversees these matters and ensures that credit card issuers adhere to regulations. It explicitly states that a cardholder can cancel their card at any time, regardless of the reason. A whopping 85% of Canadians are cardholders, as per the latest statistics, which underscores the importance of such protective regulations.

Interestingly, a survey conducted by the Bank of Canada in 2021 revealed that nearly 30% of Canadian credit card holders have cancelled a card at least once in their life. These cancellations could have been prompted by high-interest rates, dissatisfaction with customer service, or a simple desire to better manage their finances.

TD Bank’s illegal lending

That said, the cancellation process isn’t just about making a phone call. It requires due diligence. Any outstanding balances or pending charges must be cleared before a card is cancelled. Companies have the right to refuse cancellation if these conditions aren’t met.

Research from 2022 showed that around 15% of cancellation requests faced temporary rejections due to outstanding dues. In these instances, cardholders needed to settle their accounts before proceeding with the cancellation.

One common misconception is that credit card cancellation results in the immediate improvement of one’s credit score. In reality, credit scores can temporarily dip after a card cancellation, particularly if the card had a high credit limit or was long-standing. TransUnion Canada reported that nearly 20% of Canadian consumers saw a short-term drop in their credit scores following a card cancellation in 2022.

Insights into the Legal Implications of TD Bank’s Alleged Misconduct

Moreover, another study revealed that a sizable 40% of Canadians were unaware of the potential credit score impact when cancelling a card. This illustrates the need for cardholders to be fully informed about the consequences before making such decisions. Knowledge and understanding, after all, are the bedrock of responsible financial management.

Credit card issuers in Canada, like their counterparts worldwide, prefer customer retention over cancellation. Hence, when you make a cancellation request, be prepared for them to offer you incentives to stay. As reported by Statistics Canada in 2022, nearly 70% of customers attempting to cancel their cards were offered some form of enticement such as lower interest rates, waived fees, or rewards points.

Consumers’ financial autonomy

Remember, though, that you have the right to refuse such offers and proceed with the cancellation. The FCAC guidelines clearly state that you, the customer, have the ultimate authority to close your account whenever you choose to do so. The industry saw about 5% of cardholders go ahead with their cancellation despite these retention efforts, a testament to consumers’ financial autonomy.

Credit card companies in Canada are indeed obligated to cancel a credit card upon the customer’s request. However, the process is not as straightforward as it may seem. There are financial considerations that cardholders must be aware of before taking this step.

TD cancel credit card

Armed with this knowledge, Canadian consumers can better navigate their financial landscape, making informed decisions that suit their individual circumstances. While a credit card can be a handy tool, understanding when and how to let it go can be just as crucial to financial health.

We hope you found this article on TD Bank’s unfair lending, and Bernie Lui of TD Bank’s ridiculous conclusion interesting.

Try your best to get TD Bank to do the right thing, complain to regulators, and hire a lawyer to file a lawsuit (or respond to one) if needed. Don’t let them bully you. And again, please consider sharing this article on social media so that more people can learn.

For those that are looking for it, the TD credit card cancellation number is 1-800-983-8472. Make sure you get them to confirm the card has been cancelled in writing.