Nationwide Class Action Lawsuit Alleges Breach of Contract and Deceptive Practices by TD Bank, N.A. Relating to the Bank's Secured Credit Card Program
Toronto Dominion Bank (The) (TD)
Last toronto dominion bank (the) earnings: 2/27 06:30 am
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Source: PR Web
ATLANTA (PRWEB) April 07, 2020 Atlanta-based law firm Webb, Klase & Lemond, LLC has filed a class action lawsuit against TD Bank, N.A. ("TD Bank") alleging that TD Bank induces consumers to open a secured credit card account by representing that the consumer can automatically graduate to an unsecured credit card following seven consecutive billing cycles without a default. The Complaint alleges that TD Bank refuses to allow consumers to graduate to an unsecured credit card even when they honor the stated terms. By doing so, TD Bank allegedly violates the terms of its own contract. According to the Complaint, TD Bank requires consumers to deposit a substantial amount of cash into a savings account as collateral funds for the secured credit card. These funds are then held for over two years, not the seven months as promised. It is also alleged that TD Bank refuses to refund the annual fee paid by consumers for the secured credit card, which is supposed to be partially reimbursed upon g
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