The New Jersey-based bank stated that did not admit any wrongdoing under the settlement and it will continue to offer the DCA optional overdraft service to consumers.
TD Bank President and CEO Greg Braca commented, “Throughout the period in question, TD had a clear process to secure formal consent before providing this service to customers, enabling them to make an informed and conscious choice. Prior to this settlement, TD had already voluntarily and proactively implemented enhancements to our Debit Card Advance disclosure and enrollment processes beginning in 2014.”
“Although we disagree with the CFPB’s conclusions, we have cooperated fully to resolve this matter and are moving forward with a continued focus on meeting the needs of our customers,” he added.
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