Apr 17, 2012
CHERRY HILL, N.J., and PORTLAND, Maine, April 17, 2012 /PRNewswire/ -- Today, TD Bank, America's Most Convenient Bank®, announced that it is making checking accounts easier to understand by offering simple and transparent disclosure forms with its TD Convenient Choice Checking suite.
"We value consumers' desire to clearly see and understand the terms and conditions that come with their checking accounts. We continually strive to offer a hassle-free banking experience and we pride ourselves on being open and transparent," said Ryan Bailey, Head of Deposit Products and Pricing, TD Bank. "TD is also committed to helping consumers make the right choices for their financial lifestyle. These new disclosure forms will make it easier for them to understand and compare checking accounts, and allow for more sound financial decisions."
The simple and easy-to-read forms or account guides will help customers understand fees and services, review costs associated with the account(s) and evaluate processing policies. TD Bank designed its forms based on recommendations from Pew's Safe Checking in the Electronic Age Project with input from the Consumer Bankers' Association.
"Consumers need a clear, concise, and easy-to-understand disclosure of their checking account terms and conditions," said Susan Weinstock, director of Pew's Safe Checking in the Electronic Age Project. "We commend TD Bank for taking this step to make their checking account fees more transparent."
Pew's research shows that the median length of bank disclosures for key checking account policies and fee information is 111 pages. According to a Pew-commissioned poll of U.S. checking accountholders conducted in July 2011, when asked their opinion on requiring banks to provide a one-page summary of information about checking account(s) terms, conditions and fees, 78 percent said this would be a positive change. In November 2011, U.S. Senators Dick Durbin (D-IL) and Jack Reed (D-RI) also asked the nation's financial institutions to voluntarily adopt a bank checking account fee disclosure form that was simple and transparent.
Initially, TD's account guides will be available online at tdbank.com for both customers and non customers to use. The forms can be found by visiting www.tdbank.com/accountguides. TD will continue to apply the new disclosure format as it continues to revise forms for its other accounts.
With expanded conveniences and financial choices, TD Bank delivers a memorable banking experience through its TD Convenient Choice Checking suite. The product set offers six simple checking accounts with unique options and features, thus allowing customers to select the checking product(s) that fits their lifestyle.
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 8 million customers with a full range of retail, small business and commercial banking products and services at more than 1,280 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized wealth management services through TD Wealth, and insurance products and services through TD Insurance, Inc. TD Bank is headquartered in Cherry Hill, N.J., and Portland, Maine. To learn more, find TD Bank on Facebook at www.facebook.com/TDMoneyLoungeUS, on Twitter at www.twitter.com/TDBank_US, or visit www.tdbank.com.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America and one of the few banks in the world rated Aaa by Moody's. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD." To learn more, visit www.td.com.
SOURCE TD Bank
For further information: Rebecca Acevedo, TD Bank, Office, +1-856-470-3201, Rebecca.Acevedo@yesbank.com