Padovani tackles TD Canada Trust closing.

TD Canada Trust in Weston.

Chiara Padovani wants to be York South-Weston’s next councillor for Ward 11, replacing long-time incumbent Frances Nunziata. She has become quite active in the ward and among other things is closely monitoring the state of retail in YSW.

She recently promised that she would contact the Financial Consumer Agency regarding the recently announced closure of Weston’s TD Canada Trust branch. The closure was announced without any community consultation and Ms Padovani is seeking such a consultation by writing to the FCAC’s Commissioner, Lucie Tedesco.

Here is the letter that Ms Padovani sent:

Re: File with reference number 363484

Dear Commissioner Tedesco,

I am writing to request a meeting regarding the closure of the TD Canada Trust Bank located at 1979 Weston Road in Toronto Ontario (Branch Number 335).

This marks the fourth TD Branch closure in York South-Weston, a community that has become the target of predatory lending and payday loans. The bank has failed to fulfill its obligation to consult with the community, and many customers – myself included – did not even receive notice of the bank’s closure.

As a resident and local social worker in the community, I cannot stress the importance of providing fair access to financial institutions. Had TD Canada Trust consulted with the community, they would have become aware of the social and economic hardship that this closure will cause to the residents of Weston including but not limited to:

Proximity – The branch is within walking distance of over 10,000 residents. Many of these residents do not own cars and spending nearly $7 on the TTC fare required to get to the new location will be a significant barrier for low-income customers. In Forest Hill, a far less densely populated neighbourhood, there are seven TD Banks within close proximity of each other.

Accessibility – The branch is located in a neighbourhood where many residents are seniors and people with disabilities. These residents rely on this branch because they can access banking services without having to travel far.

Lack of financial alternatives – CIBC, Scotiabank and TD Canada Trust branches have already closed down and left the neighbourhood. Predatory lenders are quickly filling the gap for financial services in York South-Weston. As you know, these institutions trap hard-working families in a cycle of debt and economic violence that will threaten the quality of life for too many in this community.

These are just some of the reasons I ask that the Financial Consumer Agency of Canada convene a public meeting between the community and TD Canada Trust to discuss and resolve the challenges posed by the bank’s imminent closure.

Sincerely,

Chiara Padovani

I contacted the MP for York South-Weston Ahmed Hussen a couple of weeks ago regarding the closure and a staff member tried to fob me off to the Ottawa office bizarrely claiming that it was not a local matter. After persisting, the staffer said he would inform the minister and call back but never did. Apparently that’s not an unusual experience.

If you would like to add your voice to the initiative, contact the FCAC at 1-866-461-3222 and mention file number 363484.

5 thoughts on “Padovani tackles TD Canada Trust closing.”

  1. I’m so glad someone is doing something!.. I was so upset to hear that this branch was slated to be closed

  2. I will probably vote for Padovani but…

    1) “In Forest Hill, a far less densely populated neighbourhood, there are seven TD Banks within close proximity of each other.”……this tells me TD bank is making money in forest hill…..

    2) ” Predatory lenders are quickly filling the gap for financial services in York South-Weston. ”

    why dont the politicians limit these places, or eliminate them….why do they exist in the first place? must be a reason….are there alot of foreign/temporary workers in Weston? got to be a reason so many of them located in one area….what is it and why? are the transactions maybe more sending wire transfers to other countries (sending money home to family) or is it loans???

    3) “Had TD Canada Trust consulted with the community…..”

    why would a private institution consult with you? I just don’t understand this argument. TD Bank is a publicly traded company.

    4) “Proximity – The branch is within walking distance of over 10,000 residents. Many of these residents do not own cars and spending nearly $7 on the TTC fare required to get to the new location will be a significant barrier for low-income customers.”

    Many of the folks going to TD bank are indeed driving over – remember the worker bee said there isnt sufficient parking…so one issue was they needed more parking (which I think is BS…but)
    If you take out money at TD bank on Weston Rd, you are obviously not spending money down on the stretch of Weston so again so no loss there…..in addition, the new branch is 20minutes away by walking…..there is still a Royal Bank and BMO (which I think BMO is shutting down anyways….)

    Folks the real issue is the failure of the BIA, Resident Group, business owners, the City, City Councillor to address simply how crappy Weston Rd has become and that they are turning Weston Rd into the new armpit of Toronto.
    Adding an affordable rental tower with 15 floors, no air conditioning and one elevator wouldnt happen anywhere else in the city…so why is FRANCES ALLOWING THIS IN WESTON??

    Next up, BMO is leaving, the Shoppers property is for sale, stretches of weston rd have already been bought up…..are these developers following the city guidelines and planning for Weston Rd? Or is throw some section 37 money to frances for a silly art project (ie light art down in Mount Dennis) enough to just get more 30 storey rental towers built?????

    1. angrybob you make some good points but as for your comment:

      “why would a private institution consult with you? I just don’t understand this argument. TD Bank is a publicly traded company.”

      just a quick response.

      TD Canada Trust is one of Canada’s five big banks and because of its ‘quintopoly™’ status makes large amounts of money. We don’t have dozens of small banks and for that trade-off, banks can enjoy their huge profits but are regulated by the FCAC and as such may be required to consult with customers when closing a branch if there is a written request.
      Now that there is a written request and a fair amount of local indignation, TD may wish to begin some consultations with actual customers rather than with their accountants. Yes, there may be more money in Forest Hill but even massive corporations have social obligations (they keep telling us about what good corporate citizens they are).
      This closing has been planned for years by TD – the branch being built at Weston and the 401 did not just materialize recently.

  3. Thank you! A voice for Weston! Our MP is not one, our councillor is too busy, I guess.
    I will call.

  4. Thanks for the report, Roy.

    Perhaps, it’ll be much the same as when Coach Mike of the Leafs said, this is a process and there will be pain (before they succeed as champs).

    And the process, gentrification.

    In the meantime, if a client of a noted bank, perhaps consider doing what they aspire to in the business world, “money talks and bs walks”.

    Walk your money to another institution,
    and see it they hear you then.

Comments are closed.