Padovani: TD to keep ATM in Weston for now.

The TD Canada Trust branch at 1979 Weston Road. Note the Rockport rental apartment building in the background that will be home to hundreds of new residents when it opens in the coming months.

Toronto Council candidate Chiara Padovani has managed to wrestle a concession from TD Canada Trust, set to close its 1979 Weston Road branch on September 21. The building’s ATM will remain open for ‘the time being’ after the branch closes. The bank’s WiFi hotspot (who knew?) will not continue past the closing date.

Ms Padovani also wrote to the Financial Consumer Agency of Canada; the 120-employee independent agency that according to its own site,

“ensures federally regulated financial entities comply with consumer protection measures, promotes financial education and raises consumers’ awareness of their rights and responsibilities.”

These are the people who sit on their hands while predatory payday loan companies fill the void left by departing bank branches. Apparently they’ve educated the public about those things so it’s ok. In their reply to Ms Padovani’s letter, FCAC alleges that TD provided adequate consultation with the community before announcing the closure. As a result, FCAC won’t compel TD to hold a community meeting.

If a letter announcing the closure counts as adequate consultation, then yes, the community was consulted adequately.

Undaunted, Ms Padovani also tackled TD who have relented somewhat by agreeing to keep the ATM open past the closing date. In the meantime, she is working with TD Canada Trust to set up a permanent ATM in the vicinity.

So far I have received confirmation that the ATM will remain at the current location while they search for a permanent home in the vicinity. While TD is hosting sessions on digital banking and financial literacy in the community, they have not committed to installing a WiFi hub to facilitate the use of such services for people who don’t have access to the Internet.

I’m committed to continue to advocate for accommodations for the members of the community who will be negatively impacted by the bank’s imminent closure.

Access to fair banking and financial services is especially important in Weston, given the increase in predatory lending that has sever consequences on socioeconomic health of our neighbourhood. As a social worker in the community, I’ve seen far too many hardworking people get trapped in debt through pay day lenders.– Chiara Padovani

Read more from the candidate here.

Read Adam’s excellent take on the issues here.

Banking in Canada is regulated federally. Incidentally; crickets from MP Ahmed Hussen’s office on the branch’s closing.

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.

TD Canada Trust closing Weston branch.

TD Canada Trust bids farewell to Weston and hundreds of potential new customers.

TD Canada Trust has officially announced the upcoming closure of its Weston branch at 1979 Weston Road. Adam broke the story last year. The bean counters at TD Canada Trust have decided that closing the Weston branch will save them more money than the potential loss of clients. According to the bank handout regarding the closure,

Prior to making a decision to close a particular branch and move customer accounts to another branch, TD Canada Trust always undertakes a thorough review of the customer impact of the move. If our review indicates that the move may result in some particular concerns for all or a certain group of the affected customers, TD Canada Trust will hold an information session to discuss our plans and how we propose to deal with those concerns.

From September 21, Weston customers who stay with TD will be expected to schlep along to 2547 Weston Road at the 401. It’s another example of the banking industry reaping huge profits while abandoning their customers. This also makes room for payday loan companies to fill the void; unconscionable in a community with a fair number of vulnerable residents.

There is a ray of hope via a federal government agency called ‘The Financial Consumer Agency of Canada‘ (FCAC).  According to the blurb that came with news of the closure,

“You should know, however, that under the regulations, the Commissioners of the FCAC may require TD Canada Trust representatives to hold and attend a meeting with FCAC representatives and interested parties, in order to exchange views about the closure of a branch IF:

  1. An individual from the area affected by the closure of the branch submits a written request to the FCAC for the meeting; and

2. TD Canada Trust has not adequately consulted the community about the branch closure; and

3. The request is not frivolous or vexatious.”

I’d like to know who the bank consulted with before deciding it was ok to close the branch. My wife has an account at the branch and this is the first she’d heard about the closing.

If you feel you haven’t been consulted enough about the move, submit your non-frivolous written request to:

Financial Consumer Agency of Canada
427 Laurier Avenue West, 6th Floor
Ottawa ON K1R 1B9

Phone contact for TD Canada Trust: 1-866-222-3456

Phone contact for FCAC: 1-866-461-3222

Perhaps this is where York South-Weston’s non-resident MP, Honourable Ahmed Hussen could get involved. Scotiabank’s closing was seemingly ignored by Mr. Hussen – a self-described social activist. I contacted his office and a staff member said they would pass my concerns about the latest bank closing to the minister.

Ahmed Hussen MP: 416-656-2526