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TD Bank Group announces agreement on new independent dispute resolution process for Canadian banking customers
TORONTO, Oct. 26, 2011 /CNW/ - TD Bank Group (TD) today announced the introduction of a new independent dispute resolution process for TD's Canadian personal and commercial banking customers effective November 1, 2011. This process is expected to significantly improve the average response time for banking customers' concerns that remain unresolved after review by the TD Ombudsman.
TD has entered into an agreement with ADR Chambers Banking Ombuds Office (ADRBO), an industry-leading provider of independent dispute resolution services. ADRBO will provide independent services to banking customers who do not agree with the responses and recommendations made by the TD Ombudsman.
The agreement with ADRBO provides TD's banking customers with key benefits, including:
- Access to ADRBO's team of skilled investigators trained in dispute resolution, complaint handling and consumer banking.
- ADRBO's commitment to timely and comprehensive responses to complaints. For straightforward complaints, customers can expect a 50% reduction in response time from the previous process.
TD is committed to resolving customer complaints objectively and fairly. TD Canada Trust has been recognized in the Canadian Retail Satisfaction Study by J.D. Power and Associates as ranking "Highest in Customer Satisfaction Among the Big Five Retail Banks" six years running with customer satisfaction measured across six factors, including: problem resolution, account activities, account information, product offerings, and facility and fees.
The TD Ombudsman's office is an impartial body that reviews customer complaints that remain unresolved after being addressed by a representative of TD's senior management team. In 2010, the Ombudsman proposed compensation in half of the TD customer complaints it reviewed and nearly 70% of these customers accepted its proposed resolutions.
ADRBO recognizes that Regulations governing external complaints bodies pursuant to Bill C-47 are forthcoming from the Federal Government and is committed to satisfying the anticipated requirements.
The services of the TD Ombudsmen and ADRBO are free to all of TD's banking customers. More information on TD's customer complaint resolution process and the TD Ombudsman is available at http://www.td.com/ombudsman.jsp.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (TD). TD is the sixth largest bank in North America by branches and serves approximately 20 million customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust, TD Insurance, and TD Auto Finance Canada; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank, and TD Auto Finance U.S.; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 7 million online customers. TD had CDN$665 billion in assets on July 31, 2011. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
TD Canada Trust received the highest numerical score among the big five retail banks in the proprietary J.D. Power and Associates 2011 Canadian Retail Banking Customer Satisfaction StudySM. Study based on 12,740 total responses. Proprietary study results are based on experiences and perceptions of consumers surveyed February - April, 2010. Experiences may vary. Visit jdpower.com
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