Brokers critical of TD’s marketing slogan

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Industry players have been critical of one big bank’s promises for the future.

“TD is a better bank until they get your money,” Rick Howard wrote on MortgageBrokerNews.ca. “Then they completely forget to return phone or provide the service that they are claiming prior to you signing with them.”

TD Bank Group has set out how it plans to build “the better bank” in its 2015 corporate responsibility report.

Among the highlights for the past year; TD became the first commercial bank in Canada to issue a green bond; a 52 per cent increase in women in executive leadership positions from 2005-2014; and raising financial awareness with an education program for 294,000 participants sponsored by the mortgage lender.

TD’s Terrie Currie noted:  "We recognize that our employees, customers and communities have high expectations of TD and this report demonstrates how we embed corporate responsibility throughout our business."

Brokers, however, took the time to air some grievances with the large bank.

“TD should spend some time teaching their staff about their mortgage product,” one broker commented on MortgageBrokerNews.ca. “I am starting to see the results of the lack of disclosure of the issues at maturity regarding the change in 2011. I am expecting a tsunami in 2016.”
 
  • Jesse D on 2015-05-17 4:36:11 PM

    Let's face it, not a person in any TD branch truly knows mortgages nor can they answer more compliicated questions...I have witnessed this more times than none. Their mortgage specialists, well some have basic knowledge of TD products, some don't even have that. Great they want to be 'the better bank', kudos for that but they are a long way from getting there, as are all the 5 majors. One day perhaps.

  • Omer Quenneville on 2015-05-17 11:00:22 PM

    The big green machine as it was once known as is nothing more than a bit
    trap for unsuspecting client that put trust in the wrong place. If mortgage brokers behaved like TD, we would all be in jail.

  • Bob on 2015-05-19 10:59:36 AM

    Love it how brokers slam TD & yet they're still a major player in the Broker market. If brokers truly hate TD then stop sending them clients, its really that easy.

  • Omer Quenneville on 2015-05-20 8:27:23 AM

    This is my opinion is how to tell a good mortgage broker from a not so good one... When people tell me they are thinking of TD, I simply tell the to google collateral charge pros and cons, and that all TD mortgages are registered as a collateral charge, nothing else needs to be said.

  • Ron Price/DLC on 2015-05-21 7:37:22 PM

    Yes Omer and also tell them about bank penalties at 3 to 4 times our mono line lenders plus lack of expertise and service and you'd think consumers would be knocking down our doors. That's all any good national advertising program could do for our industry. It will happen some day I'm sure.

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