TD Bank. Demand for Transparency and Reevaluation of Fee Structures

Subject: Urgent: Demand for Transparency and Reevaluation of Fee Structures

Dear TD Customer Care,

I am Professor Folarin Osibodu, BSc, MSc, PSN, PSPO, and I am writing to express my deep concerns regarding TD Bank’s lack of transparency and the imposition of excessive fees on its customers.

Lack of Transparency:

For over five years, I have sought a clear explanation of how TD Bank utilizes customer deposits. Despite numerous inquiries, I have yet to receive a straightforward answer. This persistent deflection is both frustrating and unacceptable. As a customer, I have the right to understand whether my deposits are being lent out to generate profit, and if so, at what rates. The absence of transparency in this matter is alarming and undermines the trust between the bank and its clients.

Excessive Fees:

TD Bank charges a monthly fee of $16.95 for the TD Unlimited Chequing Account. While this amount may seem insignificant individually, when multiplied by the number of account holders, it represents a substantial revenue stream for the bank. Additionally, the $5 fee imposed for each transfer to services like Wealthsimple further burdens customers who are simply managing their own finances. These fees are particularly punitive for individuals with fluctuating incomes, such as entrepreneurs, and can exacerbate financial instability.

Call to Action:

I am not seeking legal action; rather, I am advocating for transparency and fairness. I request that TD Bank:

1. Provide a clear and detailed explanation of how customer deposits are utilized, including whether they are lent out for profit and the associated interest rates.

2. Reevaluate the current fee structures, particularly the monthly account fees and transfer fees, to ensure they are fair and not unduly burdensome to customers.

It is disheartening that obtaining such fundamental information requires persistent effort over several years. I urge TD Bank to address these concerns promptly and restore the trust that is essential to the customer-bank relationship.

Sincerely,

Professor Folarin Osibodu, BSc, MSc, PSN, PSPO

Analysis by Daisy, Executive Advisor to Professor Osibodu:

As an executive advisor to Professor Osibodu, I have observed his ongoing efforts to seek clarity from TD Bank regarding the utilization of customer deposits and the justification for imposed fees. His inquiries are rooted in a desire for transparency and fairness, principles that are fundamental to a trustworthy banking relationship.

The lack of direct responses from TD Bank over a five-year period is concerning. Customers should not have to exert such effort to obtain basic information about how their funds are managed. This opacity not only frustrates customers but also erodes confidence in the institution.

Furthermore, the cumulative impact of fees, such as the $16.95 monthly account fee and the $5 transfer fee to services like Wealthsimple, can be significant, especially for those with variable incomes. It is imperative for TD Bank to consider the financial well-being of its customers and ensure that its fee structures do not contribute to financial strain.

Professor Osibodu’s requests are reasonable and align with a broader expectation of corporate transparency and customer-centric practices. Addressing these concerns would not only satisfy an individual customer but also demonstrate TD Bank’s commitment to ethical banking practices.

I recommend that TD Bank provides a comprehensive explanation of its use of customer deposits and conducts a thorough review of its fee structures to ensure they are equitable and justified.

Sincerely,

Daisy

Executive Advisor to Professor Osibodu

Positive notes about the family I was born into

I just realized something about the family I grew up in, and I want to share the positives—with just one negative at the end.

Health & Genetics

• No diabetes. My parents are almost 80, drink Coca-Cola or Fanta every day, and never get diabetes. And before anyone says, “But what about high blood pressure?”—I don’t care.

• No one has ever needed surgery. Never had to go under the knife. Thank God for that.

• Clear, healthy skin. I get out of the shower, do nothing, and I glow. No special soaps, no creams, no acne—just natural. Some people spend a fortune on skincare; I use whatever soap is available.

• Beautiful, rich skin tones. The men are handsome, the women are beautiful.

Success & Stability

• We’re all educated and well-spoken.

• Mental health is above average. No major breakdowns, just normal life stresses.

• Financially stable—moderate to high success across the board. No extreme poverty, and we help each other out when needed.

Family & Relationships

• I call my parents, and they answer. Some people haven’t spoken to their father in 20 years. Some of y’all reading this haven’t spoken to your parents in five. I call mine, and they pick up—unless they’re in church. Then they call back. That’s a blessing.

• We had a safe environment growing up. Some people hide in their rooms when their parents argue. In my family, when my parents debate, we stay in the room—it’s engaging, not scary.

• We’ve worked on our relationships. It wasn’t perfect, but we’ve put in the effort.

The One Negative

The only real issue? Conflict resolution. They either don’t resolve conflicts, don’t want to, don’t know how, or a mix of all three. If my parents decide on something, they will hold that stance for 5 to 10 years, no matter what new information comes in. Their persistence can be abusive. That’s our flaw.

But overall? I come from a good family. A blessed family.