TD Bank Accused Of 'Bait-And-Switch' Credit Card Scheme

Law360 (December 9, 2020, 4:21 PM EST) -- TD Bank NA was hit with a proposed class action Tuesday in New Jersey federal court alleging it engaged in a "bait-and-switch" scheme of luring customers with the promise of upgrading their credit card accounts after seven months when it actually takes two years.

Plaintiffs Natalie Campagna and Gloria DeVault accused TD Bank of not keeping its word under an agreement that customers' secured credit cards can transition to unsecured credit cards after seven consecutive billing cycles in good standing, thereby depriving customers of security deposits and annual fee refunds.

"It simply was not acceptable for TD to lure customers away...

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