TD Bank misrepresents itself for Visa Collections
Of course, the funny thing is that a “Rewards Card” is a total scam which overcharges you on interest and then moves you a drone back as a “reward”.
In fact the ONLY reason to actually USE a Rewards Card is to pay business expenses on a rewards card then use tag rewards tax free as a plain old citizen.
You operably know someone who charges everything they buy for their business on their TD Travel Visa, even materials they buy to build a new house, and then uses the rewards OUTSIDE that business for personal travel. If you buy a new car, do not pay cash, pay as much as they let you on TD Travel Visa and get free savings.
Private school can sometimes be paid with TD Travel Visa. Taxes, utilities for business… this tax loophole os huge and gaping and will not be closed BECAUSE it improves bank profits.
SO, a bank can “own a credit card company”, TD Bank can own TD Visa. They have different staff,
“TD Canada Trust is the commercial banking operation of the Toronto-Dominion Bank in Canada. “
If you have questions about the MCC that applies to a Purchase, contact TD at 1-800-983-8472.
If you’d like to speak to someone at Visa Canada regarding general inquiries, give us a call at 416-367-8472.
How do I contact TD Bank?
Live customer service: Help is available 24/7 at 1-888-751-9000 in English and Spanish.
How do I contact TD Bank Customer Service for assistance?
To speak with a Customer Service Representative 24/7, call 888-751-9000.
(USA view) Visa is a publicly held company as of last year, when its stock was sold in the largest Initial Public Offering in history, after being owned by thousands of institutions, mainly banks. MasterCard Worldwide went public in an IPO in 2006. The Discover Card
iswas owned by Morgan Stanley; it is now an independent financial company. (As to American Express, your guess is as good as mine.
I shared your question with bank analyst Chris Whalen, who writes: “The card issuers own the brand and the payment network. The card accounts are mostly owned by banks, who extend the credit and own the relationship.”https://www.pbs.org/newshour/economy/who-owns-the-credit-card-compa
So, my phone rings, call display says “TD Bank”.
I answer. It is “Mary” collecting for TD’s Travel Visa card. She asks me to pay $178.00, the card renewal fee is unpaid.
I tell Mary she is misrepresenting who she is calling on behalf of by displaying “TD Bank” as the caller.
I ask her why TD Visa is misrepresenting this call as being about “TD Bank” business?
She answers: “I don’t know.”. I hang up. and turn off the recorder.
No one owing credit card debt will answer a phone when call display says “TD VISA” BUT they will answer for “TD Bank” which may be cutting off access to funds, loans, payments, over drafts, etc.
Mary told me she can see my entire bank account and the notes about a garnishment of our joint account. BUT, she is collecting for TD Visa.
How is it possible Visa collection staff can see your bank account to see if you have cash on hand to pay your Visa bill?
Is that not why the government separated them? So the Visa arm could not have an unfair advantage in knowing every banking detail about you or your company?
Maybe our government does NOT require them to be at “arm’s length” as I am asssuming.
Maybe they can be fully integrated.
Would you like that?