TD BANK is not a local bank
TD Bank using practices inspired by METABANK? Perhaps. However what is clear is that bank reforms are needed
Because the most recent late December 2013 hacking of the Target Red Card because the card is restricted to only being used at Target may help authorities to find out who and how this hacking happened.
Consumers need better and stronger protections. More than likely this expense will be passed off onto consumers. Target advertises heavily, but will they survive this most recent hacking event?
Target Discontinues Visa Credit Card
May 2, 2010
By: Joe Taylor Jr.
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Target credit cards will stop carrying the Visa logo after April. In a statement released to the Associated Press, company officials assured consumers that current Target Visa cardholders would continue to enjoy access to their accounts. New Target Red Card applicants will receive credit lines and cards accepted only in Target retail locations and on the e-commerce website it operates in partnership with Amazon.com.
Although numerous credit card issuers have scaled back affinity programs over the past year, Target becomes the first retailer in 2010 to discontinue a payment platform affiliation for self-managed accounts. Target started offering its own credit cards in 1995, but kept the financial operation in-house instead of outsourcing it to a private label service provider. Under investor pressure, Target sold a minority stake in its credit card portfolio to JPMorgan Chase in 2008.
Target’s actions may inconvenience customers who intended to use its branded Visa card at other merchants, but the move cushions the retailer’s financial position. By restricting Red Card purchases to its own stores, Target significantly minimizes the cost of any future charge-offs. The company can reduce spending on fraud protection and payment processing as Visa transactions phase out from Target’s portfolio.
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IS TD BANK REALLY A SUBSIDIARY OF META BANK, META PAYMENT SOLUTIONS?
We believe that TD Bank is simply another product that was taught by METABANK. It is more likely that the METABANK formula has been shared by now to make it seem normal and acceptable. It is not!!
TD Bank top line alert:
Security Alert: Target Store data issue
TD wants to advise customers that Target announced a data compromise at its US stores from Nov. 27 – Dec. 15. To find out more, visit Target’s website. As always, TD is here to support our customers 24 hours a day and 7 days a week.
It may be that through their bank training programs that how METABANK does business and which we have found to be deplorable have been made to be the current norm. Bank Reforms are needed that actually protect consumers.
Just because one bank is doing something immoral and unscrupulous that is no reason to believe that if many banks do this that the practice has suddenly become acceptable and for the good of the consumer.
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TD Bank Buys Up Target Credit Card
If you are a Target Red Card holder, there are some major changes ahead for the ownership of Target’s credit card business, but fortunately, it looks like there won’t be changes to services.
Yesterday, Target Corp announced that it would be selling their credit card business to TD Bank. The Target Red Card gives customers a 5 percent discount on their Target purchases and has a reported $5.9 billion credit card portfolio.
The move is unsurprising for TD Bank. They have made it clear that they want more of a foothold in the U.S. with their purchase of Chrysler Financial Corp back in 2010, and coincidentally, Target has also been looking for a buyer for their credit card business since 2010. It was a matter of the right companies and the right timing.
So far, current Target Red Card users won’t have any need to worry. It looks like services will remain pretty much the same. Customers will still get their 5 percent discount as always, and Target will still be handling customer service issues and bill processing. The biggest changes will be for new Red Card applicants since TD Bank’s main role will be processing applications and determining the interest rate for accepted applicants.
Readers, we’d like to hear from you. What do you think of TD Bank buying up Target’s credit card business? Do you have a Red Card, and if not, would this partnership make you more or less likely to apply for one? Leave a comment below, and tell us what you think!
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TD BANK is not a local bank
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