Canada’s TD Beats Its U.S. Banking Competitors on Their Own Turf

(Bloomberg) -- Toronto-Dominion Bank made service at its U.S. unit such a central part of its sales pitch that the Canadian company trademarked the description “America’s Most Convenient Bank” as part of its name. Now a study backs up the claim.

TD Bank bested U.S. rivals including JPMorgan Chase & Co. on their home turf, taking the top spot in J.D. Power’s latest national banking satisfaction study. TD scored 851 on a 1,000-point scale, while Chase tied for second with PNC, each scoring 846. They were followed by Capital One, U.S. Bank, Wells Fargo, Bank of America and Citibank.

With more than 1,200 locations along the East Coast, TD Bank offers seamless digital banking and strong checking-account products “while excelling at branch service and online banking satisfaction,” J.D. Power said in a statement Thursday. The study, based on responses from 8,337 retail banking customers surveyed in August and September, ranks U.S. bank holding companies that have domestic deposits exceeding $200 billion.

Toronto-Dominion started calling its U.S. bank America’s most convenient in November 2008, with Bharat Masrani, the division’s top executive at the time, promising “legendary customer service.” Six years later, he became chief executive officer of its Toronto-based parent, Canada’s second-largest lender by assets.

©2019 Bloomberg L.P.

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