# TD Bank Monthly Account Fees



## chantl01 (Mar 17, 2011)

Did anyone besides me notice that as of January 2015, TD Bank is posting the monthly account fee as a withdrawal to each account on the last day of the month, followed by a deposit of the same amount if you have maintained the minimum balance in the account during the month? I may be overly suspicious, but I suspect this is a method to catch anyone who keeps just the bare minimum balance, since the withdrawal could actually take you below the minimum for that month. In which case the bank would not have to deposit that monthly fee back into your account. Am I being paranoid or is this really a sneaky tactic?

It used to be that as long as the minimum balance was maintained, no monthly fee was ever applied to the account. This accounting method is new this year.


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## OptsyEagle (Nov 29, 2009)

My account does not show this. Perhaps they charged your account a fee, in error, and simply corrected it. You may need to keep an eye out on your next statement to see if it is repeated.


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## SkyFall (Jun 19, 2012)

Yes TD now charges the monthly fees and credit back either the whole fee or the rebate (speaking about the 60 y/o + 25% rebate). I cannot comment about the ''strategy'' I have no information about that.


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## lightcycle (Mar 24, 2012)

Huh! I just checked and they did it to me on Jan 30th and Feb 27th:

JAN 30 MONTHLY ACCOUNT FEE 29.95
JAN 30 ACCT BAL REBATE 29.95
FEB 27 MONTHLY ACCOUNT FEE 29.95
FEB 27 ACCT BAL REBATE 29.95

And you're right, I wonder if the rebate would have went through if I had the minimum and the fee put me below. Sneaky bastards.


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## SkyFall (Jun 19, 2012)

it's no big deal, if that makes you go below the minimum balance just tell the teller that since they started that ''new'' way of charging you didn't know and the teller will reimburse you


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## lightcycle (Mar 24, 2012)

That's not the point, if they don't rebate the fee then a lot of people would probably not have noticed and been charged the fee despite keeping the minimum balance the entire month. If this is the case, then it's a pretty underhanded tactic.


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## SkyFall (Jun 19, 2012)

lightcycle said:


> That's not the point, if they don't rebate the fee then a lot of people would probably not have noticed and been charged the fee despite keeping the minimum balance the entire month. If this is the case, then it's a pretty underhanded tactic.



I get your point. Look imma get more info on that on Thursday and imma get back to you guys with more infos.


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## lightcycle (Mar 24, 2012)

Word to your mother fo shizzle yo dizzle peace out


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## cainvest (May 1, 2013)

lightcycle said:


> That's not the point, if they don't rebate the fee then a lot of people would probably not have noticed and been charged the fee despite keeping the minimum balance the entire month. If this is the case, then it's a pretty underhanded tactic.


Not only underhanded but is it even legal if you were that close to the minimum and they charged you for it? How can they charge you for something that didn't occur, of course assuming you were over your minimum balance. If my bank continuously (not due to a single error which they corrected) pulled something like this I'd be on the phone with them right away, I don't want their accounting issues mucking up my transaction records unless I really got charged for something.

P.S. I'm sure there is some "small print" somewhere that will allow them to do this.


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## pwm (Jan 19, 2012)

It stinks, but it didn't happen in my account. I have the "Preferred Chequing" account that is no longer available. I've had it for over 20 years. What they DID do is raise the monthly minimum balance to $2,000 from $1,000 for no charges.


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## OnlyMyOpinion (Sep 1, 2013)

Hey go easy folks, that's my next dividend increase your'e talking about :biggrin:


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## SkyFall (Jun 19, 2012)

Alright I just called, cuz it was bugging me too hahahah

your monthly fee is calculated BEFORE they debit the monthly fee and credit back, so if you never went below the minimum balance you are ok.


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## cainvest (May 1, 2013)

SkyFall said:


> your monthly fee is calculated BEFORE they debit the monthly fee and credit back, so if you never went below the minimum balance you are ok.


So its just one of those silly marketing ploys to make you aware you're getting "free banking". They should also include how much profit they make when they loan out "your money" using the same system.


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## lightcycle (Mar 24, 2012)

Damn, I bought a pitchfork, kindling, matches and everything...


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## SkyFall (Jun 19, 2012)

hey can't say I am not working for you guys


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## OptsyEagle (Nov 29, 2009)

pwm said:


> It stinks, but it didn't happen in my account. I have the "Preferred Chequing" account that is no longer available. I've had it for over 20 years. What they DID do is raise the monthly minimum balance to $2,000 from $1,000 for no charges.


That is the same account as me. Maybe that is why it is not happening to me.


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## uptoolate (Oct 9, 2011)

It has always been happening on my business side but I have the 'preferred chequing' as well so don't see it there. Or at least haven't yet. That is devious and I absolutely would give them credit for coming up with it. I was just in last week complaining about getting nickeled and dimed as the Borderless account is coming out from under the umbrella of the 'Preferred' package. They have a habit of keeping increases in minimum amounts to be exempt of charges pretty quiet. I missed a bump last year and didn't catch it for a couple of months. When I went in to complain, they credited it back but that only works if you catch it and I think the manager can only go back 3 or 6 months. 

Repeat after me 'The bank is not your friend, the bank is not your friend...'


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## bgc_fan (Apr 5, 2009)

CIBC has been doing this for as long as I can remember. I always took it as a way of saying "Look at how much you saved."


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## m3s (Apr 3, 2010)

Same in my account

I suspect a certain TD insider is trying to siphon off some free gas or scotch.

I remember BMO did the same


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## travelgeek (Nov 29, 2009)

RBC does debit/credit thing too with their multi-product rebate.


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## 0xCC (Jan 5, 2012)

I also have the "Preferred Chequing" account and I haven't seen this. I have less that $2k in this account (which I will bump up to over $2k before the end of the month) so I will be interested to see what happens with the fees at the end of this month. I expect that I will be charged.


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## OptsyEagle (Nov 29, 2009)

I suspect that it has some material effect on their reported numbers. Obviously it would have no effect on their bottom line, but you know how the analysts beat to death changes in things like "net interest margin", "fee growth" etc.

If they just waived it, there would be no entries at all, but by charging it, perhaps it increases their fee growth, and the repayment charge gets entered on another line, called some miscellaneous thing that the analysts don't look at too closely.


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## uptoolate (Oct 9, 2011)

And by charging and waiving it they are demonstrating just how costly it is to administer all of these accounts, thereby justifying the fees. Et voila!


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