# Account minimums going up at Td



## christinad (Apr 30, 2013)

i read on another forum the account minimums are going up by $500. For example 1500 for minimum balance account goes up to 2000. The exception is the all inclusive which stays at 5000 but you don't get the borderless account for free.

http://www.tdcanadatrust.com/document/PDF/accounts/513796-20141229.pdf

I've been debating switching to tangerine anyways. This is too much.


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## m3s (Apr 3, 2010)

So when was TD going to inform me about this?

I've used Tangerine as my primary chequing for years but keep the TD all-inclusive just in case. I guess I'll be closing the borderless account asap, and looking into this year's trendy reward credit cards du jour. Besides the Visa, I haven't really used TD

Tangerine has been more progressive with the mobile app while TD plays catch up. Tangerine recently included iOS touch ID and passport in their mobile app. Tangerine will do things online and over the phone that TD flat out refuses unless in person.


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## bayview (Nov 6, 2011)

christinad said:


> i read on another forum the account minimums are going up by $500. For example 1500 for minimum balance account goes up to 2000. The exception is the all inclusive which stays at 5000 but you don't get the borderless account for free.
> 
> http://www.tdcanadatrust.com/document/PDF/accounts/513796-20141229.pdf
> 
> ...


Sigh! Another tightening move. This plus account service restrictions and hike in fees/ charges just getting rolled out frequently. Apart from benefitting shareholders, (until the recent markets turmoil) major Canadian banks overall servicing sucks when compare to banks in other financial centres.

TD is just a min walk for me so it is very convenient. I have an all inclusive $5000 account. But i don't keep much money there - just the minimum coz it is not my main bank which is HSBC for its global internet banking capabilities. I used to withdraw cash regularly from TD ATM with my HSBC bank card and the TD fee was $2 per each withdrawal transaction (used to be $1.50) which HSBC would refund capped at $2.00. 

Last month (Dec) TD raised the fee to $3.00 but HSBC is not matching so now I withdraw from CIBC which still charges $2 per ATM transaction. I'm sure CIBC and other banks will bump up their fees too, soon. 

Although I also have an account with Tangerine, I don't really use it. Maybe later. If you think Tangerine low /zero fees and branch-less banking suits you now may not be a bad idea to consider them since there is an ongoing promotion of $50 cash gift for new customers starting with a minimum $100 deposit. To me this is currently the BEST risk-free investment guaranteeing instant 50% return over 1-2 days! This was the reason I opened a Tangerine account recently - to get my New Year gift!


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## lightcycle (Mar 24, 2012)

Borderless account still "free" with minimum $3K balance.


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## 0xCC (Jan 5, 2012)

m3s said:


> So when was TD going to inform me about this?


It looks like changes don't take effect until March 2 so you will likely see an insert with your next monthly statement (or an extra link when the statement show up online). Also it looks like some fees are actually going down (RSP withdrawal fees especially for Home Buyer's Program and Life Long Learning program).


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## cainvest (May 1, 2013)

TD is just following the herd, Scotia increased some rates as of Jan 1.


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## My Own Advisor (Sep 24, 2012)

Yes.

They gotta pay dividends somehow!


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## NorthKC (Apr 1, 2013)

Another reason why I like PC Financial. They have served me well for 13 years! 

On the plus side, I'm loving the dividend increase from the banks. Keep bumping up my investments!


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## rsyl (Aug 15, 2014)

cainvest said:


> TD is just following the herd, Scotia increased some rates as of Jan 1.


Thanks for the info, I bank with Scotia and this is the first I heard of it. Minimum raised from 3000 to 3500 on my account. I'm careful to keep the minimum but when you don't know the minimum it's tricky!

I find it strange I never got any kind of notice of the change. Nothing online or offline.


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## OptsyEagle (Nov 29, 2009)

I am sure TD would probably like to send me a copy of their fee increase in the mail, but they would need a $2 fee to do that. lol


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## 1980z28 (Mar 4, 2010)

So sad

I deal with CIBC ,1500 is good here


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## 0xCC (Jan 5, 2012)

rsyl said:


> I find it strange I never got any kind of notice of the change. Nothing online or offline.





OptsyEagle said:


> I am sure TD would probably like to send me a copy of their fee increase in the mail, but they would need a $2 fee to do that. lol


Again, changes don't take effect until March 2, 2015 so there are still a couple statement cycles to put the information out there. Since this document seems to have been released on December 29, 2014 there hasn't really been one statement cycle yet to release the information.

Look for something to show up in the "Additional Information" column of the View Statements page in the Online Statements section of EasyWeb (menu on left side of screen has an "Online Statements" link, that takes you to a page with your accounts listed and a link for the most recent statement for each account as well as a "View Statements" link for each account. That View Statements page has the Additional Information column that I would expect to see information like this show up in). I'm not 100% sure that is where this information will show up but that is my guess...


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## rsyl (Aug 15, 2014)

0xCC said:


> Again, changes don't take effect until March 2, 2015 so there are still a couple statement cycles to put the information out there. Since this document seems to have been released on December 29, 2014 there hasn't really been one statement cycle yet to release the information.
> 
> Look for something to show up in the "Additional Information" column of the View Statements page in the Online Statements section of EasyWeb (menu on left side of screen has an "Online Statements" link, that takes you to a page with your accounts listed and a link for the most recent statement for each account as well as a "View Statements" link for each account. That View Statements page has the Additional Information column that I would expect to see information like this show up in). I'm not 100% sure that is where this information will show up but that is my guess...


With regard to my post, I bank with Scotia, the increase has already taken affect from what I can tell. No word of warning.



> Scotia One™ Account
> Monthly fee waived with $3,500 minimum daily balance.
> 
> $12.95/month covers Unlimited transactions¹ (including cheques).


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## cainvest (May 1, 2013)

rsyl said:


> With regard to my post, I bank with Scotia, the increase has already taken affect from what I can tell. No word of warning.


I received a message online about the fee changing, that's how I knew.


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## christinad (Apr 30, 2013)

I just found out for minimum account the number of free transactions is going up to 12. I'm not sure how the other bank accounts are affected. It doesn't say on the notice of changes.


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## m3s (Apr 3, 2010)

0xCC said:


> Again, changes don't take effect until March 2, 2015 so there are still a couple statement cycles to put the information out there. Since this document seems to have been released on December 29, 2014 there hasn't really been one statement cycle yet to release the information.
> 
> Look for something to show up in the "Additional Information" column of the View Statements page in the Online Statements section of EasyWeb (menu on left side of screen has an "Online Statements" link, that takes you to a page with your accounts listed and a link for the most recent statement for each account as well as a "View Statements" link for each account. That View Statements page has the Additional Information column that I would expect to see information like this show up in). I'm not 100% sure that is where this information will show up but that is my guess...


I never did receive any warning. Looked for this additional info statement and seems that the default "paperless" setting means I can not see it!? Digging deeper it appears that TD will start charging me for the Borderless account in March. Many people are also reporting online that Tangerine exchange rate is better for withdrawing USD than TD's "preferred" Borderless rate anyways

I did the same test in Europe years ago and the freebie Tangerine destroyed TD by about 3% over there. While googling for these changes it seems that TD has quietly been ratcheting up other fees year by year. TD auto club also changed without warning people, so they got stuck with an unexpected bill when they went to use this "all inclusive" perk.

I am closing my Borderless account. I haven't found a use for it in 5 years and I travel constantly and hold 5 figures in USD. I might as well close this "All-Inclusive" account eventually as well. Tangerine does it all for less except for the safety deposit box. I have been using TD for the free drafts but that is it. Rewards credit cards are being ratcheted down across the board as well.

https://www.tdcanadatrust.com/document/PDF/accounts/513796-20150115.pdf


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## uptoolate (Oct 9, 2011)

I'll probably close my TD Bank America account and repatriate the money to the Borderless account to keep the balance above 3k.


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## NorthernRaven (Aug 4, 2010)

m3s said:


> While googling for these changes it seems that TD has quietly been ratcheting up other fees year by year. TD auto club also changed without warning people, so they got stuck with an unexpected bill when they went to use this "all inclusive" perk.


Out of curiosity, did you go out and buy a CAA Premium membership?


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## bgc_fan (Apr 5, 2009)

What exactly happened with the change in TD auto club? I may have to rethink my account with TD.


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## NorthernRaven (Aug 4, 2010)

bgc_fan said:


> What exactly happened with the change in TD auto club? I may have to rethink my account with TD.


Breakdown towing is now to the nearest approved facility, not to your choice of location. If you want it towed somewhere special, you'll have to pay the difference to there. I believe this changed around Oct 2013, when they switched providers from Sykes to Axa. This is pretty much the same as the various other roadside assistance programs you can get through Costco, BMO, Esso, etc (all provided white-label by 2-3 third party providers), which tend to run around $100. CAA Premium has the "your choice" option, but memberships run around $130+. At $80 (free for TD Gold Elite Visa members), TD presumably needed to get their costs in order.

TD may be trying to cut costs on All-Inclusive, but remember that they provide the package to many people for a $5000 minimum balance, where RBC, say, is getting $30 (or $22.50) in cash for their VIP. I'm not sure how TD values the free deposit, but they are going to tweak things to try and shake out marginal customers to a different plan where they can. At $24/year, Borderless is still the cheapest USD Visa card from the Big5 banks, if you need one.

I've mentioned it elsewhere, but for my $5000 I'm getting an SDB ($60) and TD Auto Club ($80, or more like $100 for most non-TD equivalents). Even aside from the rest of the package, $5000 is only going to earn me $60 or so in after-tax income, so I actually come out well ahead on All-Inclusive. It is a high-performing "investment"...


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## bgc_fan (Apr 5, 2009)

NorthernRaven said:


> Breakdown towing is now to the nearest approved facility, not to your choice of location. If you want it towed somewhere special, you'll have to pay the difference to there. I believe this changed around Oct 2013, when they switched providers from Sykes to Axa. This is pretty much the same as the various other roadside assistance programs you can get through Costco, BMO, Esso, etc (all provided white-label by 2-3 third party providers), which tend to run around $100. CAA Premium has the "your choice" option, but memberships run around $130+. At $80 (free for TD Gold Elite Visa members), TD presumably needed to get their costs in order.
> 
> TD may be trying to cut costs on All-Inclusive, but remember that they provide the package to many people for a $5000 minimum balance, where RBC, say, is getting $30 (or $22.50) in cash for their VIP. I'm not sure how TD values the free deposit, but they are going to tweak things to try and shake out marginal customers to a different plan where they can. At $24/year, Borderless is still the cheapest USD Visa card from the Big5 banks, if you need one.
> 
> I've mentioned it elsewhere, but for my $5000 I'm getting an SDB ($60) and TD Auto Club ($80, or more like $100 for most non-TD equivalents). Even aside from the rest of the package, $5000 is only going to earn me $60 or so in after-tax income, so I actually come out well ahead on All-Inclusive. It is a high-performing "investment"...


I'm a bit on the fence. Before the change, I didn't need to have a minimum for the US account which is actually a big reason why I went with the all-inclusive. I don't really need the SDB, so it's a question of whether the auto club tips the scale. At the moment, I was going to keep it until I heard about the change. Unlikely to be needed, but it's nice to have the auto club as a safety blanket.


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## m3s (Apr 3, 2010)

NorthernRaven said:


> Out of curiosity, did you go out and buy a CAA Premium membership?


I don't like recurring costs for things I could handle myself. With a smartphone and cell coverage I have maps and can google my own assistance.

I do pay $17.95/year for access to international rescue coordination from an underground dispatch center.. includes $100k SAR insurance and works within GPS coverage. This is something I could not do myself with a cell phone. The GPS transponder can also be used to dispatch roadside assistance for $30/year, 5 tows up to 50 miles but it's not tied to any vehicle. I haven't bothered with the roadside assistance

TD auto club tows you to the nearest place up to 200km. If you want to go further than the closest garage you have to pay the rest anyways.


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## avrex (Nov 14, 2010)

NorthernRaven said:


> I've mentioned it elsewhere, but for my $5000 I'm getting an SDB ($60) and TD Auto Club ($80, or more like $100 for most non-TD equivalents). Even aside from the rest of the package, $5000 is only going to earn me $60 or so in after-tax income, so I actually come out well ahead on All-Inclusive. It is a high-performing "investment"...


I agree. It's a pretty good deal with TD.

When you have the All-Inclusive minimum of $5000, banking is 'almost free'. You get the perks that you mentioned above.
Plus, there's no annual fees on both my TD Visa and my TD USA Visa.


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## avrex (Nov 14, 2010)

I mentioned, 'almost free' above, because with the recent account minimum changes introduced at TD, the 'only' fee that I'm paying is the fee on my US Borderless account.

However, looking at my March 2015 statement, it wasn't as bad as I thought.
Mar 31, 2015 MONTHLY ACCOUNT FEE -4.95 
Mar 31, 2015 ALL INCLUSIVE REBATE 3.00 

I hadn't realized there was a partial rebate. Now, I see it in the fine print.

16. Rebate of $3.00 U.S. on Borderless Plan monthly fee for customers that have maintained a TD All-Inclusive Banking Plan throughout the entire month

Overall, I think the *TD All-Inclusive* is one of the best deals around.


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