# Closing of TD chequing account and keep TD visa card?



## LemonJuice (Nov 10, 2011)

Hi everyone,

I have the "Value" TD chequing account and a PC financial chequing account.
The TD one requires me to maintain at least CAD 1,500 throughout the month to get the fee waived (it used to be only CAD 1,000 before August 2011).
Whereas there is no minimum balance to be maintained with the PC financial one as there is no fee anyway.
The only reason why I'm still banking with TD is that I have a VISA card from TD.
My question is whether I can close my TD chequing account while keeping my TD credit card? Would it be then possible to clear any balance of my TD visa card using my PC financial chequing account?

Thank you!


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## kcowan (Jul 1, 2010)

Just set up TD Visa as a bill payment.


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## Spudd (Oct 11, 2011)

Credit cards don't have to be from the same bank you bank with. You can pay your TD Visa bill online from your PC account, no problem.


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## LemonJuice (Nov 10, 2011)

Thanks for your answers!

This sounds like a stupid question (but I might be excused as I'm fairly new in Canada): are bill payments free of charge?


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## Spudd (Oct 11, 2011)

Yes normally they are included in the services of your account. Read your account agreement to make sure (or call the bank and ask).


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## larry81 (Nov 22, 2010)

trash your td card and get this instead:
https://www.mbna.ca/RWDapp/home?mc=SMCACN&locale=en_CA

edit: even better, use this: http://www.greatcanadianrebates.ca/details/MBNA-SmartCash/


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## KaeJS (Sep 28, 2010)

My chequing account is with BMO and my VISA is with TD.

I just pay my TD Visa from my BMO Chequing.


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## Argonaut (Dec 7, 2010)

That's a great card, Larry. TD is buying MBNA though, so we'll see how we integrate those cards. It would be useful to have a VISA and MasterCard though, because some places only take one or the other. I'm shaking my fist at you, Tim Hortons.


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## Eclectic12 (Oct 20, 2010)

LemonJuice said:


> Thanks for your answers!
> 
> This sounds like a stupid question (but I might be excused as I'm fairly new in Canada): are bill payments free of charge?


The answer is that it depends a couple of items. 


The first is the account you plan to use offers.

Using CIBC's website as an example and searching on chequing accounts,

a) Everyday Chequing includes 10 free transactions for
- Cheques
- Withdrawals (including ABM)
- Transfers
- Pre-authorized payments
- Bill payments (including CIBC Credit Cards and CIBC Personal Lines of Credit)
- Debit purchases

After 10, it is $0.65 per transaction.

b) Unlimited Chequing includes an unlimited number of these transactions.



The second consideration is what does a typical month look like. If you normally have 5 of these transactions, the "Everyday Chequing" might be a reasonable fit. If you have fifteen transactions and don't think you can lower the transaction count per month, you'll probably want to look at other options.


There are a fair number of choices out there - so the time to check for a good match is usually worthwhile.


If in doubt, usually a phone call or visit can sort out the details.


Cheers


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## behappytoday (Sep 16, 2011)

LemonJuice said:


> The TD one requires me to maintain at least CAD 1,500 throughout the month to get the fee waived (it used to be only CAD 1,000 before August 2011).


Does the TD checking account also restricts you to 10 free transactions? I remember something like this was in place when I opened it in 2010.


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## LemonJuice (Nov 10, 2011)

behappytoday said:


> Does the TD checking account also restricts you to 10 free transactions? I remember something like this was in place when I opened it in 2010.


Yes, it would. But I never had more 10 transactions a month. Usually I pay using my credit card. Since I'm just renting a student room my landlord takes care of bills (as long as I pay my rent).


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