# TD rips me off on transfers



## dotnet_nerd (Jul 1, 2009)

I bank with TD Canada Trust and use Waterhouse for my TFSA.

On Friday I transferred $5500. They took the money out of my account immediately but dated the transfer on Monday (3 days later). So that money is in digital purgatory for 3 days earning no interest.

ING on the other hand, treats me fairly. (I use them for savings and for my business banking. My ING account is linked to my TDCT acct) When I transfer funds to TDCT the funds stay on hand until the transfer physically happens. So I earn interest during the pending period.

I know it doesn't sound like much, but millions of customers multiplied by untold thousands of transfers each day adds up to a LOT of ripped off interest.


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## peterk (May 16, 2010)

Hmm, this happens when I pay Mastercard bills or transfer to my brokerage as well. Never thought anything of it though. Aren't you transferring from a chequing account making 0% interest anyways? :hopelessness:


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## RBull (Jan 20, 2013)

Does this have anything to do with the time or day- ie Friday at 7pm transfer or is it all the time? If so you're right it is a "small" thing that adds up to a lot with millions of client transactions annually.


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## My Own Advisor (Sep 24, 2012)

Might depend when you do the transfer, during business vs. after hours vs. weekends.


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## Rysto (Nov 22, 2010)

I do a monthly contribution from my (TD) chequing account to my non-registered TDW account. While I still have contribution room, I manually transfer it online to my TFSA or RRSP. When I do this, TDW puts a hold on the money for 7 business days. It drives me nuts.


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## MoreMiles (Apr 20, 2011)

Do you know how to get them back? Write yourself and deposit a cheque so it's earning interest right away! Then your source money is not deducted from the other account until a few days later until the cheque clears. During this period, you will be double dipping interest, right? So it works both ways, I am not sure what you are upset about. It all evens out at the end. You lose some and win some. That is how the system works.. since you are not seeing any real interest over a few days unless it's a few million dollars, it's a non-issue for retail banking. As a retail client, you have no choice. Now if you are an institution, then there is an overnight rate for interbanks to calculate that interest.


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## OnlyMyOpinion (Sep 1, 2013)

We face the same. We try to offset our frustration by considering bank shares a good investment and reminding ourselves that TD just paid us dividends of $2500 in January.


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## Just a Guy (Mar 27, 2012)

Not exactly a rip off...3 days of interest is a rounding error at best on $5000...

However, they do mischarge me on trading fees and other fees quite often...I catch them, make a call and get it fixed. $29/trade vs $9 a trade is a lot more to be concerned about...I've caught it at least 5 times...they blame the computer of course.


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## RBull (Jan 20, 2013)

OnlyMyOpinion said:


> We face the same. We try to offset our frustration by considering bank shares a good investment and reminding ourselves that TD just paid us dividends of $2500 in January.


That's a lot of money in TD!


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## OnlyMyOpinion (Sep 1, 2013)

Combination of TD common and TD.PR.K (6.25% prefs) - they will no doubt be redeemed this year


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## peterk (May 16, 2010)

^ Around $280,000? Mamma Mia!


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## richard (Jun 20, 2013)

Just a Guy said:


> Not exactly a rip off...3 days of interest is a rounding error at best on $5000...
> 
> However, they do mischarge me on trading fees and other fees quite often...I catch them, make a call and get it fixed. $29/trade vs $9 a trade is a lot more to be concerned about...I've caught it at least 5 times...they blame the computer of course.


Assuming a highly competitive interest rate (which isn't likely here) the transfer is costing 0.01%. That's an amazingly good deal for once.


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## My Own Advisor (Sep 24, 2012)

RBull said:


> That's a lot of money in TD!


Uh, ya....doing the math in my head, impressive number of shares! Stock split taking effect next week as well. Jeepers...


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## OnlyMyOpinion (Sep 1, 2013)

Disturbing if the fees can't be counted on to be correct. We haven't had that issue, assume the account gets 'flagged' as 9.99 for any trading activity in it?


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## OnlyMyOpinion (Sep 1, 2013)

Geez, put the calculators away. The intent was to suggest "if you can't beat them, join them". Obviously the level to which you join them differs. Our attitude is the same with the Telco's that we all complain about. 
It would be interesting to understand the impact on all of the pension plans, rrsp's, 'widows funds' and savings if we really put the screws to the banks and telcos and reduced their profitability, ability to grow and pay dividends. Suspect there would be a lot of these faces on the forum: :sorrow:


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## richard (Jun 20, 2013)

That's the side that a lot of people ignore. If we eliminated all corporate profits they would be hurt somehow. Phone bills are usually a bigger issue than a few days of interest though.


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## Cal (Jun 17, 2009)

I normally get a 2-3 day lag paying my TD credit card from other TD accounts.


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## Nemo2 (Mar 1, 2012)

Cal said:


> I normally get a 2-3 day lag paying my TD credit card from other TD accounts.


I find that the payment is deducted from my TD account immediately, and the acknowledgement from Visa takes 2-3 days.


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## heyjude (May 16, 2009)

I just started to use a TD Visa and when paying my first bill was astonished to see my money vanish from my private banking account on Friday and not show up as payment of my Visa till Tuesday. I also just started a TFSA with TD Direct and the transfer from private banking to TFSA took 3 days. However, since I used it to buy a TD e-series fund, at least I didn't have any commission to pay. But the trade took more than one day, so I wonder if there was a bit of market manipulation going on. I think I will call my banker about this. 

Another thing I don't like is that you cannot post date a transfer. I am used to having that facility at Scotiabank and it's great for planning out your cash flow, especially if you will be away from home.


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## Nemo2 (Mar 1, 2012)

Paid my latest TD Visa online Jan 21......acknowledgement was dated Jan 22......I don't find that slight interval for processing at all disturbing.


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## Synergy (Mar 18, 2013)

I do all my personal and investment banking with TD. Transfers between accounts are instant, free and painless. TDB8150 is a neat little holding vehicle inside TDW as well. No current complaints except for the delayed US$ RRSP account. I also like WebBroker, lots of useful tools. I use a line of credit as my cheqing account - "free" overdraft protection that I never use and means I also don't pay any bank charges :0) - a neat trick taught to me by one of the local TD reps.


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## alingva (Aug 17, 2013)

dotnet_nerd said:


> I bank with TD Canada Trust and use Waterhouse for my TFSA.
> 
> On Friday I transferred $5500. They took the money out of my account immediately but dated the transfer on Monday (3 days later). So that money is in digital purgatory for 3 days earning no interest.
> 
> ...


I am 100% with you. Welcome to the Canadian banking world


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## Eclectic12 (Oct 20, 2010)

dotnet_nerd said:


> I bank with TD Canada Trust and use Waterhouse for my TFSA.
> 
> On Friday I transferred $5500. They took the money out of my account immediately but dated the transfer on Monday (3 days later). So that money is in digital purgatory for 3 days earning no interest ...


Weird ... I've regularly written a cheque from PCF, deposited to TD-CT and then transferred to my TDDI TFSA. I'm usually making sure the transfer is done before 3pm. The transactions were all dated the day of the transfer and I've used the transferred cash to buy stock the same day.

Same with transfers to my TDDI RRSP ... though I tend to be looking around for something to buy so I'm not usually buying in the RRSP the same day.


Cheers


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## Eclectic12 (Oct 20, 2010)

Rysto said:


> I do a monthly contribution from my (TD) chequing account to my non-registered TDW account.
> 
> While I still have contribution room, I manually transfer it online to my TFSA or RRSP. When I do this, TDW puts a hold on the money for 7 business days. It drives me nuts.


If the money is going into the TFSA or RRSP - why wouldn't you transfer it directly to the TDDI TFSA or RRSP?

When I've done this - there hasn't been a hold by TDW. Or maybe the size of the transfer versus assets in TDDI is affecting the hold?


Cheers


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## Eclectic12 (Oct 20, 2010)

Just a Guy said:


> ... However, they do mischarge me on trading fees and other fees quite often...I catch them, make a call and get it fixed. $29/trade vs $9 a trade is a lot more to be concerned about...I've caught it at least 5 times...they blame the computer of course.


How you had them confirm that all the accounts are showing as linked?

The one time this happened for me, it was because the asset totals weren't showing correctly due the links being dropped and the account being used didn't have enough assets to qualify for the cheaper trade.

After having the accounts re-linked - there were no further issues.

Though - there was probably only about seven years there could have been an issue as just about all account have grown to the point of qualifying based on the single account assets.


Cheers


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## Eclectic12 (Oct 20, 2010)

Nemo2 said:


> Cal said:
> 
> 
> > I normally get a 2-3 day lag paying my TD credit card from other TD accounts.
> ...


I'll have to double check to confirm it's still true ... but that's also what the text from the PCF bill payment section says plus matches what I recall for the Visa and Amex bill payments I've made.


Cheers


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## heyjude (May 16, 2009)

Today I received a cheque in Euros from a small inheritance. I went to Scotiabank first as that is where I had planned to deposit it. The rate they offered was significantly less than what I could see on my XE Currency app. Off to TD, where they offered a better rate, but wanted to put the funds on hold for thirty business days. That's six weeks!!!!

I realize they need to do due diligence on a foreign check, but it is accompanied by a lawyer's letter and that seems an inordinate amount of time in this digital age. I didn't deposit the check. I am contacting my managers at both banks to see if they can improve on it. Assuming the same holding period, I will go with whichever bank gives me the best exchange rate.


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## chantl01 (Mar 17, 2011)

I always schedule my TD VISA payment to be taken from my TD chequing account on the date the payment is due. The money is withdrawn on that date and, admittedly, often doesn't show up as having been paid to the TD VISA account for 2-3 days. However, I have never once been hit with a late payment fee as a result, and I would definitely dispute it if that ever did happen.


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## NorthKC (Apr 1, 2013)

@chantl01 - Obviously because they can take a look at your bank account to see if you've actually made the payment. I can do the same with mine but I've never liked the idea of a possible dispute over a timing thing. To each their own!


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## Eclectic12 (Oct 20, 2010)

NorthKC said:


> ... I can do the same with mine but I've never liked the idea of a possible dispute over a timing thing. To each their own!


That's why I pre-program the bill payment for two or three business days before the bill is due. With the average bill around $200 and interest around 1.25%, penalties or my time to work through any timing dispute is a lot more expensive.


Cheers


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## chantl01 (Mar 17, 2011)

Eclectic12 said:


> That's why I pre-program the bill payment for two or three business days before the bill is due.


Absolutely - I do that with every single other bill that I pay from my TD chequing account, to avoid any possibility of late fees. But since I know TD is going to have my money the instant they pull it from my chequing account to pay for my VISA bill, I just don't see why I should have to build in a delay to accommodate their internal processes. I've found TD to be very customer service oriented, so I'm certain it would be a five-minute call to reverse a late charge if they ever did decide to impose one. And at that point I would probably start to treat the TD VISA bill payment like all my other ones, to avoid future hassles. So far, no need.


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## AltaRed (Jun 8, 2009)

chantl01 said:


> Absolutely - I do that with every single other bill that I pay from my TD chequing account, to avoid any possibility of late fees.


A much easier way is to have all* bills including credit cards on auto-authorized payments from your bank account. The withdrawals are not made until the due date and in some cases, it does not even show as a withdrawal from the bank account until the next business day. That takes away any timing responsibility on the customer's part. Some people seem adverse to this because of perceived 'lack of control' in case, for example, of a disputed bill but that is a red herring. Even disputed utility and credit card bills need to be paid on time with the dispute typically resolved after the fact. I've never had an issue getting a credit for a resolved dispute after the fact.

* I wouldn't do that with shaky vendors like gym memberships as an example, but those are the few exceptions to the normal routine bills.


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