# TD Canada Trust is raising its minimum balance



## Tostig (Nov 18, 2020)

Just came back from the bank in which I was advised by the teller that their minimum balance was going up to $5000 from the current $2000. So I closed one account that had no activity and now I have to think what to do with another one where I do use it for convenience as most of my banking is through PC Financial and Tangerine.

I just Googled but could not find anything about TD raising its minimum balance.

This is the kind thing that makes it more difficult for low income people to maintain any stability especially those who just lost their jobs during the pandemic. Sure I own TD stocks and collect dividends but that hardly compensates for what the banks do to their customers.

Is anybody still surprised why the wealth gap is still growing wider?


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## Money172375 (Jun 29, 2018)

There is a requirment from the Financial Consumer Agency of a Canada (FCAC) to offer low-cost accounts.






Low-cost and no-cost accounts - Canada.ca


Guidelines for financial institutions that offer low-cost accounts.




www.canada.ca





I assume you’re talking about their mid-level chequing account offering.


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## Money172375 (Jun 29, 2018)

Tostig said:


> Just came back from the bank in which I was advised by the teller that their minimum balance was going up to $5000 from the current $2000. So I closed one account that had no activity and now I have to think what to do with another one where I do use it for convenience as most of my banking is through PC Financial and Tangerine.
> 
> I just Googled but could not find anything about TD raising its minimum balance.
> 
> ...


I don’t see any of their current accounts with a $2000 minimum daily balance. Perhaps you have the $3000 mdb account aka Everyday Chequing.


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## AltaRed (Jun 8, 2009)

Not with TD but I've never had more than basic bank accounts and have managed to have all fees waived over the years, and the last 6 years partly due to being a senior. Scotia is raising their account fees and/or monthly minimums for basic accounts as of March 1 so will have to see IF I start to see certain charges, possibly $2.95 on one account, and if so, I will have to raise hell. I don't believe in account minimums, at least nothing over $1000.

P.S. I have been happy with 10-12 free debits/withdrawals per month and 2-5 free e-transfers. The numbers of free transactions are going up on basic accounts March 1. Don't really need all the extra free debits and e-transfers though.


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## depassp (Mar 22, 2020)

I was recently told by TD that they were removing their "Value" Chequing account. If I recall correctly, this used to have a $1k or $2k minimum balance to waive the fees.

I changed my account into a "Every Day" chequing account which has a $10.95/mo fee that gets waived with $3000 minimum monthly balance


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## Retired Peasant (Apr 22, 2013)

I have a preferred chequing account with TD - no longer offered. I have a $2000 minimum to waive fees.


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## MrMatt (Dec 21, 2011)

The minimum checking is now $3.95, and not waived with minimum balance.


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## dotnet_nerd (Jul 1, 2009)

We're grandfathered into TD's "Plan-60" account. No fees for us for life as long as we stick to them.

It's pretty sweet, no fees no minimums. Period. Even bank drafts are free (not that we ever use them.)


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## pwm (Jan 19, 2012)

I have the TD Preferred Chequing account still with the $2,000 minimum. I never have, nor would I ever, pay a bank to hold my money.


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## AltaRed (Jun 8, 2009)

With account minimums, you are doing that to the tune of....... $2000 @ 1.5% = $30/yr


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## GreatLaker (Mar 23, 2014)

pwm said:


> I have the TD Preferred Chequing account still with the $2,000 minimum. I never have, nor would I ever, pay a bank to hold my money.


I have that account too. I now live 1000 miles from the branch where I opened it, and have not been there for decades. Even the TD branch near me says I should keep the Preferred account since it has such a low minimum.

I usually keep $5k minimum in my chequing anyway just for a float, thinking of increasing it to $10k so if I ever keel over and someone has to pay my bills they have something to work with.

One problem though is it has a $0.50 fee for e-Transfers which I see as becoming a more common way to make transfers and pay bills in the future. Newer accounts have free e-Transfers.


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## james4beach (Nov 15, 2012)

Does anyone know if the minimum balance is changing for TD Borderless?


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## Money172375 (Jun 29, 2018)

Retired Peasant said:


> I have a preferred chequing account with TD - no longer offered. I have a $2000 minimum to waive fees.


Gotcha. Makes sense.


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## pwm (Jan 19, 2012)

AltaRed said:


> With account minimums, you are doing that to the tune of....... $2000 @ 1.5% = $30/yr


Touché.


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## Spudd (Oct 11, 2011)

dotnet_nerd said:


> We're grandfathered into TD's "Plan-60" account. No fees for us for life as long as we stick to them.
> 
> It's pretty sweet, no fees no minimums. Period. Even bank drafts are free (not that we ever use them.)


My mom has the same account. I do find there's a fee for Interac e-transfers. Aside from that I haven't seen any fees. (I am her POA.)


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## milhouse (Nov 16, 2016)

Tostig said:


> This is the kind thing that makes it more difficult for low income people to maintain any stability especially those who just lost their jobs during the pandemic. Sure I own TD stocks and collect dividends but that hardly compensates for what the banks do to their customers.
> 
> Is anybody still surprised why the wealth gap is still growing wider?


I'm kind of mixed on this. The key thing is to have enough affordable options for people and there seems to be so that people can vote with their cash & feet.
I started out at RY decades ago and moved most of my banking to a Vancity credit union because of their fees. Eventually, Vancity didn't have all the services/parameters I was looking for so I moved most of my banking to TD but now I'm able and wanting to maintain a minimum balance as a float and can avoid the fees. Obviously moving financial institutions can be a pain in the rear though.


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## Synergy (Mar 18, 2013)

AltaRed said:


> With account minimums, you are doing that to the tune of....... $2000 @ 1.5% = $30/yr


Agreed! That's why I use an unsecured LOC as my chequing account - no minimum balances, no fees, no charges for cheques, free overdraft, etc. Never used the actual LOC in over 20 yrs.


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## AltaRed (Jun 8, 2009)

My post to PWM was merely to point out there is a cost. I don't care though. I carry various amounts of cash in chequing accounts at any given time. Usually top up at the beginning of the month to cover expenses for the month. The day I have to worry about interest 'leakage' of small amounts is the day someone needs to take me out to the back forty and dispose of me. 😁


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## MrMatt (Dec 21, 2011)

I use a line of credit for transactions, I aim to keep the balance near zero.
No fees, free "overdraft"

I only have checking accounts because for some reason they want you to have them.


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## Mukhang pera (Feb 26, 2016)

milhouse said:


> I'm kind of mixed on this. The key thing is to have enough affordable options for people and there seems to be so that people can vote with their cash & feet.
> I started out at RY decades ago and moved most of my banking to a Vancity credit union because of their fees. Eventually, Vancity didn't have all the services/parameters I was looking for so I moved most of my banking to TD but now I'm able and wanting to maintain a minimum balance as a float and can avoid the fees. Obviously moving financial institutions can be a pain in the rear though.


I found VanCity to be pretty good sports, dropping the $7 monthly fee when I reached age 55.

I have had an account with Bank of America in the U.S. for 25 years. No deal for seniors. It used to be required to keep a balance of USD1,000 to incur no fees. Now it's maintain $1,500 or pay $9.95 a month. I suppose there must be U.S. banks that offer better deals. I think BofA is poorly regarded by most, but inertia sets in after 25 years and, when I need to deal with them on anything, they make it easy, even though I am no longer a resident. As well, I usually have a lot more in the account than $1,500 in any event, since I let it sit there until the exchange looks favourable. But it used to annoy me when I lived there and had a mortgage to pay. If I went under the minimum balance for 10 minutes at any point in the month, I'd get nailed with the service charge, which I think was about half of what it is now.


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## pwm (Jan 19, 2012)

Like AltaRed, the lost interest on my chequing account balance means nothing to me. I like to keep it above $5,000 just in case something unexpected comes up. For me that's just "walking around money".


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## Joe Black (Aug 3, 2015)

Tostig said:


> This is the kind thing that makes it more difficult for low income people to maintain any stability especially those who just lost their jobs during the pandemic.


Often when I suggest to people to just ditch their Big Bank and go to online only, I'm told they need the benefits of:

1. Being able to get bank drafts at a branch
2. Getting high rewards credit cards with the annual fee waved
3. Getting a safety deposit box

These don't seem to be benefits that a low income person needs. So why don't they just pack up and go to a bank that serves them better?


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## Money172375 (Jun 29, 2018)

Joe Black said:


> Often when I suggest to people to just ditch their Big Bank and go to online only, I'm told they need the benefits of:
> 
> 1. Being able to get bank drafts at a branch
> 2. Getting high rewards credit cards with the annual fee waved
> ...


Unfortunately, low income customers do use bank drafts frequently. If they fall behind in rent, or other payments, they are often required to provide “guaranteed” payment to make up the shortfall.


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## Tostig (Nov 18, 2020)

Joe Black said:


> ...So why don't they just pack up and go to a bank that serves them better?


Easier said than done when all the major banks do the same thing. When ING Direct came to Canada, I thought I'd ditch my Canada Trust account once and for all. But that wasn't possible because ING required you to link to an external bank.

I've never been in such a situation where I had to live in poverty so I wouldn't know exactly what kind of hoops all the institutions make them do. I wouldn't be surprised if low income people are manipulated so that they have no choice but to use resources the rest of us think as wasteful.

It's like being charged $1.00 for paper statements when on-line statements are free. Of course I can print my own statements. But that means the cost of paper has been shifted from the institution to the individual. 

Secondly, to go online banking requires internet access.  There's a reason internet access is sometimes an election issue. It could be unaffordable for some people. And mobile data costs so much more. I'd be highly critical of someone of low income with the latest smartphone and a 2-yr mobile data plan and then complain he can't afford the basic necessities. Nowadays, being online IS a necessity.


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## MrMatt (Dec 21, 2011)

Tostig said:


> Easier said than done when all the major banks do the same thing. When ING Direct came to Canada, I thought I'd ditch my Canada Trust account once and for all. But that wasn't possible because ING required you to link to an external bank.
> 
> I've never been in such a situation where I had to live in poverty so I wouldn't know exactly what kind of hoops all the institutions make them do. I wouldn't be surprised if low income people are manipulated so that they have no choice but to use resources the rest of us think as wasteful.
> 
> ...


Also free wifi shut down during the pandemic.
You can't just sit at a mall, tim hortons, library, community center, YMCA etc

I don't like having so much tied to an online identity.
I'd be even more leery if I was changing physical addresses, so my whole financial life was tied to my cell phone, or a few passwords on my computer.


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## latebuyer (Nov 15, 2015)

I realize there are quite a bit of complaints about td direct investing but i'm happy with them and keep an account there partially for that reason.


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## ian (Jun 18, 2016)

Grandfathered into the CIBC plus 55 no fee cheque accounts. They just stopped charging for interac money transfers. The only fee we pay them now is for a safety deposit box. We also have a 60 plus account at Scotiabank. Balance at CIBC is usually less than $500, any more we move to their crummy on line savings account that pays the princely sum of .5 percent.


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## Eclectic12 (Oct 20, 2010)

Tostig said:


> Easier said than done when all the major banks do the same thing. When ING Direct came to Canada, I thought I'd ditch my Canada Trust account once and for all. But that wasn't possible because ING required you to link to an external bank.


Not sure the problem as I opened a Presidents Choice account to link to the ING Direct one (now Simplli Financial and Tangerine).

I could have ditched the CT account but as TD bank bought it out and I was opening a brokerage account, it made more sense to keep it to make it easier to flow money in/out of the brokerage.




Tostig said:


> ... It's like being charged $1.00 for paper statements when on-line statements are free. Of course I can print my own statements. But that means the cost of paper has been shifted from the institution to the individual ...


Sure but having received paper statements for years, that seems a more recent change.




Tostig said:


> ...Secondly, to go online banking requires internet access.


While I find online more convenient, I have used the phone for years without issues. More recently, it has been great for when the online banking is down. 


Cheers


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## Tostig (Nov 18, 2020)

Eclectic12 said:


> Not sure the problem as I opened a Presidents Choice account to link to the ING Direct one (now Simplli Financial and Tangerine).


My reference were in the days before PC Financial existed. Now I have both.



Eclectic12 said:


> Sure but having received paper statements for years, that seems a more recent change.


When I received our first Canada Trust Mastercard statement over 30 years ago, I immediately cancelled and stopped using it after seeing the $1.00 statement fee.

RBC charges a $1 monthly statement fee but electronic statements are free.

And then there's the minimum balance as this thread describes. It's a manipulation to make you do what the institutions want you to do for their benefit. We either top up accounts with dead money or we close accounts and consolidate the money.

I listed that as an example how our behaviours are manipulated in response how low-income people may also be manipulated and stuck in behaviour they can't get out of.




Eclectic12 said:


> While I find online more convenient, I have used the phone for years without issues. More recently, it has been great for when the online banking is down.
> 
> 
> Cheers


For most of us who don't have money problems, these just seem to be annoyances that we can live with. My post from which you replied had a lot to do with low-income people.


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## Eclectic12 (Oct 20, 2010)

Tostig said:


> My reference were in the days before PC Financial existed. Now I have both.


Or maybe you weren't aware of PCF?

I recalled them being available at pretty much the same time. The references I can find say PCF started in '96 while ING Direct started in '97.




Tostig said:


> ... For most of us who don't have money problems, these just seem to be annoyances that we can live with. My post from which you replied had a lot to do with low-income people.


I will have to ask my friend how long he has had his PCF account. He does not have internet access at home and for a long time, a good year is one where he earned six thousand in the year.


Cheers


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## Juggernaut92 (Aug 9, 2020)

I am with TD and for me the min balance of 5k has been in place since 2015 i believe. But since I have met the 5k min I do not have any monthly account fee. I dont have a monthly fee for my TD visa infinite either. Also, I got 100 cheques for free because of the money in my account. I had a lot more than 5k during these years so maybe that brought more benefits. Now I am more into investing and also saving up money for a condo/house so that is why I have a bunch of money in the bank. 

As far as the commend goes about people with low income getting screwed over I am not sure what to say. I am sure that it is mostly about banks wanting to maintain their margins and passing the cost onto their users.


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## Eclectic12 (Oct 20, 2010)

Not my experience as my TD bank account had a $2K minimum up until the letter arrived in the summer saying that it was be being dropped. A list of other accounts with higher minimums were provided.


Cheers


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## Eclectic12 (Oct 20, 2010)

Tostig said:


> ...When I received our first Canada Trust Mastercard statement over 30 years ago, I immediately cancelled and stopped using it after seeing the $1.00 statement fee.


I can't help but think that you are shifting the timeline somewhat.

I don't recall there being online options available in the '90's, with lots of competitors providing paper statements for CCs as well as bank statements for free.

The money saving CT bank statement option I can recall at that time was inserting one's bank book into the ATM to have the ATM update it instead of going to a teller.


Cheers


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## Eclectic12 (Oct 20, 2010)

Money172375 said:


> Unfortunately, low income customers do use bank drafts frequently. If they fall behind in rent, or other payments, they are often required to provide “guaranteed” payment to make up the shortfall.


Both Simplii and Tangerine provide bank drafts ... timing and potentially extra expenses I'd think would be the bigger issue.

But then again, where the low income person has online access, as long as they stick to $3K and under a day, I suspect that land lords etc. may be likely to be just as happy to receive the free Interac eTransfer funds.


Cheers


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## Tostig (Nov 18, 2020)

Good news. I wrote to TD using through my online bank account secure messages service.

"In regards to the monthly minimum balance for your TD Preferred Chequing account, I'm able to let you know that some account changes have been considered; however, these discussions have been paused for the time being. Rest assured, the bank will notify you in advance of any such changes to your account profile."

I certainly can top up my balance to meet the $5000 but for those low income people who can't, they'll be forced to close it and look of another bank. Either that or pay services charges that puts them in deeper financial stress.

Eventhough this just postpones what is the inevitable, there will come a time during my retirement that I just can't afford to have dead money sitting around just to service bank accounts I may no longer use.


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## Money172375 (Jun 29, 2018)

Tostig said:


> Good news. I wrote to TD using through my online bank account secure messages service.
> 
> "In regards to the monthly minimum balance for your TD Preferred Chequing account, I'm able to let you know that some account changes have been considered; however, these discussions have been paused for the time being. Rest assured, the bank will notify you in advance of any such changes to your account profile."
> 
> ...


There are low cost options available at all the major banks (as mandated by the FCAC). Other free options are available at the digital banks.


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## Eclectic12 (Oct 20, 2010)

Tostig said:


> ... I certainly can top up my balance to meet the $5000 but for those low income people who can't, they'll be forced to close it and look of another bank.


Mine needs $3K for the service fee to be rebated so I suspect a low income person will go with the lower account first. 




Tostig said:


> ... Either that or pay services charges that puts them in deeper financial stress.


Depends ... if it's a few transactions a month, $108 a year is probably a lot easier to come up with than $3K or $5K.




Tostig said:


> .. Even though this just postpones what is the inevitable, there will come a time during my retirement that I just can't afford to have dead money sitting around just to service bank accounts I may no longer use.


Low income types age 60 who are receiving GIC can apply to have their fees waived on certain accounts.

You've said you have a Simplii as well as Tangerine accounts so I'm curious as to why you can afford dead money now.


Cheers


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## latebuyer (Nov 15, 2015)

To me, most of the things at TD are want to have, rather than need to have. For example, I like being able to go in and get US money (i've even got change on occasion) and the fact that there are a lot of bank machines, but I don't need it. I have tangerine too and i feel it would suit most people. The credit card is really quite good for a free card and you can even have a US bank account.


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## FUCanadaTrust (Apr 15, 2021)

FU Canada Trust!

I have a *Preferred Chequing* account too. I opened it in 1983. And they keep changing the terms, trying to get you to abandon it.

On July 1 2021 the minimum is going up from $2000 a month to $5000 a month! That makes it without a doubt the *WORST* account to possibly hold with any bank anywhere.

I mean, why don't they just close it on us? Why keep changing the term until is it impossible to have?

Bastrds!


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## Money172375 (Jun 29, 2018)

FUCanadaTrust said:


> FU Canada Trust!
> 
> I have a *Preferred Chequing* account too. I opened it in 1983. And they keep changing the terms, trying to get you to abandon it.
> 
> ...


Can you post the notice or link?


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## Money172375 (Jun 29, 2018)

Found it.



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


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## Thal81 (Sep 5, 2017)

Honestly, you should just ignore all chequing accounts except the all-inclusive banking plan. It's the only one that doesn't have built-in rip-offs. You just need to keep the $5000 minimum balance to wave all fees. This is easy to justify if you consider that money as part of your emergency fund.


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## MrMatt (Dec 21, 2011)

Thal81 said:


> Honestly, you should just ignore all chequing accounts except the all-inclusive banking plan. It's the only one that doesn't have built-in rip-offs. You just need to keep the $5000 minimum balance to wave all fees. This is easy to justify if you consider that money as part of your emergency fund.


Yeah, but $30/month if the balance drops, that's nuts.
I might shift to everyday checking. I hate all this messing around.
$3k


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## Retired Peasant (Apr 22, 2013)

If you're going to keep $5000 minimum, might as well get the all-inclusive plan with all it's perks.


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## MrMatt (Dec 21, 2011)

Retired Peasant said:


> If you're going to keep $5000 minimum, might as well get the all-inclusive plan with all it's perks.


what perks?
I just want half a dozen transactions


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## Spudd (Oct 11, 2011)

MrMatt said:


> what perks?
> I just want half a dozen transactions


Free premium Visa card ($120/yr value), free safety deposit box, free bank drafts I think are the main ones.


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## MrMatt (Dec 21, 2011)

Spudd said:


> Free premium Visa card ($120/yr value), free safety deposit box, free bank drafts I think are the main ones.


For the safety deposit box, might be worth it.

The "premium visa", not worth it IMO.
Costco MC has better rewards and it's free with my Costco membership.
Also the Free TD Rewards visa is pretty good.


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## Money172375 (Jun 29, 2018)

MrMatt said:


> For the safety deposit box, might be worth it.
> 
> The "premium visa", not worth it IMO.
> Costco MC has better rewards and it's free with my Costco membership.
> Also the Free TD Rewards visa is pretty good.


some varieties of td Premium visas also include road side assistance, travel insurance and extended warranty protection on purchases, the road side assistance and travel insurance were big seeking features when I worked there. For those able and willing to set aside $5k, they offer some pretty good benefits.


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## Retiredguy (Jul 24, 2013)

AltaRed said:


> With account minimums, you are doing that to the tune of....... $2000 @ 1.5% = $30/yr


But $30 yr tax free!


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## pwm (Jan 19, 2012)

Got my letter and EasyWeb secure message today regarding my Preferred Chequing account. It never gets below $5,000 so not a problem for me. I'll just have to remember to keep an eye on it.


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## like_to_retire (Oct 9, 2016)

I usually keep mine around 35K-40K, so the change won't affect me, but I see this as another tactic to get all of us with grandfathered Preferred chequing accounts to switch to a new fancy account.
ltr


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## Money172375 (Jun 29, 2018)

I think there are better options at TD if you’re keeping that type of balance.


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## like_to_retire (Oct 9, 2016)

Money172375 said:


> I think there are better options at TD if you’re keeping that type of balance.


Meh, it's walking around cash. Zero return is fine for the convenience.

ltr


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## Money172375 (Jun 29, 2018)

like_to_retire said:


> Meh, it's walking around cash. Zero return is fine for the convenience.
> 
> ltr


The high end account has features I use. No fee non-td atms. No fee foreign US ATM. Free premium credit card which in turn can give you free travel medical insurance, free roadside car service, extended warranty protection, free SDB.


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## like_to_retire (Oct 9, 2016)

Money172375 said:


> The high end account has features I use. No fee non-td atms. No fee foreign US ATM. Free premium credit card which in turn can give you free travel medical insurance, free roadside car service, extended warranty protection, free SDB.


Yep, and everyone is different. I haven't used an ATM in at least a decade, especially a foreign one. I don't need travel insurance since I don't travel, etc, etc. Everyone is different.

ltr


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## where's hunter? (Jan 27, 2021)

if you switch chequing accounts within td, do you need to get new debit card and cheques and what about direct deposits and payments?


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## Money172375 (Jun 29, 2018)

where's hunter? said:


> if you switch chequing accounts within td, do you need to get new debit card and cheques and what about direct deposits and payments?


No. Everything stays the same, just the package on the account changes. Everything else stays the same.


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## Tostig (Nov 18, 2020)

Yes, there are other accounts with lower minimum balance you can switch to. However, it's only a matter of time those minimums will increase too.


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## Retired Peasant (Apr 22, 2013)

Money172375 said:


> The high end account has features I use. No fee non-td atms. No fee foreign US ATM. Free premium credit card which in turn can give you free travel medical insurance, free roadside car service, extended warranty protection, free SDB.


I too usually keep >$5000, and the All-inclusive is tempting with a TD Visa Infinite Cash Back card (3% cash back on groceries/gas). But then, my main grocery store doesn't accept Visa, and there's a minimum income of $60000 to get it.


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## Money172375 (Jun 29, 2018)

Retired Peasant said:


> I too usually keep >$5000, and the All-inclusive is tempting with a TD Visa Infinite Cash Back card (3% cash back on groceries/gas). But then, my main grocery store doesn't accept Visa, and there's a minimum income of $60000 to get it.


That minimum income is a flexible policy.


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## James Petko (Apr 30, 2021)

Tostig said:


> Just came back from the bank in which I was advised by the teller that their minimum balance was going up to $5000 from the current $2000. So I closed one account that had no activity and now I have to think what to do with another one where I do use it for convenience as most of my banking is through PC Financial and Tangerine.
> 
> I just Googled but could not find anything about TD raising its minimum balance.
> 
> ...


I have that now archaic Preferred Chequing Account. Since 1985 . I believe that it was originally a Canada Trust account. The $5000 minimum is no big big deal. Does anyone know what benefits it offers now. Things such as free foreign ATM use, free cheques, etc. If those have all been done away with then it's not worth keeping. No info online and the TD help line is useless.


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## Money172375 (Jun 29, 2018)

James Petko said:


> I have that now archaic Preferred Chequing Account. Since 1985 . I believe that it was originally a Canada Trust account. The $5000 minimum is no big big deal. Does anyone know what benefits it offers now. Things such as free foreign ATM use, free cheques, etc. If those have all been done away with then it's not worth keeping. No info online and the TD help line is useless.


I believe the only change is the minimum and the transaction cost if you’re below the minimum. Changes are described on page 1 here. https://www.tdcanadatrust.com/document/PDF/accounts/513796.pdf

this is the official notice. You should have also received an email (with a link to the notice on easyweb) or a paper based snail mail copy.


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## Lakesideliving (May 4, 2021)

FUCanadaTrust said:


> FU Canada Trust!
> 
> I have a *Preferred Chequing* account too. I opened it in 1983. And they keep changing the terms, trying to get you to abandon it.
> 
> ...





Money172375 said:


> Can you post the notice or link?


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## Lakesideliving (May 4, 2021)

I’m in the exact same boat. 38 years with the same account. They keep changing it. It’s so frustrating. Yes, it’s a grandfathered account so leave it alone.


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## Money172375 (Jun 29, 2018)

If you can maintain $4000 or $5000 MDB, then there are better options at TD. 
there’s very few people who would benefit from the revised preferred account.

I suspect the number of people holding the preferred account is very small. I rarely saw one when I left branch banking in 2017.


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