What count as interac "transactions"?

[srg83]

When I first got my TD account I got talked into the $12.95/month infinity account, which I thought was a good idea since I used my debit card for a LOT of purchases.

Being a little more careful with spending my money, I'm perfectly willing to go down to a limited amount of transactions for a cheaper account (and I'm eventually going to close this account as I already have a PC account as well - I have specific reasons for keeping this one right now).

Of course, the next lowest one is $8.95 which includes 25 transactions, or $3.95 which includes 10 transactions.

My question is - what do banks count as interac transactions? Do they mean simply paying for something with debit, or does it include withdrawing funds from ATMs (TD Green Machines - I don't go for the extra fee unless it's an emergency and there are no TD machines around)? I would hate to be dinged the extra $0.64 per transaction for just withdrawing cash to use instead of debit.

[AllWheelDrift]

I just glanced at TD's site, and it doesn't say "interac transactions" only "transactions" in which case an ABM withdrawl would count towards your transaction limit. Presumably bill payments, cheques, etc would also count towards your transaction limit.

I use credit cards for everything since from the bank account point of view it results in a single transaction when I pay my bill.

[srg83]

Ugh. I hate banks. Like I said I already have a no-fee account, but it's not my primary account simply because I need TD for some other things right now (which include some bill payments). Perhaps I should just go down to the $3.95/month account and transfer money in when it's needed and stick wtih the no-fee account for regular day-to-day activities.

[exstasie]

When I first got my TD account I got talked into the $12.95/month infinity account, which I thought was a good idea since I used my debit card for a LOT of purchases.

Being a little more careful with spending my money, I'm perfectly willing to go down to a limited amount of transactions for a cheaper account (and I'm eventually going to close this account as I already have a PC account as well - I have specific reasons for keeping this one right now).

Of course, the next lowest one is $8.95 which includes 25 transactions, or $3.95 which includes 10 transactions.

My question is - what do banks count as interac transactions? Do they mean simply paying for something with debit, or does it include withdrawing funds from ATMs (TD Green Machines - I don't go for the extra fee unless it's an emergency and there are no TD machines around)? I would hate to be dinged the extra $0.64 per transaction for just withdrawing cash to use instead of debit.

Since it already has been stated, it only says Transactions, and not Interac Transactions.

An Interac transaction is completely different than a normal transaction.

An Interac transaction would take place when the issuer and acquirer are different companies.

Ie. TD Debit card used at a TD ATM = NOT an Interac Transaction
TD Debit Card used at an RBC ATM = Interac Transaction

TD Debit Card used at a TD POS Device (Store) = Not an Interac Transaction
TD Debit Card used an a Moneris Device (Store) = Interac Transaction

For the later, the POS devices, there are very few non-Interac transactions as majority of the acquirers do not issue cards, ie. Moneris, Global Payments, Chase Paymentech, etc.


My guess is, when it says 25 transactions, that means 25 Point-of-sale transactions.

TD debit card to TD debit ATM does not cause anything as they use their own proprietary network, and therefore shouldn't cost any fees.
If you use your TD Debit ATM at an RBC ATM, you must pay RBC a fee for using the ATM and TD a fee for using the ATM. Your fee might be waived by TD and included in the 25 transactions, but I have no idea.

[AllWheelDrift]

My guess is, when it says 25 transactions, that means 25 Point-of-sale transactions.
I found their defintion of transaction:

What is a transaction?

You have access to all of the following transactions with our Chequing and Savings Accounts, so you can manage your everyday banking with ease:

In-branch withdrawals, transfers and bill payments
EasyLine telephone banking Specialist-assisted transactions
EasyLine telephone banking automated bill payments and transfers
Cheques
Automated banking machine withdrawals, transfers and bill payments
EasyWeb Internet Banking transfers and bill payments
Electronic pre-authorized payments and automated transfers (PTS)
Interac Direct Payment purchases (debit)
Additional transactions above your monthly account package are $0.65 each.

Each individual withdrawal, transfer or bill payment within an EasyWeb session is a separate transaction.
To find the definition, click the "View our top account related questions" on the "Contact Us" box and type "What is a transaction"

[exstasie]

I found their defintion of transaction:

To find the definition, click the "View our top account related questions" on the "Contact Us" box and type "What is a transaction"


That sucks that Internet transactions count individual as a separate transaction.

I've been with President's Choice for a while now and love having to pay absolutely no fees at all with them!

[AllWheelDrift]

That sucks that Internet transactions count individual as a separate transaction.

I've been with President's Choice for a while now and love having to pay absolutely no fees at all with them!
Yeah, I'm with PCF as well, but I'm not surprised by the defintion of transaction. Basically anything you do that results in a debit to your account balance is a transaction. At least transaction fee payments don't count as a transaction. :lol:

[tng11]

Just don't use debit. Put it all on CC and pay it off after every month.

[Sylvestre]

Had the same issue with TD. What I do now is have the 3.95 (which is waived since I keew 2K) and just transfer my entire paycheque (less 10 bucks) to my PC acct. and use that account for everything.

[exstasie]

Just don't use debit. Put it all on CC and pay it off after every month.

Easier said then done for most people!

[tng11]

Easier said then done for most people!

Same principle- spend what you have in your bank account as debit comes from there anyways. I know that's not the case for most people in the end though.

[exstasie]

Same principle- spend what you have in your bank account as debit comes from there anyways. I know that's not the case for most people in the end though.

You don't have to tell me cause thats exactly what I do :D
I pay off my balance in full everyone month. I don't think I've paid a single sent to any CC companies (Beside the annual fee).

But not all people have that kind of control. There's a reason why so many people are in debt.

Using debit helps prevent those impulse purchases that you wouldn't normally afford. If I used only debit, I know my overall spending would probably be 25% lower.

[Thalo]

Quite simply, every single debit to your account (with the exception of account fees) is a "transaction" that counts toward the 10 in the value plan and the 25 in the value plus. Additional to that are the "other bank fees" or interac withdrawals when you use a non TD machine, if you don't have a select plan.