How to close a TD bank account

[Nraja]

So my sister has a savings account at TD...and has a bit of money in there (nothing substantial...but a few hundred). Recently, she moved out of the country and will not be coming back to Canada for a while

in the mean time, she is getting charged fees on the money in the account as its under $1000 (TD charges fees if the account has less than 1000 in it)

My 2 options:
1) close the account - which brings me to my question..how do i do this without her being in the country? she wants to close it too...but i imagine the bank wouldnt accept a fax with her signature on it to close an account right?? what do they need?

2) top the account up to $1000 so it doesnt get charged fees..when she comes back she can close it. I'd really rather not do this for numerous reasons...but if its a last resort then i have no choice

any ideas??

[djino]

I believe the best thing to do (and perhaps the easiest) is for her to login to her online td account (or phone in).. and have the account transfered/converted to a regular savings account that does not charge monthly fees (ie The Tier Savings account http://www.tdcanadatrust.com/accounts/tiersavings.jsp ).

That way you do not need to get involed at all, and she wont be charged any monthly fees (crappy interest rate though, but hey, for less than 1K, you can't go wrong).

djino
"Convert it to another savings account with no fees"

[AndrewChang]

As far as I know, there is no way to transfer a Value account into a Tiered or Companion account.

[Nraja]

Good idea! But unless im mistaken, doesnt the tiered account charge u unless u have 500 in there?

[angel_wing0]

i believe she can close the account by calling TD. TD can then send her a cheque for the account balance...

[Lyrrad0]

I've managed to close an account by phone before.

The guaranteed investment account doesn't charge monthly fees, but you only get 1 free transaction a month, with additional transactions very expensive.

[Thalo]

As far as I know, there is no way to transfer a Value account into a Tiered or Companion account.

Affirmatory. Checking account cannot be converted to a savings account, a new account would need to be opened.

Options:
-Open a savings account by phone, transfer the money into there. Make sure the account has paperless record keeping to avoid fees.
-Close account by phone and have a draft mailed. There's a pretty steep fee for this though.
-Close account by phone but prior to doing this empty it out first, either
a) transfer funds to another TD customer
b) e-mail money transfer it out
c) pay a bill or credit card

[chris103610]

if you have a TD account. get her to transfer all funds to your account (this is done for free)
and then get her to call the toll free number and she can close it on the phone. not a problem.

just tell her to phone it in and they can help her set something up.

[randomthoughts]

Did this recently. Wrote myself a cheque for the balance, deposited it in PCF, then phoned to close the account.

Because I had more than 1k in the account, they would've had to courier the cheque, which would've cost $30 bucks. For just a bit of money in the account, they'll mail a cheque.

[subaru08]

In order to close acct on phone she needs to withdraw money from that acct. When the bal is zero she can close on phone. I tried closing over phone and had less than $2. They told me I will have to go to bank to close the acct. I asked them to mail me the check and close over phone but they did not do it.

[djino]

Oh ok, I did not know you could not convert an account with TD. I assumed you could since I can with most of the other banks I bank with (Scotia - Converted my Powerchecking account to their Gain Plan Savings Account, Also done the same checking to savings conversion with RBC - and all could be done right from Banking online).

If that isn't an option. I ask if she has checks on the account? If so, she could write you a check for the full balance then she could call in to Cancel (since $0 funds in the account). If she does not have checks, should could Email Money Transfer you the funds and then call to close.

Or she could open up the Tier/Companion account online. Do an account funds transfer from your Value to the new account. Call to Close.

djino
"These are the only options I can think of"

[Nraja]

Affirmatory. Checking account cannot be converted to a savings account, a new account would need to be opened.

Options:
-Open a savings account by phone, transfer the money into there. Make sure the account has paperless record keeping to avoid fees.
-Close account by phone and have a draft mailed. There's a pretty steep fee for this though.
-Close account by phone but prior to doing this empty it out first, either
a) transfer funds to another TD customer
b) e-mail money transfer it out
c) pay a bill or credit card


Thanks guys!

she called them and went with option c (above)...have to wait 3 days till it clears then call back and close it

the other option was to mail a cheque for $15....f* that