TD Canada Trust Service Fees

[basic]

Hi there,

I'm with TD Canada Trust. I've been with them for years, I have a nice sized LOC, credit card and a mortgage with them.

I'm paying 12.95 a month for the inifinity package with regard to transactions. I feel like they are sucking me dry as it is with my previously mentioned dealings with them. I'm wondering if anyone can give me advice on how to go about getting that fee waived while keeping the plan.

[dr_torch]

Hi there,

I'm with TD Canada Trust. I've been with them for years, I have a nice sized LOC, credit card and a mortgage with them.

I'm paying 12.95 a month for the inifinity package with regard to transactions. I feel like they are sucking me dry as it is with my previously mentioned dealings with them. I'm wondering if anyone can give me advice on how to go about getting that fee waived while keeping the plan.

Change Banks? What is TD offering you that, say, Citizens Bank could not with their free chequing account?

[gambit_360]

With that account, just maintain a minimum balance of $3000 to waive the monthly fees. It'll be worth it just for the amount of money saved.

[angel_wing0]

With that account, just maintain a minimum balance of $3000 to waive the monthly fees. It'll be worth it just for the amount of money saved.

+1.

I do that with my select service account. It's 5k not 3k though.

[Badger]

With that account, just maintain a minimum balance of $3000 to waive the monthly fees. It'll be worth it just for the amount of money saved.

+1. Given the interest rate in the market. With a $3000 balance, you won't be making a lot in interests payment. You are currently paying over $150 in bank fees each year. Hey, it's a 5% return if you put $3000 in there.

[AllWheelDrift]

+1. Given the interest rate in the market. With a $3000 balance, you won't be making a lot in interests payment. You are currently paying over $150 in bank fees each year. Hey, it's a 5% return if you put $3000 in there.
OP says he has a nice sized LOC & a CC, and a mortgage with them, so it might still not be worth it depending on the LOC & mortgage rates and whether he's carrying a balance on the LOC and/or CC.

Of course, with TD you can you a LOC like a no-fee chequing account, so maybe ditching the infinity package and using the LOC as the main account is the way to go.

[Badger]

OP says he has a nice sized LOC & a CC, and a mortgage with them, so it might still not be worth it depending on the LOC & mortgage rates and whether he's carrying a balance on the LOC and/or CC.

Of course, with TD you can you a LOC like a no-fee chequing account, so maybe ditching the infinity package and using the LOC as the main account is the way to go.

Perhaps, talking to the branch manager may help too.

I know they can issue credits on a monthly basis from the branch itself.

[squid]

Keeping a balance is not really free though. To maintain a 3,000 balance you really need a buffer to ensure you don't dip below. Say your average balance then is 4,500.

Well, if you had an all in one type mortgage, like CT financial offers, that 4,500 reduces your mortgage balance by 4,500. Considering taxes, that is like earning an extra 3 to 4 hundred a year in saved interest. Not too bad.

[angel_wing0]

I know they can issue credits on a monthly basis from the branch itself.

well the credit probably wont be forever, if the op can even get it, that is.

[15-20_God]

I feel like they are sucking me dry as it is with my previously mentioned dealings with them.

I would say use different terminology as I would associate that phrase with a positive experience.

[AndrewChang]

Hi there,

I'm with TD Canada Trust. I've been with them for years, I have a nice sized LOC, credit card and a mortgage with them.

I'm paying 12.95 a month for the inifinity package with regard to transactions. I feel like they are sucking me dry as it is with my previously mentioned dealings with them. I'm wondering if anyone can give me advice on how to go about getting that fee waived while keeping the plan.

Switch your CC to the Rebate Rewards Visa. That will give you unlimited transactions with cashback, all for no annual fee. Switch your Infinity Chequing Account to the Value Chequing Account. A minimum balance of $1000 each day of the month will waive the $3.95 monthly fee. Pay the full monthly balance on the Rebate Rewards Visa with a pre-authorized payment coming out of that Value Chequing Account. Any teller can do all this for you.

TD Canada Trust is not sucking you dry. You just need to smarten up. In this day and age, unless you lack sufficient self control, there is no reason to use an "unlimited chequing account" when you can use a decent cash back credit card. In the time it took you to log on, navigate to the personal finance forum and create this post, you could have learned about these options on the TD Canada Trust (http://www.tdcanadatrust.com/) website.

[tng11]

OP says he has a nice sized LOC & a CC, and a mortgage with them, so it might still not be worth it depending on the LOC & mortgage rates and whether he's carrying a balance on the LOC and/or CC.

Of course, with TD you can you a LOC like a no-fee chequing account, so maybe ditching the infinity package and using the LOC as the main account is the way to go.

This is the best piece of advice on this thread. Use the LOC as a Chequing account. It gives you free cheques and unlimited transactions. You can just run it in a positive balance (assuming you don't have a negative balance on the LOC) and treat it like a free chequing account with a large overdraft (what your credit limit is). It costs less than OD rates and no service fee when you go in the negative.

If you're carrying a balance, no reason to have money in another chequing account. Just deposit your payroll to the LOC and it will ensure you're paying the least interest and as you need cash, just withdraw what you need.

[QTheNukes]

+1.

I do that with my select service account. It's 5k not 3k though.

+2

I would never have dreamed of keeping 5k in the bank 1 year ago. I threatened to pull everything I had out of TD and got nowhere, they wouldn't wave any fees so I tried to go to Citizens Bank. Needless to say it got messed up and now I am still at TD with 5g's in the bank.

[Thalo]

Are you getting full use of the Infinity account, doing more than 40 or so transactions per month? Is using interac direct debit an absolute must for you? There are always ways to save money in banking fees.

It's not TDCT sucking you dry, it has to do with how you use your banking services. You need to be aware that you pay a premium for using your debit card to make interac purchases instead of a credit card. Think about it this way: every time you pull out your debit card to pay for something it can cost you as much as 65 cents to do the transaction (depending on your service plan). If you use your credit card instead, the merchant pays all fees associated with the transaction and in the case of cash back or reward credit cards the credit card company actually passes along some of the revenues from the merchant to you.

So, that being said, the only reason to be on the Infinity plan is if there are no ways for you to avoid doing debit purchases. Me, I'm a TD employee, and although I get free banking I never ever pay by debit and keep the transactions on my checking account at an absolute minimum. I do all my purchases on a TD Travel Infinite Visa, I get a bunch of travel reward points in the process, my Visa is paid automatically by my HELOC, the HELOC pays all my other bills and does all my other random transactions and the bulk of my pay goes directly into the HELOC, with only a little going into checking to make the HELOC interest payments.

There are any number of ways to reduce your fees with the products you have. You mentioned you have a LOC, credit card and mortgage with TDCT. Why not use the credit card for all your purchases (upgrade to something with rewards, as someone else mentioned, if you're not getting rewards), use your LOC for all other transactions and downgrade the checking account to a Value plan ($3.95/mo or keep $1000 balance at all times) and only use it to make your mortgage and LOC payments.

[Thalo]

I should mention, I'm a proponent of the Select Service plan as well. You get A LOT more than the Infinity plan, if you really use all the services. Even if you keep a double buffer of $10,000 in the account, that's foregoing $200 of interest a year at 2%, $120 after tax. For that you get:
-Unlimited transactions
-No interac or Plus fees when you withdraw money anywhere in the world, excludes of course what the bank machine charges
-Free cheques (roughly $30 per order)
-Free Travel Infinite Visa plus supplementary card ($180/yr)
-Free U.S. Borderless Plan (I think it's about $5/mo otherwise)
-Free $US Visa ($25/yr)
-Free small Safety deposit box (something like $40/yr)
-Free drafts, travellers cheques and other various little frills

[angel_wing0]

-Free U.S. Borderless Plan (I think it's about $5/mo otherwise)
-Free $US Visa ($25/yr)


The US visa is like $40 USD a year, and the botherless plan is $5 USD a month :)

[tng11]

The US visa is like $40 USD a year, and the botherless plan is $5 USD a year :)

Thalo is a TD employee. The Borderless plan is $6.95 US PER MONTH last time I checked and the Visa is $39 annual fee.

[Thalo]

I stand corrected. So what's the tally up to then, something like $1000/year of free services if you keep minimum $5000 in the Select Serve?

[angel_wing0]

The Borderless plan is $6.95 US PER MONTH last time I checked...

$4.95 USD/month.

http://www.tdcanadatrust.com/accounts/borderless.jsp

My bad, i mean a month...wtf did i put year --*

[angel_wing0]

I stand corrected. So what's the tally up to then, something like $1000/year of free services if you keep minimum $5000 in the Select Serve?

Indeed. That's why i bit the bullet and finally opened the account :D

[thirtyone]

I've been a happy user and proponent of the TD Select Service Account for years now. If you;re going to stick with TD and carry a minimum balance on a chequing account, go for the Select Service over the Infinity if you can swing it. The Infinity doesn't really do much for you, other than take your money, while the Select Service gives you a whole bunch of extras that far outweigh the $5000 balance you need to keep as has been previously stated.

If you can't swing it, dump the chequing entirely and just use your Line of Credit, as many others have suggested.

A buddy of mine has recently done a switch where he now uses Citizens Bank for his chequing and savings, but keeps his Line of Credit at TD as his "main" brick-and-mortar bank account. I'm in too deep and been with TD too long to leave them without causing a serious hassle, but if I could start fresh, I would simplify and just do this for my personal accounts, and never pay a fee on anything, anywhere; and never be forced to keep a minimum balance:

-Citizens Bank Global Chequing
-Citizens Bank Ultimate Savings
-TD Line of Credit
-MBNA Starwood Mastercard

[X360]

I should mention, I'm a proponent of the Select Service plan as well. You get A LOT more than the Infinity plan, if you really use all the services. Even if you keep a double buffer of $10,000 in the account, that's foregoing $200 of interest a year at 2%, $120 after tax. For that you get:
-Unlimited transactions
-No interac or Plus fees when you withdraw money anywhere in the world, excludes of course what the bank machine charges
-Free cheques (roughly $30 per order)
-Free Travel Infinite Visa plus supplementary card ($180/yr)
-Free U.S. Borderless Plan (I think it's about $5/mo otherwise)
-Free $US Visa ($25/yr)
-Free small Safety deposit box (something like $40/yr)
-Free drafts, travellers cheques and other various little frills
I love this TD Select Service account too... just need to keep the balance $5000/month then no fee for all the services...

I choose the free Gold Elite Visa Card (save $99 a year) because it also give free Deluxe TD Auto Club membership (save $79 a year)

http://www.tdcanadatrust.com/tdvisa/elite.jsp
http://www.tdcanadatrust.com/tdvisa/pdf/gold_elite_auto_club.pdf

Are you sure we have a free "TD US Dollar Visa Card"? I don't see we can have it free with Select Service account.

Annual fee waived for

TD First Class Travel Visa Infinite Card,
TD Platinum Travel Visa Card or
TD Gold Elite Visa Card

and for one Authorized User Visa Card on each TD Visa Account

http://www.tdcanadatrust.com/accounts/select.jsp
http://www.tdcanadatrust.com/tdvisa/VisaCards.pdf

[Rudy]

another happy user of the TD Select Service account, I always make sure I have about 6-7k in the account so I don't pay any fees and the rest of my money is in my savings account :)

I have to admit I don't do as many transactions as I used to though. I used to have way over 100 transactions (I used it for everything) but now I use my cash back Visa from TD for everything.....but the Select Service account pays for the Visa's yearly fee ;)

[angel_wing0]

Are you sure we have a free "TD US Dollar Visa Card"? I don't see we can have it free with Select Service account.

You bet.

With select service u get to use the borderless plan for free. And the borderless plan gives u the td us visa with no annual fee ;)

[Thalo]

Are you sure we have a free "TD US Dollar Visa Card"? I don't see we can have it free with Select Service account.


http://www.tdcanadatrust.com/accounts/select.jsp
http://www.tdcanadatrust.com/tdvisa/VisaCards.pdf

Indirectly. Select Serve = free Borderless plan = free USD Visa.

[X360]

Thanks you, I gonna apply for free "TD US Dollar Visa Card" too... It will be convenient to buy stuffs online in US dollars or travel in US... save a lot of money for exchange fee...

Annual fee waived for TD U.S. Dollar Visa Card
http://www.tdcanadatrust.com/accounts/borderless.jsp

Get it free! Borderless Plan costs just $4.95 U.S. a month, or it's available free with our Select Service.
BTW, about the saving $4.95 US a month of Borderless Plan... TD can only setup/waive for period of 12 months... when you see this charge on your account, better call them to credit and setup another waive for next 12 months... So every year we have to call... a bit inconvenient...

[EugW]

If you have a mortgage, it's always nice to keep extra cash around anyway. While it would be preferable to keep the extra $3000 (or whatever) in a TFSA, if you need the service your current TD account offers, you may as well keep the $3000 in the TD account anyway to save the fees.

You never know when you might have to dip into it. As they say, it's always good to keep at least 3 months and preferably 6 months living expenses around in cash or cash equivalents, just in case. If you spend $2000 a month, that's $6000-12000.

Put $3000 in your TD account and forget about it, and put the rest into your TFSA or whatever.

[Thalo]

Thanks you, I gonna apply for free "TD US Dollar Visa Card" too... It will be convenient to buy stuffs online in US dollars or travel in US... save a lot of money for exchange fee...


http://www.tdcanadatrust.com/accounts/borderless.jsp


BTW, about the saving $4.95 US a month of Borderless Plan... TD can only setup/waive for period of 12 months... when you see this charge on your account, better call them to credit and setup another waive for next 12 months... So every year we have to call... a bit inconvenient...

Good point. It is an inconvenience due to the system limitations. Best thing is to develop a relationship with an FA/FSR at your branch and see if they can set a reminder for themselves to waive the fees every year. Otherwise, if it's ever missed, just call easyline and they'll renew the fee waiver and refund whatever was charged.

[angel_wing0]

BTW, about the saving $4.95 US a month of Borderless Plan... TD can only setup/waive for period of 12 months... when you see this charge on your account, better call them to credit and setup another waive for next 12 months... So every year we have to call... a bit inconvenient...

Once a year is not too bad...if its once every month that's another story ;)

[tkyoshi]

Thanks you, I gonna apply for free "TD US Dollar Visa Card" too... It will be convenient to buy stuffs online in US dollars or travel in US... save a lot of money for exchange fee...


Do you have a lot of USD? If so then yes you will save the exchange. If you are converting everytime then you probably won't really save, especially if the CAD drops. When it dropped last year quite a bit a lot of people with USD cards lost out huge (the ones that convert CAD-->USD to pay it off).

TD Borderless exchange is pretty decent though so I suppose there are some savings there. Too bad the TD USD Visa doesn't have rewards, that's why I have a BMO Mosaik USD (no annual fee), might as well something even if it's only 0.5% Cashback or 1AM/$40.

[actng]

minimum balances are for losers.

just walk in a branch or call up easy line and demand that your monthly fees be waived.

point out that you pay several times more than that amount in interest each month from your LOC and mortgage combined that other banks will be glad the waive their monthly service fee for you in exchange for bringing them your mortgage and LOC.

my branch upgraded my account to the most expensive up and then waived the fee.

[Rudy]

minimum balances are for losers.

just walk in a branch or call up easy line and demand that your monthly fees be waived.

point out that you pay several times more than that amount in interest each month from your LOC and mortgage combined that other banks will be glad the waive their monthly service fee for you in exchange for bringing them your mortgage and LOC.

my branch upgraded my account to the most expensive up and then waived the fee.

I could come in and say that LOCs are for losers

[Bullseye]

Some info I wrote on using your LOC for daily banking to save on fees;

http://colourfulmoney.com/?p=274

[Archanfel]

Some info I wrote on using your LOC for daily banking to save on fees;

http://colourfulmoney.com/?p=274

Well, if you keep a positive balance, how can you argue that "you pay several times more than that amount in interest each month from your LOC "? :)

With interest rate this low, I don't think minimum balances cost that much.

[Bullseye]

Well, if you keep a positive balance, how can you argue that "you pay several times more than that amount in interest each month from your LOC "? :)

With interest rate this low, I don't think minimum balances cost that much.

True that low interest rates lower the impact of keepng a minimum balance in the current environment. These are historic low rates, though, and not likely to last very long (imo). I would still maintain that in the long run, it is not the most optimal and efficient route, given the other options available.

[angel_wing0]

minimum balances are for losers.

just walk in a branch or call up easy line and demand that your monthly fees be waived.

point out that you pay several times more than that amount in interest each month from your LOC and mortgage combined that other banks will be glad the waive their monthly service fee for you in exchange for bringing them your mortgage and LOC.

my branch upgraded my account to the most expensive up and then waived the fee.

well i dont have a mortgage/loc and i m new. Guess i m out of luck :D

[angel_wing0]

does viewing a copy of your cashed cheque cost $1.50 with select service? ...just want to confirm beofre i presson the link...its sooooo tempting :D

[tng11]

does viewing a copy of your cashed cheque cost $1.50 with select service? ...just want to confirm beofre i presson the link...its sooooo tempting :D

Do you have Paperless record keeping? If so, then it's free. If you have Paper statements then it is $1.50 to view images.

[angel_wing0]

Do you have Paperless record keeping? If so, then it's free. If you have Paper statements then it is $1.50 to view images.

noooooooooooooooo!! maybe i should change to paperless record keeping then. Will the cashed cheques get returned to me at the end of the month or will that cost money as well with paper statements?

[Rudy]

noooooooooooooooo!! maybe i should change to paperless record keeping then. Will the cashed cheques get returned to me at the end of the month or will that cost money as well with paper statements?

I'm pretty sure you need to pay to get a copy of the cheque returned to you. Just go paperless and then you can view them online (and print them if you really want)

[angel_wing0]

I'm pretty sure you need to pay to get a copy of the cheque returned to you. Just go paperless and then you can view them online (and print them if you really want)
Thanks, i m just going to convert to Paperless since i always throw away the statement 2-3 minutes after i take it out of the envelope anyway :D

[actng]

I could come in and say that LOCs are for losers

Not realizing LOCs > chequing account makes you a loser.

Go talk to your bank, do some research before you come in and start arguing.

[QTheNukes]

minimum balances are for losers.

just walk in a branch or call up easy line and demand that your monthly fees be waived.

point out that you pay several times more than that amount in interest each month from your LOC and mortgage combined that other banks will be glad the waive their monthly service fee for you in exchange for bringing them your mortgage and LOC.

my branch upgraded my account to the most expensive up and then waived the fee.

Clearly not TD though......

[angel_wing0]

Some info I wrote on using your LOC for daily banking to save on fees;

http://colourfulmoney.com/?p=274

With interest rate this low, I don't think minimum balances cost that much.

I second that, and with TD Select Service, u get much more than the ~$100 BEFORE tax interest that u can earn with a savings account.

[actng]

well i dont have a mortgage/loc and i m new. Guess i m out of luck :D

are you a student? you can get a student line of credit. that's how i got mine - in fact i didn't even apply. I got back to my dorm room one day and there was a letter that says I was preapproved for an unsecured 18,000 line of credit for prime + 0.75%.

i kept it over the years and it wasn't until recent years that they increased the interest on that LOC to market rates. you don't need to worry about interest if you don't carry a balance.

but the beauty about it is that there are no monthly fees and cheques are free. so you can deposit money into the LOC as you write cheques or pay bills and never really carry a balance. that's why LOCs rock so hard.

[actng]

Clearly not TD though......

sorry i thought we were talking TD in this thread. i didn't realize you were talking about another bank.
or did you mean my branch wasn't TD? cuz it is.

[Archanfel]

are you a student? you can get a student line of credit. that's how i got mine - in fact i didn't even apply. I got back to my dorm room one day and there was a letter that says I was preapproved for an unsecured 18,000 line of credit for prime + 0.75%.

i kept it over the years and it wasn't until recent years that they increased the interest on that LOC to market rates. you don't need to worry about interest if you don't carry a balance.

but the beauty about it is that there are no monthly fees and cheques are free. so you can deposit money into the LOC as you write cheques or pay bills and never really carry a balance. that's why LOCs rock so hard.

If you don't carry a balance, how can you argue "you pay several times more than that amount in interest each month from your LOC". Does TD charge interests without balances? :D

[angel_wing0]

are you a student? you can get a student line of credit. that's how i got mine - in fact i didn't even apply. I got back to my dorm room one day and there was a letter that says I was preapproved for an unsecured 18,000 line of credit for prime + 0.75%.

i kept it over the years and it wasn't until recent years that they increased the interest on that LOC to market rates. you don't need to worry about interest if you don't carry a balance.

but the beauty about it is that there are no monthly fees and cheques are free. so you can deposit money into the LOC as you write cheques or pay bills and never really carry a balance. that's why LOCs rock so hard.

Nop not a student. I dont think i can afford to put 5k in an account when i was a student. $18000 @ prime + 0.75% thou? Sounds too overkill good :D

I guess I will try applying for one.

[basic]

minimum balances are for losers.

just walk in a branch or call up easy line and demand that your monthly fees be waived.

point out that you pay several times more than that amount in interest each month from your LOC and mortgage combined that other banks will be glad the waive their monthly service fee for you in exchange for bringing them your mortgage and LOC.

my branch upgraded my account to the most expensive up and then waived the fee.

I tried this and it didn't work. Hence the thread. I unfortunately am paying down a big balance on my LOC, can't use it instead of a chequing account until I get it to zero (although when i get there, that is how i'll do it). I need the infinity plan - i rarely use my debit card but anytime money leaves my chequing account its a transaction (ie i had 21 transactions already this month, no debit uses and 2 cash withdrawals: paying visa, car insurance payments, etc)

[angel_wing0]

well u can either keep the minimum balance...and if u cant do that, switch to the lowest paying fee account and move everything else to a no fee bank account like pcf/citizens.

[Salinger]

Question about the Select Service/LOC. Since I'll be keeping more than $5k in there to ensure waived fees, would TD consider putting a hold on that (since I won't be using it anyway) and using it as security to give me a lower rate on a LOC? Did that make sense? :)

[angel_wing0]

Question about the Select Service/LOC. Since I'll be keeping more than $5k in there to ensure waived fees, would TD consider putting a hold on that (since I won't be using it anyway) and using it as security to give me a lower rate on a LOC? Did that make sense? :)

you can always ask your bank rep...it's a ymmv case thou.

[actng]

If you don't carry a balance, how can you argue "you pay several times more than that amount in interest each month from your LOC". Does TD charge interests without balances? :D

you incorrectly combined two separate points of mine

scenario 1:
you have a chequing account and a LOC
you carry a balance on LOC and pay lots of interest
argument: "I pay many times more interest than your monthly fee. Waive it."

scenario 2:
you have a LOC but don't carry a balance
argument: cancel your chequing account, put your money in ING or whatever and transfer money into it as you need to pay bills or write cheques. no monthly fees or interest paid.

[actng]

I tried this and it didn't work. Hence the thread. I unfortunately am paying down a big balance on my LOC, can't use it instead of a chequing account until I get it to zero (although when i get there, that is how i'll do it). I need the infinity plan - i rarely use my debit card but anytime money leaves my chequing account its a transaction (ie i had 21 transactions already this month, no debit uses and 2 cash withdrawals: paying visa, car insurance payments, etc)

time to start looking for a new bank (or branch) then.

if you have a mortgage, you may want to look into refinancing your mortgage so you free up your LOC for short term debt.

you could also sign up for a capital one card (i have prime + 0.9%, not sure they still have) and put your LOC on there.

I think you just have to try harder with your bank to work something out. I didn't even have to ask and she waived all my fees.

[Archanfel]

you incorrectly combined two separate points of mine

scenario 1:
you have a chequing account and a LOC
you carry a balance on LOC and pay lots of interest
argument: "I pay many times more interest than your monthly fee. Waive it."

scenario 2:
you have a LOC but don't carry a balance
argument: cancel your chequing account, put your money in ING or whatever and transfer money into it as you need to pay bills or write cheques. no monthly fees or interest paid.

But I thought it was you who said "my branch upgraded my account to the most expensive up and then waived the fee. ", so are you scenario 1 or scenario 2?

[actng]

But I thought it was you who said "my branch upgraded my account to the most expensive up and then waived the fee. ", so are you scenario 1 or scenario 2?

A little dense are we? LOL

once upon a time i had a chequing account where i paid a monthly fee

then i got LOC and complained about the monthly fee and they halved my monthly fee

then i carried a big balance and paid interest and wanted to cancel my chequing account and then they waived my monthly fee

then i got a mortgage with them and they upgraded my chequing account to the most expensive one and then waived the fee.

if you were smarter, you would realize which scenario i'm in doesn't matter, just that paying monthly fees, or keeping minimum balances are not necessary, if you are a big customer.

is there anything else i can educate or explain to you today?

[Archanfel]

A little dense are we? LOL

once upon a time i had a chequing account where i paid a monthly fee

then i got LOC and complained about the monthly fee and they halved my monthly fee

then i carried a big balance and paid interest and wanted to cancel my chequing account and then they waived my monthly fee

then i got a mortgage with them and they upgraded my chequing account to the most expensive one and then waived the fee.

if you were smarter, you would realize which scenario i'm in doesn't matter, just that paying monthly fees, or keeping minimum balances are not necessary, if you are a big customer.

is there anything else i can educate or explain to you today?

Yes, please educate me a bit more. You said "Not realizing LOCs > chequing account makes you a loser.", then why are you keeping an chequing account instead of using your LOC exclusively?

It also puzzles me why did you pay full monthly fee and then "halved monthly fee" when you knew that LOC with a positive balance had no fees? Because with all the "loser" talk, I'd think you had been using a positive LOC for all eternity.

LOCs with positive balance is a well known trick. If you bothered reading the exchange between Bullseye and I, you would have realized that he suggested that before you did (without the loser part of course). My point was that it might still be useful to keep a checking account and the minimum balance doesn't cost much. There are several reasons for it. Holding period between ING and TD is one (I know, I know, holding periods are for losers). Bullseye's view is that although that's true right now, with a rising interest rate, it might change in the future.

[tng11]

I just want to point out, Select Service account WIN! :D

($200 in International ATM fees from a trip in Japan, waived below)

http://i97.photobucket.com/albums/l218/thomassiufaing/screen-capture-4.png

[angel_wing0]

huh? where?!

[Thalo]

noooooooooooooooo!! maybe i should change to paperless record keeping then. Will the cashed cheques get returned to me at the end of the month or will that cost money as well with paper statements?

To answer your question, you can get cheque images mailed to you with your statement for free, but I do think they'll charge you to view them online if you're not on paperless. I could be wrong though.

[angel_wing0]

To answer your question, you can get cheque images mailed to you with your statement for free, but I do think they'll charge you to view them online if you're not on paperless. I could be wrong though.

i see, will ask to make sure. The problem is i cant find anywhere on the td site that says u can view cheque images online if i m on paperless. So i m just going to ask my bank rep so i wont get screwed.

EDIT: I am an idiot.

Just found this:

View Cheque Service - "Charged in the currency of account. Free for Paperless Record Keeping or Private Banking customers."

[Thalo]

I just want to point out, Select Service account WIN! :D

($200 in International ATM fees from a trip in Japan, waived below)

http://i97.photobucket.com/albums/l218/thomassiufaing/screen-capture-4.png

Dude... don't the Japanese ATMs charge you a service fee each time? $9.83 transactions... how far does 1000 Yen go in Tokyo these days?

[Thalo]

i see, will ask to make sure. The problem is i cant find anywhere on the td site that says u can view cheque images online if i m on paperless. So i m just going to ask my bank rep so i wont get screwed.

It says so just before you do the cheque image viewing online, I believe.

You can call Easyline right now and they'll switch you to paperless instantaneously and you can view the cheque right away.

[angel_wing0]

i dont see where the $200 credit is :p they are all withdrawals arent they?

[tng11]

Dude... don't the Japanese ATMs charge you a service fee each time? $9.83 transactions... how far does 1000 Yen go in Tokyo these days?

Nope. The Japanese ATMs didn't charge a surcharge and I didn't get a surcharge once when I was in Europe either. The concept of surcharging seems to only apply in Canada and the US (that being said, Canadian/US ATMs don't charge the operator $1.50 surcharge for foreign cards)

1000 Yen can buy 2 or 3 meals, surprisingly. Or maybe 5 subway rides. Unfortunately that 1000 yen withdrawal would now be like $14. :|

i dont see where the $200 credit is :p they are all withdrawals arent they?
They don't credit it as they simply don't charge you in the first place. If I did not have the Select Service account, there would have been around $200 in fees charged as I made more than 40 withdrawals.

[X360]

It says so just before you do the cheque image viewing online, I believe.

You can call Easyline right now and they'll switch you to paperless instantaneously and you can view the cheque right away.
I hated it... I have paperless... TD should fix this... It should not show that scary message if people have paperless...

and the funny thing is it shows after the users click "View" and seeing the cheque image lol...
View Cheque Details

A fee of $1.50 will be charged in the currency of the account for each cheque viewed. The fee will be debited from your account by the next business day. You may view a cheque as many times as you wish during your current EasyWeb session.

*The View Cheque service is free for customers who have the Paperless Record Keeping option. Learn more about Paperless Record Keeping.

[angel_wing0]

Nope. The Japanese ATMs didn't charge a surcharge and I didn't get a surcharge once when I was in Europe either. The concept of surcharging seems to only apply in Canada and the US (that being said, Canadian/US ATMs don't charge the operator $1.50 surcharge for foreign cards)

1000 Yen can buy 2 or 3 meals, surprisingly. Or maybe 5 subway rides. Unfortunately that 1000 yen withdrawal would now be like $14. :|


They don't credit it as they simply don't charge you in the first place. If I did not have the Select Service account, there would have been around $200 in fees charged as I made more than 40 withdrawals.

So basically like global cheqing account #2 = NICE.

[angel_wing0]

I hated it... I have paperless... TD should fix this... It should not show that scary message if people have paperless...

and the funny thing is it shows after the users click "View" and seeing the cheque image lol...

there's something for u to select thou:

"Don't show me this disclosure again"

EDIT: nm i see what u mean. And done converted to paperless :D

[actng]

Yes, please educate me a bit more. You said "Not realizing LOCs > chequing account makes you a loser.", then why are you keeping an chequing account instead of using your LOC exclusively?

It also puzzles me why did you pay full monthly fee and then "halved monthly fee" when you knew that LOC with a positive balance had no fees? Because with all the "loser" talk, I'd think you had been using a positive LOC for all eternity.

LOCs with positive balance is a well known trick. If you bothered reading the exchange between Bullseye and I, you would have realized that he suggested that before you did (without the loser part of course). My point was that it might still be useful to keep a checking account and the minimum balance doesn't cost much. There are several reasons for it. Holding period between ING and TD is one (I know, I know, holding periods are for losers). Bullseye's view is that although that's true right now, with a rising interest rate, it might change in the future.

holy i hope you're playing stupid cuz i find it hard to believe someone can be as thick as you.

i kept the chequing account cuz they halved the monthly fee. i wanted to keep it for 6 months for the tax refund to come through and to finalize any mutual fund auto-withdrawals from the chequing account.

after that i got a mortgage with them and as I was talking mortgage they upgraded and waived the fees without even telling me until i told her to cancel my chequing account. so now i keep the chequing account because it doesn't cost me anything.

so in the situation for those that don't have debt but don't want to pay a monthly fee for basic chequing service, LOC > chequing account.

and just in case you can't make the inference, for those who have debt, a LOC > chequing account too.

and when you switch to using a LOC, you'll learn to use it strategically carrying a small balance. the interest you pay on it can then be used to negotiate a waiver of fees on your chequing account..

does this finally make sense to you? do you now see after i've spoon fed you every little detail how having a LOC is better than just having a chequing account because it leads to you having a free chequing account down the road.

got any other questions? please at least try to ask some good ones.

[Thalo]

1000 Yen can buy 2 or 3 meals, surprisingly. Or maybe 5 subway rides. Unfortunately that 1000 yen withdrawal would now be like $14. :|




Don't worry. Soon the Yen will be worthless again, as it should be.