Before we say anything else, I’d like to point out that TD made over $7.9 BILLION in profits in their 2015 fiscal year. Also let’s not forget that the TD CEO gave himself a 10% salary raise and now makes $9 million while laying off employees.
If you’re a TD Canada Trust client it’s time to move to a new bank. Starting March 1st, 2016 TD Bank is drastically raising some of its fees. The fee increases apply to both personal and business TD Accounts.
TD Bank customers take note that a number of new fees will be increasing effective March 1, 2016:
- Non-TD ATM Fee: $2 (previously $1.50)
- Fee to cancel Interac e-Transfer: $5 (previously $0.00) <– wow, really TD?
- Fee for holding a post-dated cheque to be deposited in-branch: $5 (previously $0.00)
- Transfer fee – for the transfer of a TD Canada Trust Tax-Free Savings Account to another financial institution: $75.00 plus tax (previously $0.00)
- NSF fee – where there are insufficient funds in your account for a payment on a TD credit product: Applicable (previously Not Applicable)
Business accounts are getting tons of fee increases as well.
If you don’t want to pay high fees consider exploring different banks like Scotiabank’s budget bank: Tangerine. They often run promotions and bonuses when you open a new account, you have access to Scotiabank ATMs, free email money transfers, cheque deposits by picture, competitive interest rates, and more!