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!
Koho.ca is another option if your banking needs are relatively simple. They should be up and running fairly soon.
I don’t know how bank CEOs and such sleep at night. Banks make hundreds of millions in profits every quarter and yet have no concern of nickel and diming Canadians with user fees. Pathetic.
Now I have a good reason to use when I go to cancel my TD Aeroplan Infinite Visa card before the annual fee kicks in.
Wow. I’ve been using Tangerine for about a year now, it looks like I’ll be officially making the jump over. Completely ridiculous. They don’t need to nickel-and-dime people.
Consider a credit union – at least they are honourable. Meridian is very decent and has good interest rates on high interest savings accounts.
Presidents Choice Financial is free everything from printed cheque said to unlimited payments, transfers, etc. And the give you points and interest! And their free upgraded MasterCard gives you 3x points on Shoppers Drugmart, Superstore, etc. And CDW for car rental, tons of insurance and it’s all Free! Also Vancity I’ve been with for more than 30 years, they are a wonderful credit union that actually shares profits annually with all custumers, members and employees. In other words, there are so many non-greedy banks, why not let a credit union or no fee bank pay you for your money, and keep it in your pockets rather than letting corporate greed steal from you. Thank you so much for posting this vitally important info about TD. You are one Smart Canuck!
Tried Presidents Choice some years back when they switched over from being called Amicus: tried to give them some RRSP GIC funds to handle, but found that the staff were unprofessional and couldn’t handle the simplest of requests. Maybe things have changed there, but wouldn’t recommend PC due to poor customer service. Very happy with Tangerine service and fees, use BMO happily for ubiquitous ATMs and good customer service.
Boo: If you want to profit from those 7.9 billion, buy some stock ! Also keep in mind that a vast majority of retirement funds invest in banks ( stocks ). So all of these profits will benefit the retirees.
Wow : Tangerine is owned by Scotia which is also part of the big 5 banks in Canada.
My 2 cents !
Another reason why supporting a local CU makes sense! Members are the shareholders and their CEO’s do not make anywhere near that much
I switched from TD in december 2014 as I was not happy that they were going to be raising the amount you needed to keep in your account in order to get waived fees. I should have access to all my money at all times in case I ever need it. All I was asking for was for them to permanently waive $3.95 per month and I would be happy and stay with them as I had been a customer for 23 years but they refused and quite rudely too thinking my request was comical. I’ve since been with PC and haven’t had any issues. I’ve kept my TD Visa though as the credit limit can’t be matched.
td always charged 1.50 to stop an e-transfer, not zero.
face it, banks are greedy. saying we’ll protest/change banks won’t change a thing. who do you think you’re fooling?
TD, like Ma Bell in the past only lay off thousands of people to artificially inflate the bottom line. makes them look better to their shareholders.
Tangerine Bank (formerly ING) is one of the worst ones out there. PC financial is too. other users are right, stick with the credit unions.
face it, unless you have a very sizeable bank balance, the bank isn’t going to give you any slack or decent interest.
I made the switch from TD to tangerine over a year ago, and now I am even more glad that I did! My account has no fees, and I actually see minimal interest in my cheating account at the end of the month. I was paying $15 for my TD account, and tried to get them to lower the amount multiple times. The last TD employee I spoke with told me he has the basic account himself, and just charges everything so that he does not go over his debit transaction limit, and doesn’t have to pay a high monthly fee for his chequing. So they are not even giving their own employees a no-fee account. TD is corporate greed at its finest!