Personal Finance

TD getting stupid

  • Last Updated:
  • Nov 4th, 2014 4:14 pm
Tags:
None
Deal Fanatic
Feb 15, 2006
9183 posts
3861 upvotes
Toronto

TD getting stupid

I'm getting more fed up with TD lately.

No more ATM access with TD MC

I had different TD CCs over the years, MC and Visa. Each time I was able to set up the card to access my HELOC and other accounts, at the ATM. There is the TD access card, but I never had to carry the access card, when I can have access through those CCs. But now TD just took that away, at least from MC.

I recently did a product switch from the TD aeropeso card to the TD cashback MC. Went to a branch to set up that MC, to access accounts at the ATM. They tried and couldn't do it. The supervisor took down info, will call within TD, and get back to me. She called me back later to say they took that feature away now. They are promoting people to get their TD visa debit card.

At first I thought maybe it was something they couldn't figure out, so I went to my home branch, just to make sure. There they also tried, and then confirmed it cannot be done any more.

If you have ATM access to your accounts with your TD MC, be glad. If you have a new MC, they won't be able to set that up any more.
46 replies
Deal Addict
User avatar
Dec 27, 2006
1913 posts
436 upvotes
Toronto
TD used to allow its LOC to be used as debit account for internal payments such as mortgage or loan, and as settlement account for mutual fund purchase and redemption. Existing setup is still grandfathered, but no more new setups.
Deal Fanatic
Feb 15, 2006
9183 posts
3861 upvotes
Toronto
Another thing to add


I previously had a TD aeropeso visa card. Even if I paid off the statement balance on the due date from a TD account, sometimes they still charge interest, saying they did not receive the payment on time.

For example, say the statement date is 10th. From my TD account I paid the balance on the 10th. The money gets deducted from my account on the 10th. It gets posted to the TD visa on 11th. Once a while TD would charge interest on this type of situation. Each time that happens I have to call in, to get them to reverse the interest charge. I was getting fed up. This never happened with my other TD credit cards before, but for the TD aeropeso card, it happened several times.

With other CCs that I have with other financial institutions, or bills, if I pay them on the statement date, there's never any problem. Never any "late payment" or interest charge. They give it 1-2 days and if they get the money, all is fine.

For TD, they took the money out of my TD account already, so the money is in the TD system, they have no excuse to say I didn't pay "on time". That's why they always agree, and always reverse that interest charge. TD needs to improve, to be competitive with others.
Sr. Member
Apr 28, 2014
675 posts
185 upvotes
Oakville, ON
Arrgh wrote: I had different TD CCs over the years, MC and Visa. Each time I was able to set up the card to access my HELOC and other accounts, at the ATM. There is the TD access card, but I never had to carry the access card, when I can have access through those CCs. But now TD just took that away, at least from MC.

I recently did a product switch from the TD aeropeso card to the TD cashback MC. Went to a branch to set up that MC, to access accounts at the ATM. They tried and couldn't do it. The supervisor took down info, will call within TD, and get back to me. She called me back later to say they took that feature away now. They are promoting people to get their TD visa debit card.
I do the same thing with my credit cards at CIBC and BMO that you do. TD likes to market itself as the 'friendly bank with the green chair'; yet, they take away a useful feature to force you to get a VISA Debit card. What if you don't want one? Same thing goes for collateral mortagages, which is the only type of mortgage TD offers nowadays.
Deal Fanatic
Feb 15, 2006
9183 posts
3861 upvotes
Toronto
Cerium398 wrote: I do the same thing with my credit cards at CIBC and BMO that you do. TD likes to market itself as the 'friendly bank with the green chair'; yet, they take away a useful feature to force you to get a VISA Debit card. What if you don't want one? Same thing goes for collateral mortagages, which is the only type of mortgage TD offers nowadays.
Yap I also have cibc CC's that are also set up with ATM access.

Now TD takes away that capability with new MC's, I'm forced to carry a TD access card. I told them I'm just putting the TD MC into my drawer, and I'll use other bank's CC's. It's TD's loss. The TD supervisor at the first branch, and the TD supervisor at the home branch, both can only nod their heads in agreement (of TD's stupidity).
Deal Addict
Mar 2, 2005
2033 posts
334 upvotes
That's very dumb. TD is starting to tick me off many different ways. Super long telephone hold times, their eagerness to say "NO" to unusual requests (less accommodating in other words), changing policies every second moon. etc... honestly my experience at TD is getting worse by the month. Perhaps its just me and the lack of my ability to make them money.
Deal Addict
Oct 8, 2006
2051 posts
125 upvotes
Deal Grabber wrote: That's very dumb. TD is starting to tick me off many different ways. Super long telephone hold times, their eagerness to say "NO" to unusual requests (less accommodating in other words), changing policies every second moon. etc... honestly my experience at TD is getting worse by the month. Perhaps its just me and the lack of my ability to make them money.
+1. Seriously thinking closing all accounts at TD. For me, TD is new Rogers.
Deal Addict
User avatar
Dec 26, 2010
1736 posts
776 upvotes
Calgary
Hurry up and close all your accounts with TD, so we don't have to hear about it. Move on to the glorious other banks out there that will make your life complete.

End thread.
Indexer, non-yield chasing, low cost, broad based, as simple as possible investor.
Deal Fanatic
Jan 21, 2014
8517 posts
6261 upvotes
Arrgh wrote: Another thing to add


I previously had a TD aeropeso visa card. Even if I paid off the statement balance on the due date from a TD account, sometimes they still charge interest, saying they did not receive the payment on time.

For example, say the statement date is 10th. From my TD account I paid the balance on the 10th. The money gets deducted from my account on the 10th. It gets posted to the TD visa on 11th. Once a while TD would charge interest on this type of situation. Each time that happens I have to call in, to get them to reverse the interest charge. I was getting fed up. This never happened with my other TD credit cards before, but for the TD aeropeso card, it happened several times.

With other CCs that I have with other financial institutions, or bills, if I pay them on the statement date, there's never any problem. Never any "late payment" or interest charge. They give it 1-2 days and if they get the money, all is fine.

For TD, they took the money out of my TD account already, so the money is in the TD system, they have no excuse to say I didn't pay "on time". That's why they always agree, and always reverse that interest charge. TD needs to improve, to be competitive with others.
It happened to me too, but when I talked to them, they told me to do "money transfer" instead of pay bill, like transfer from your chequing to your visa account. You could see your visa credit limit update right away, even the pay not showing up yet. Doing that will be immediate, so no late charge and then call to get it reverted
Deal Fanatic
User avatar
Nov 13, 2005
5897 posts
301 upvotes
GTA
wm009 wrote: hurry up and close all your accounts with td, so we don't have to hear about it. Move on to the glorious other banks out there that will make your life complete.

End thread.
amen!!!!!
Deal Addict
User avatar
Feb 25, 2014
2170 posts
341 upvotes
Mississauga
It's not like other banks are any better..
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee
Deal Fanatic
Feb 15, 2006
9183 posts
3861 upvotes
Toronto
mkl38s wrote: It happened to me too, but when I talked to them, they told me to do "money transfer" instead of pay bill, like transfer from your chequing to your visa account. You could see your visa credit limit update right away, even the pay not showing up yet. Doing that will be immediate, so no late charge and then call to get it reverted
If you do money transfer, the money gets transferred out right at that time. You don't want to do that before the payment due date.

When you do bill payment, you can set it to happen for a future date. From my TD heloc, I pay other banks' CC, or utility bills, and there's never any problem. It's only with paying from TD heloc, to TD aeropeso card.
Deal Fanatic
Feb 15, 2006
9183 posts
3861 upvotes
Toronto
MehtabS wrote: It's not like other banks are any better..
Yes they are, in these respects.
Deal Addict
Apr 21, 2012
1770 posts
1140 upvotes
Markham
I think at RBC, you can set up your post dated money transfer.
Deal Addict
Feb 9, 2013
1912 posts
1314 upvotes
Mississauga
Arrgh wrote: For example, say the statement date is 10th. From my TD account I paid the balance on the 10th. The money gets deducted from my account on the 10th. It gets posted to the TD visa on 11th. Once a while TD would charge interest on this type of situation. Each time that happens I have to call in, to get them to reverse the interest charge. I was getting fed up. This never happened with my other TD credit cards before, but for the TD aeropeso card, it happened several times.

For TD, they took the money out of my TD account already, so the money is in the TD system, they have no excuse to say I didn't pay "on time". That's why they always agree, and always reverse that interest charge. TD needs to improve, to be competitive with others.
Why don't you just pay the bill 2-3 business days before the deadline? That's the general recommended rule when paying off your credit cards.
The system needs some time to propagate your payment to Visa to confirm payment is made. If you pay on the due date, it may not propagate in time.
I know it's unfortunate, but that's how their system works.

Pay a few days in advance, saves you the headache, and the call center reps some trouble.
Deal Fanatic
User avatar
Sep 23, 2009
7083 posts
5213 upvotes
Perhaps TD doesn't want to take the risk involved with letting credit cards having access to customer's other accounts.

As an example, let's say you have a credit card with a $2,000 limit. If the card is skimmed or whatever, the maximum TD would have to cover is $2,000.

Now if that card was skimmed and had access to your personal accounts with $250,000 in it, do you really think TD wants to cover that?

By limiting access from a card to one account, they can limit the possible damage of a lost card.

The bank doesn't impose withdrawal limits for your benefit, it is to protect themselves. Limiting access to what a customer can do with a credit card is essentially the same thing.
Deal Fanatic
User avatar
Sep 23, 2009
7083 posts
5213 upvotes
Another example is Bank Drafts.

There used to be a time when a Bank Draft was considered as Cash.

I don't really know what happened, but it seems like this has changed because of less than trustworthy individuals doing things with them. (Maybe copying the Draft and then withdrawing the money from a couple of different Banks?) Today Banks place holds on them and don't want to release the funds immediately.

Why? Again, they don't want to take the risk.

We live in a cruel world with many unsavory characters. It's sad that we common folk are inconvenienced, but the fact is that these individuals do take advantage of certain flaws in the system.
Deal Fanatic
Feb 15, 2006
9183 posts
3861 upvotes
Toronto
jdu0ng wrote: Why don't you just pay the bill 2-3 business days before the deadline? That's the general recommended rule when paying off your credit cards.
The system needs some time to propagate your payment to Visa to confirm payment is made. If you pay on the due date, it may not propagate in time.
I know it's unfortunate, but that's how their system works.

Pay a few days in advance, saves you the headache, and the call center reps some trouble.
There was NO need for any other cards or any other bills before. There was NO problem before. The payment comes out of my heloc. If I have money I pay toward the heloc account. If I need to take cash out or make payment from the heloc account, by doing it as late as possible, it reduces the interest calculated on the balance (of the heloc).

Only the TD aeropeso visa card has this issue, occasionally.

Anyway, I just got rid of the TD aeropeso card. I'll use the cibc aeropeso card instead of TD's. It's TD's loss.
Deal Fanatic
Feb 15, 2006
9183 posts
3861 upvotes
Toronto
renoldman wrote: Perhaps TD doesn't want to take the risk involved with letting credit cards having access to customer's other accounts.

As an example, let's say you have a credit card with a $2,000 limit. If the card is skimmed or whatever, the maximum TD would have to cover is $2,000.

Now if that card was skimmed and had access to your personal accounts with $250,000 in it, do you really think TD wants to cover that?

By limiting access from a card to one account, they can limit the possible damage of a lost card.

The bank doesn't impose withdrawal limits for your benefit, it is to protect themselves. Limiting access to what a customer can do with a credit card is essentially the same thing.
Wrong on so many accounts.

TD does place a limit of withdraws from ATM. The default is $500 daily. You can try to change it at the branch.

TD forces you to use their access card for ATM. Instead of the CC, if someone else gets hold of your access card, they can try to go into a branch to skim. So there is no increase or reduction of the risk you're talking about here.

Perhaps you should try to understand the difference of access card and TD mastercard.

Now TD doesn't seem to do the same restriction with TD visa cards (because they have visa cards, and they're trying to promote the use of the new TD visa debit cards). So the arguments also doesn't hold.
Deal Fanatic
User avatar
Nov 23, 2005
9005 posts
5728 upvotes
Arrgh wrote: Yes they are, in these respects.
Then go to those other banks!! Complaining here will not solve your issue. As a consumer, you have the freedom to go to whichever bank you choose if one doesn't suit you.

At the end of the day, everyone will have an issue with some bank. There is no such thing as the "perfect" bank.

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)