Personal Finance

Avoiding bank monthly fees

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  • Apr 21st, 2015 1:11 pm
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Deal Guru
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May 6, 2005
11907 posts
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GVR

Avoiding bank monthly fees

I've got a friend switching from CIBC to TD and was wondering if there is anything they could do to avoid the bank fees or have them waived for a bit of time

They are bringing over chequing, saving and credit card and will be starting mutual fund investment account - although the total sum of funds is not high

They used to have promos for their switching to them so anything they can do in this "downtime"?
29 replies
Deal Expert
Mar 25, 2005
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Kaitlyn wrote: I've got a friend switching from CIBC to TD and was wondering if there is anything they could do to avoid the bank fees or have them waived for a bit of time

They are bringing over chequing, saving and credit card and will be starting mutual fund investment account - although the total sum of funds is not high

They used to have promos for their switching to them so anything they can do in this "downtime"?
Min balance. TD has a website.
Deal Fanatic
Jan 18, 2003
6484 posts
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Mississauga
Kaitlyn wrote: I've got a friend switching from CIBC to TD and was wondering if there is anything they could do to avoid the bank fees or have them waived for a bit of time

They are bringing over chequing, saving and credit card and will be starting mutual fund investment account - although the total sum of funds is not high

They used to have promos for their switching to them so anything they can do in this "downtime"?
I think TD requires 5k to avoid bank fees...
BMO require 2.5k
RBC requires 3 products
Deal Fanatic
Aug 3, 2014
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Ducky wrote: I think TD requires 5k to avoid bank fees...
BMO require 2.5k
RBC requires 3 products
Depends on which banking plan you want.
Deal Guru
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May 6, 2005
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GVR
Sorry yes I was aware of the minimum balance to avoid fees but they are keeping a minimum in the checking account and so I was wondering if they would actually budge on the fees
Deal Addict
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Feb 25, 2014
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Mississauga
Ducky wrote: I think TD requires 5k to avoid bank fees...
BMO require 2.5k
RBC requires 3 products
TD requires 4k
BMO 3.5K
RBC 2 products + $5.95/month
Deal Fanatic
Aug 3, 2014
6089 posts
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MehtabS wrote: TD requires 4k
BMO 3.5K
RBC 2 products + $5.95/month
:facepalm:
No, :facepalm:
TD requires 2k :facepalm:
BMO 1.5K :facepalm:
RBC 2 products + $0.00/month :facepalm:

It depends on the banking plan you want.
Sr. Member
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Mar 2, 2014
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Ontario
Kaitlyn wrote: Sorry yes I was aware of the minimum balance to avoid fees but they are keeping a minimum in the checking account and so I was wondering if they would actually budge on the fees
only time that happened to us was with CIBC when taking a mortgage with them, they waived monthly banking fees for a year.
Have tried with TD with my dad being senior, they still wouldnt budge on monthly fees (he only has chequing with them)
Deal Addict
Mar 11, 2007
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QC
Tangerine and PCF have free banking with no minimum required.
Deal Addict
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Aug 9, 2011
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Switched everything to rbc recently and things have been going so much smoother. STAY AWAY FROM TD! They lost my business.

Take advantage of RBC's multi product rebate. You save more that way.
Deal Expert
Mar 25, 2005
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Kaitlyn wrote: Sorry yes I was aware of the minimum balance to avoid fees but they are keeping a minimum in the checking account and so I was wondering if they would actually budge on the fees
With little assets, nope.
Deal Addict
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Jul 10, 2010
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Near Toronto
hvwozq wrote: :facepalm:
No, :facepalm:
TD requires 2k :facepalm:
BMO 1.5K :facepalm:
RBC 2 products + $0.00/month :facepalm:

It depends on the banking plan you want.
hahahah
Deal Addict
Oct 7, 2012
2005 posts
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Montreal
imflying12 wrote:
Take advantage of RBC's multi product rebate. You save more that way.
isn't that gone now or greatly diminished, just last month?
Deal Guru
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Mar 22, 2005
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jfmartel wrote: Tangerine and PCF have free banking with no minimum required.
PC Bank and Tangerine are both pretty decent. PC also has decent free credit cards with PC points on everything = free groceries.
Deal Guru
May 29, 2006
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BMO is different depending on the plan you have, mine is 3500$ for the performance plan.
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May 28, 2012
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Saskatoon
gogoblender wrote: isn't that gone now or greatly diminished, just last month?
You can still get free banking if you switch to the Day to Day Banking package. I didn't make use of most of the No Limit package anyway, so downgrading to the lower level doesn't affect me.
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Sep 7, 2004
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West GTEH!
Kaitlyn wrote: I've got a friend switching from CIBC to TD and was wondering if there is anything they could do to avoid the bank fees or have them waived for a bit of time

They are bringing over chequing, saving and credit card and will be starting mutual fund investment account - although the total sum of funds is not high

They used to have promos for their switching to them so anything they can do in this "downtime"?
Your friends should call TD directly and ask. or they should go into the Branch and ask a Manager this question.
😎
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Jun 3, 2008
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kool1 wrote: PC Bank and Tangerine are both pretty decent. PC also has decent free credit cards with PC points on everything = free groceries.
You can get PC credit cards without using PCF as your banking solution and vice-versa.

The PC World Mastercard gives you a 2% return when shopping only at locations that sell PC products and the points can only be redeemed at these same locations.

The MBNA Smartcash also gives 2%, but no restrictions on which grocery stores and your rewards are paid out by cheque.
Deal Addict
May 28, 2005
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I'm with TD, min balance use to be $2500 but recently increased to $3000. Not happy about that and looking to switch.
...
Member
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Sep 20, 2013
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Was with TD right from day 1. Switched to Tangerine a few months back when I received a letter from TD informing about their service fee increases. Couldn't have been happier!
Sorry....yesterday was the deadline for all complaints.

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