Personal Finance

[Merged] I decided to close TD accounts today.

  • Last Updated:
  • Aug 22nd, 2018 12:04 pm
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[OP]
Newbie
May 24, 2018
28 posts
21 upvotes

[Merged] I decided to close TD accounts today.

I don’t have a reason I should keep a bank which require a minimum balance. I am going to stay away from TD.

RBC/Simplii is becoming my primary bank now.

Updated : closed TD account and have been for 3 years
Last edited by KianLake on Aug 13th, 2018 3:34 am, edited 1 time in total.
60 replies
[OP]
Newbie
May 24, 2018
28 posts
21 upvotes
batcave wrote: Good move. Any account that requires a minimum balance is a tax.

I'm switching from Tangerine to Coast Capital. They have a free account and branches too! If you live in BC, there is a $200 new member bonus.

coast-capital-savings-bc-only-free-no-f ... #p29653040
Wow! Thank you so much! I thought the promo already ended!? Thank you again!
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Nov 14, 2003
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Everywhere
KianLake wrote:
Aug 12th, 2018 5:12 am
Wow! Thank you so much! I thought the promo already ended!? Thank you again!
You're welcome!

I just started seeing banner ads for it last week so it was perfect timing as I was looking to move.

Edit: I already opened my account and moved my debits over. I even had a nice chat with an account manager at a branch. Something that would never happen at one of the discount/free banks.
Deal Addict
Aug 5, 2006
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I closed my TD account also, these days the only reason for me to have a big 5 chequing account requiring a minimum balance & paying no interest is if they give me a $200+ cash prize for opening or a product worth having, then close it asap, rinse, repeat.
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Nov 25, 2003
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BC [what me worry?]
KianLake wrote:
Aug 12th, 2018 4:31 am
I don’t have a reason I should keep a bank which require a minimum balance. I am going to stay away from TD.

RBC/Simplii is becoming my primary bank now.
Even with all their security glitches? From my POV, there's *no way* I'd make Simplii my primary bank.

As to your point about having to maintain a minimum balance - that's fair. Plenty of other "free banking" options (like the credit union example somebody already gave). Bear in mind the "take charge money manager" thingy @ Coast Capital.
I've been away for a while....
[OP]
Newbie
May 24, 2018
28 posts
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scoper wrote: I closed my TD account also, these days the only reason for me to have a big 5 chequing account requiring a minimum balance & paying no interest is if they give me a $200+ cash prize for opening or a product worth having, then close it asap, rinse, repeat.
I agree!
[OP]
Newbie
May 24, 2018
28 posts
21 upvotes
1st timer wrote: Even with all their security glitches? From my POV, there's *no way* I'd make Simplii my primary bank.

As to your point about having to maintain a minimum balance - that's fair. Plenty of other "free banking" options (like the credit union example somebody already gave). Bear in mind the "take charge money manager" thingy @ Coast Capital.
I know Simplii hacked in the end of May, but I was former PC financial customer. When I heard when CIBC did takeover PC and re-branded the name and there will be no a branch, I was very worrying. But I was not a part of bleached customers and I had no an issue with them so far. I believe their rate is a bit higher than the big 5 banks and they give me free cheque books.

This is why I am still with them. I didn’t want to see my money sitting down in a minimum balance account.

Recently, I’m interested in getting a credit union. However, the branch is quite far from my home :(
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Nov 14, 2003
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KianLake wrote:
Aug 12th, 2018 5:24 pm
I know Simplii hacked in the end of May, but I was former PC financial customer. When I heard when CIBC did takeover PC and re-branded the name and there will be no a branch, I was very worrying. But I was not a part of bleached customers and I had no an issue with them so far. I believe their rate is a bit higher than the big 5 banks and they give me free cheque books.

This is why I am still with them. I didn’t want to see my money sitting down in a minimum balance account.

Recently, I’m interested in getting a credit union. However, the branch is quite far from my home :(
If you're looking at an online bank, Coast Capital locations shouldn't really factor in. I don't live in Vancouver, but I am there regularly so it is good to have an option. There is no other option with the online banks.
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Mar 23, 2004
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I closed TD AI as well, using their LOC primarily now.
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angel_wing0 wrote:
Aug 12th, 2018 8:37 pm
I closed TD AI as well, using their LOC primarily now.
+1

Opened it for the $300 WB, then closed it. Friends Don let friends switch to TD CT.
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[OP]
Newbie
May 24, 2018
28 posts
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angel_wing0 wrote: I closed TD AI as well, using their LOC primarily now.
Mine is closed. Feel like I escaped to freedom!
[OP]
Newbie
May 24, 2018
28 posts
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titaniumtux wrote:
+1

Opened it for the $300 WB, then closed it. Friends Don let friends switch to TD CT.
What a luck! Congrats! I’m not going back the bank again.
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Nov 13, 2013
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I bank with Simplii as well but with today's rates you aren't losing much if you have to keep $1000 or something to avoid fees. That's maybe $1 a month after taxes?
I have had a few times where PC/Simplii cost me money over a "real" bank. For example buying a house lost a couple of days interest from my down payment as I had to order a bank draft. Also when selling property needed to pay for a wire transfer wheras with a bank the lawyer would have gone in person and deposited my money. Overall I have saved a ton over the 10+ years but as I have more money the limitations of an internet bank sometimes do cost me money or time.
[OP]
Newbie
May 24, 2018
28 posts
21 upvotes
fogetmylogin wrote: I bank with Simplii as well but with today's rates you aren't losing much if you have to keep $1000 or something to avoid fees. That's maybe $1 a month after taxes?
I have had a few times where PC/Simplii cost me money over a "real" bank. For example buying a house lost a couple of days interest from my down payment as I had to order a bank draft. Also when selling property needed to pay for a wire transfer wheras with a bank the lawyer would have gone in person and deposited my money. Overall I have saved a ton over the 10+ years but as I have more money the limitations of an internet bank sometimes do cost me money or time.
Thank you for your reply! I am not planing on buying a home or getting a mortgage unless I have a good job but I would like to know more about the limitations of an internet bank. Is there something to worry myself? Should I keep a real bank? I have never used a wire transfer in my life... hmm I want to know if you’ve had similar experiences after PC rebranded to Simplii.

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