[Merged] TD increasing line of credit rates?

[Sylvestre]

Well, I guess they had to find a way to pay for all those ipods they keep giving away.

[afiglee]

TD is doing it for our own good, do not you understand? At least that is what TD CEO, Ed Clark, said.
"The banks have responded by restricting some lending and raising prices on higher-risk borrowers"
"We are trying to have a national dialogue that changes people’s behavior and a number of banks like us have said ‘ok, if we think people’s debt loads are getting high let’s start to crank up the pricing a little"
(source: http://www.bloomberg.com/news/2012-0...g-concern.html)

Thank you, Mr. Scrooge! Your move will help people to pay down their debts faster. But don't you know there are options to borrow at 1-3% without any collateral? Ironically TD itself is offering people such options...

[ZxExN]

Same boat as most people.
25K LOC that I rarely use (sits at 0 most of the time)
Currently at P+2.5, going up to P+5.0. I have excellent credit (800+ range). I don't think there's any reason to their madness.

[Maymybonneliveforever]

I just checked my line of credit rate and it hasn't changed, it's been at 3.0 % for about the last 6 months, therefore I guess not everyone's rate has changed.

[Pointseeker]

I just checked my line of credit rate and it hasn't changed, it's been at 3.0 % for about the last 6 months, therefore I guess not everyone's rate has changed.

Everyone else is talking about the unsecured LOC and you are definitively referring to a secured and most likely to HELOC which I have also at the rate.

[Maymybonneliveforever]

Everyone else is talking about the unsecured LOC and you are definitively referring to a secured and most likely to HELOC which I have also at the rate.

No it's not a Home Equity as I have no mortgage, home is paid for. Yes it's secured. I never read each post and there was no mention of secured or not, or even HELOC in the tittle, only "line of credit rates. I never asked for the line of credit, it was asked if I wanted it and it was no charge so I accepted. The reason for posting was to inform others that my rate has not changed.

I can delete my posts if it adds no value to this thread.

Interest Rate*: 3.00%

[dgodsell]

I grieved an increase from P+2 to P+4.5% with my personal banker (instead of an increase, I said I deserved a decrease to prime+1%). They've been getting a lot of requests to stay the increase.

But, success, she had the increase rescinded.

Hi David,

I have received approval to keep your line of credit at prime + 2%, but I am still waiting for a reply for the prime + 1%. There have been a lot of requests, but I hope to hear by the end of the week.

Thank you for your patience.

Julie

Julie Roberts
Financial Services Representative
TD Canada Trust
94 Princess St
Kingston, ON
K7L 1A5
613-549-8770 ext 223
julie.roberts6@td.com

[navigator1]

My rate went up 2.50%, called their 1800 #, was told by the Rep that its an “ across the board increase”. Didn't matter that I had my LOC for over 20 year. Didn't matter I use this LOC for investment purposes only (get to claim the interest) and the investment is approx $60k in good dividend paying bank stock. Didn't matter my mortgage of $150k is soon up for renewal .
My take is their looking to raise interest margin on products such as LOCs to offset the heavily discounted mortgage rates.
That is TD’s choice but not one I have to except. My choice was to pay them off in full today and got my new LOC at the Credit Union at PRIME, my Investments and mortgage will follow soon.

[Pointseeker]

Everything is going up at TD. Just got the notice for an increase of 40% on Safety Deposit Boxes (a replacement of a single key jumps 10 times the old fee) and a day before a notice of the Account Booking Fees going up. No inflation the statistics say.

[Mark77]

My rate went up 2.50%, called their 1800 #, was told by the Rep that its an “ across the board increase”. Didn't matter that I had my LOC for over 20 year. Didn't matter I use this LOC for investment purposes only (get to claim the interest) and the investment is approx $60k in good dividend paying bank stock. Didn't matter my mortgage of $150k is soon up for renewal .

If you used the money to buy bank stock, why not throw the bank stock into a margin account? A housing or unsecured LOC really isn't appropriate for the purpose.

Most margin accounts are at Prime, and if you shop around, even less.

[T3NSION]

CIBC and National offered +1 and +0.75 unsecured respectively; TD is getting 0 revenue from me going forward after a lifetime of banking with them.

[ACC-Major]

If you used the money to buy bank stock, why not throw the bank stock into a margin account? A housing or unsecured LOC really isn't appropriate for the purpose.

Most margin accounts are at Prime, and if you shop around, even less.

Who ogfers prime for margin accounts?

[actng]

another gruntled customer

if disgruntled means unhappy, does gruntled mean happy??? ENGRISH?

[Mark77]

Who ogfers prime for margin accounts?

Who doesn't?

[dgodsell]

I solicited a CIBC banker for a LOC to replace my $25,000 TD LOC (for which, after grievance, the increase was stayed).

He provided a $50,000 uLOC at prime + 1% without a problem, on the condition that I close the TD LOC. I accepted the condition, and he had me sign a paper confirming I would do this, but needed no further assurance or proof I would actually follow up on this agreement.

I'll keep the TD LOC open because I derive option value from having the TD LOC open.

The banker also said that CIBC is opening up so many new LOCs that they've run out of cheque books.