[Merged] TD increasing line of credit rates?

[ValueHunter999]

I suspect that the attempt to globally adjust the rate against the credit worthiness of its customer base may result in some clients with "exactly the same" credit worthiness getting rates within a band. For example, 2 clients with the same risk profile may actually get different rates.

[afiglee]

All TD will achieve with this exercise is to force people with balances on their ULOC and rate increase to take their business elsewhere. There are many options with much cheaper money available right now. I was contemplating to leave TD for some time but this was the last drop.

[afiglee]

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.

Did anyone have similar experience in Ontario/GTA/Toronto?
It may depend on a bank rep you are dealing with.
If anyone knows a good rep in Toronto to discuss my LOC needs please let me know.

[LostonMe]

I got a letter lowering my unsecured LOC from Lawrence Engel , anyone know if his email address would be @TD.com

[Mark77]

All TD will achieve with this exercise is to force people with balances on their ULOC and rate increase to take their business elsewhere. There are many options with much cheaper money available right now. I was contemplating to leave TD for some time but this was the last drop.

For many of the clients that TD deals with....that's the whole point! If you can find a suckerlender to give you a lower rate, in many cases, TD would prefer that you do that, instead of keeping them on the hook for the risk.

[afiglee]

For many of the clients that TD deals with....that's the whole point! If you can find a suckerlender to give you a lower rate, in many cases, TD would prefer that you do that, instead of keeping them on the hook for the risk.

Well, TD can be that suckender to give me 0% (effectively just shy of 1%) rate with its MBNA card.
All my other business, that has been very profitable for TD, will go. Maybe except the 0% loan...

[ValueHunter999]

Well, TD can be that suckender to give me 0% (effectively just shy of 1%) rate with its MBNA card.
All my other business, that has been very profitable for TD, will go. Maybe except the 0% loan...

I have had all my business (Mortgage,LOC,saving,checking,TDWH) with TD since the Canada Trust day. I am gradually "divesting" my business away from them.
So I don't blame you.

[Pointseeker]

I have had all my business (Mortgage,LOC,saving,checking,TDWH) with TD since the Canada Trust day. I am gradually "divesting" my business away from them.
So I don't blame you.

I am with TD for a long time too. I have pretty well everything with them. After getting unreasonable rate hike (no claims on either) last year, I changed the insurer but still have all other products. Service cost increasing is one thing but the level of service is decreasing including the web-broker programs. I am less satisfied by the day.

Other than issues people are raising in this thread, what made you go elsewhere and how much better is the competition?

[ValueHunter999]

I am with TD for a long time too. I have pretty well everything with them. After getting unreasonable rate hike (no claims on either) last year, I changed the insurer but still have all other products. Service cost increasing is one thing but the level of service is decreasing including the web-broker programs. I am less satisfied by the day.

Other than issues people are raising in this thread, what made you go elsewhere and how much better is the competition?

Basically, in my quest in search for better bang for my bucks, I realize that there are better services elsewhere. I had my insurance with them (Monnex) for 3 yrs and had to shop for another provider since they jack up my rate significantly every yr.

Also, lately they advertised themselves as the bank with more branches and open more hours, which I do not agree is in the best interest for most DIY customers. They should instead give me more on my deposit with them. I went to my branch the other days (on a Sunday to use the ATM) and saw that there were more tellers than customers.

Plus I have been receiving notices of fee hikes. Fee hike is ok if reasonable.