TD Canada Trust Service Fees

[basic]

Hi there,

I'm with TD Canada Trust. I've been with them for years, I have a nice sized LOC, credit card and a mortgage with them.

I'm paying 12.95 a month for the inifinity package with regard to transactions. I feel like they are sucking me dry as it is with my previously mentioned dealings with them. I'm wondering if anyone can give me advice on how to go about getting that fee waived while keeping the plan.

[dr_torch]

Hi there,

I'm with TD Canada Trust. I've been with them for years, I have a nice sized LOC, credit card and a mortgage with them.

I'm paying 12.95 a month for the inifinity package with regard to transactions. I feel like they are sucking me dry as it is with my previously mentioned dealings with them. I'm wondering if anyone can give me advice on how to go about getting that fee waived while keeping the plan.

Change Banks? What is TD offering you that, say, Citizens Bank could not with their free chequing account?

[gambit_360]

With that account, just maintain a minimum balance of $3000 to waive the monthly fees. It'll be worth it just for the amount of money saved.

[angel_wing0]

With that account, just maintain a minimum balance of $3000 to waive the monthly fees. It'll be worth it just for the amount of money saved.

+1.

I do that with my select service account. It's 5k not 3k though.

[Badger]

With that account, just maintain a minimum balance of $3000 to waive the monthly fees. It'll be worth it just for the amount of money saved.

+1. Given the interest rate in the market. With a $3000 balance, you won't be making a lot in interests payment. You are currently paying over $150 in bank fees each year. Hey, it's a 5% return if you put $3000 in there.

[AllWheelDrift]

+1. Given the interest rate in the market. With a $3000 balance, you won't be making a lot in interests payment. You are currently paying over $150 in bank fees each year. Hey, it's a 5% return if you put $3000 in there.

OP says he has a nice sized LOC & a CC, and a mortgage with them, so it might still not be worth it depending on the LOC & mortgage rates and whether he's carrying a balance on the LOC and/or CC.

Of course, with TD you can you a LOC like a no-fee chequing account, so maybe ditching the infinity package and using the LOC as the main account is the way to go.

[Badger]

OP says he has a nice sized LOC & a CC, and a mortgage with them, so it might still not be worth it depending on the LOC & mortgage rates and whether he's carrying a balance on the LOC and/or CC.

Of course, with TD you can you a LOC like a no-fee chequing account, so maybe ditching the infinity package and using the LOC as the main account is the way to go.

Perhaps, talking to the branch manager may help too.

I know they can issue credits on a monthly basis from the branch itself.

[squid]

Keeping a balance is not really free though. To maintain a 3,000 balance you really need a buffer to ensure you don't dip below. Say your average balance then is 4,500.

Well, if you had an all in one type mortgage, like CT financial offers, that 4,500 reduces your mortgage balance by 4,500. Considering taxes, that is like earning an extra 3 to 4 hundred a year in saved interest. Not too bad.

[angel_wing0]

I know they can issue credits on a monthly basis from the branch itself.

well the credit probably wont be forever, if the op can even get it, that is.

[15-20_God]

I feel like they are sucking me dry as it is with my previously mentioned dealings with them.

I would say use different terminology as I would associate that phrase with a positive experience.

[AndrewChang]

Hi there,

I'm with TD Canada Trust. I've been with them for years, I have a nice sized LOC, credit card and a mortgage with them.

I'm paying 12.95 a month for the inifinity package with regard to transactions. I feel like they are sucking me dry as it is with my previously mentioned dealings with them. I'm wondering if anyone can give me advice on how to go about getting that fee waived while keeping the plan.

Switch your CC to the Rebate Rewards Visa. That will give you unlimited transactions with cashback, all for no annual fee. Switch your Infinity Chequing Account to the Value Chequing Account. A minimum balance of $1000 each day of the month will waive the $3.95 monthly fee. Pay the full monthly balance on the Rebate Rewards Visa with a pre-authorized payment coming out of that Value Chequing Account. Any teller can do all this for you.

TD Canada Trust is not sucking you dry. You just need to smarten up. In this day and age, unless you lack sufficient self control, there is no reason to use an "unlimited chequing account" when you can use a decent cash back credit card. In the time it took you to log on, navigate to the personal finance forum and create this post, you could have learned about these options on the TD Canada Trust website.

[tng11]

OP says he has a nice sized LOC & a CC, and a mortgage with them, so it might still not be worth it depending on the LOC & mortgage rates and whether he's carrying a balance on the LOC and/or CC.

Of course, with TD you can you a LOC like a no-fee chequing account, so maybe ditching the infinity package and using the LOC as the main account is the way to go.

This is the best piece of advice on this thread. Use the LOC as a Chequing account. It gives you free cheques and unlimited transactions. You can just run it in a positive balance (assuming you don't have a negative balance on the LOC) and treat it like a free chequing account with a large overdraft (what your credit limit is). It costs less than OD rates and no service fee when you go in the negative.

If you're carrying a balance, no reason to have money in another chequing account. Just deposit your payroll to the LOC and it will ensure you're paying the least interest and as you need cash, just withdraw what you need.

[QTheNukes]

+1.

I do that with my select service account. It's 5k not 3k though.

+2

I would never have dreamed of keeping 5k in the bank 1 year ago. I threatened to pull everything I had out of TD and got nowhere, they wouldn't wave any fees so I tried to go to Citizens Bank. Needless to say it got messed up and now I am still at TD with 5g's in the bank.

[Thalo]

Are you getting full use of the Infinity account, doing more than 40 or so transactions per month? Is using interac direct debit an absolute must for you? There are always ways to save money in banking fees.

It's not TDCT sucking you dry, it has to do with how you use your banking services. You need to be aware that you pay a premium for using your debit card to make interac purchases instead of a credit card. Think about it this way: every time you pull out your debit card to pay for something it can cost you as much as 65 cents to do the transaction (depending on your service plan). If you use your credit card instead, the merchant pays all fees associated with the transaction and in the case of cash back or reward credit cards the credit card company actually passes along some of the revenues from the merchant to you.

So, that being said, the only reason to be on the Infinity plan is if there are no ways for you to avoid doing debit purchases. Me, I'm a TD employee, and although I get free banking I never ever pay by debit and keep the transactions on my checking account at an absolute minimum. I do all my purchases on a TD Travel Infinite Visa, I get a bunch of travel reward points in the process, my Visa is paid automatically by my HELOC, the HELOC pays all my other bills and does all my other random transactions and the bulk of my pay goes directly into the HELOC, with only a little going into checking to make the HELOC interest payments.

There are any number of ways to reduce your fees with the products you have. You mentioned you have a LOC, credit card and mortgage with TDCT. Why not use the credit card for all your purchases (upgrade to something with rewards, as someone else mentioned, if you're not getting rewards), use your LOC for all other transactions and downgrade the checking account to a Value plan ($3.95/mo or keep $1000 balance at all times) and only use it to make your mortgage and LOC payments.

[Thalo]

I should mention, I'm a proponent of the Select Service plan as well. You get A LOT more than the Infinity plan, if you really use all the services. Even if you keep a double buffer of $10,000 in the account, that's foregoing $200 of interest a year at 2%, $120 after tax. For that you get:
-Unlimited transactions
-No interac or Plus fees when you withdraw money anywhere in the world, excludes of course what the bank machine charges
-Free cheques (roughly $30 per order)
-Free Travel Infinite Visa plus supplementary card ($180/yr)
-Free U.S. Borderless Plan (I think it's about $5/mo otherwise)
-Free $US Visa ($25/yr)
-Free small Safety deposit box (something like $40/yr)
-Free drafts, travellers cheques and other various little frills