Personal Finance

TD Canda Trust BANK STOLE 100 dollar. Need to change Bank.

  • Last Updated:
  • Mar 8th, 2018 4:35 pm
Deal Expert
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Jan 27, 2004
52937 posts
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ONTARIO
AlexK wrote: I need to find a bank with no monthly fee. TD bank literally robbing me.

I bought a laptop from amazon.com for 1021usd. TD charged me 1346cad then when i returned they gave me 1246 for same 1021.

Issue is its conversion rate but they won't show what conversion rate they use. Its not market conversion rate. they basically don't publish their rates. Now i am at mercy of what ever they make up.

I want to close all my TD bank account completely. I am tired of getting cheated and not provided good explanation in chequing account history.

When i checked market rate that day it was only 40dollar difference. They use different conversion rate for deposit and withdrawal and they don't care about customer at all. if they are they should publish the conversion rate.

Basicall scamming people like paypal by not providing info.

I am looking for NO fee checqing account.

On top of this yearly 200 dollar i am paying for checquing account.

I know most canadian banks sucks anyway. I am looking for real bank " not online bank" who probably took money and run.

Thanks
You should report this to the police. What they did is a criminal offense. If you sue them you'll win at leadt $50,000
Deal Addict
Apr 23, 2017
1226 posts
2234 upvotes
If one buys and then returns a lot of things in the U.S. either by shopping there in person or online, a US$ card from a Canadian bank is a good idea as returns don't cost you the buy/sell spread. You still have to buy US$ to pay the bill, but when you buy a purchase for US$500 and then return it for US$500, it is a straight return with US$500 being credited to your card.
Deal Fanatic
Nov 22, 2015
7851 posts
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Mike15 wrote: Solve FX fees? Jeez, it would have to function as a currency first before it got that far.

From my understanding Bitcoin -> Cash and Cash -> Bitcoin transactions are subject to processing times and transaction fees. I don't know what the percentage is but I doubt it's an improvement.
Depends on who you are and what kind of volume you put out. A high volume payment processor could pay as little as 0.05% in transaction fees, whereas you and I pay closer to 5%.

Entirely possible for a business to offer FX conversion using crypto... Some are already doing it.
Jr. Member
Mar 5, 2004
144 posts
104 upvotes
OP - Just do yourself a favor and get an Amazon Canada Visa. No additional FX fees (beyond daily posted rate) and 2% cash back on amazon.ca purchases. NO annual fee.

You would still be absorbing the posted bank rate difference, but would not have the additional 2.5% each direction.

Your other option is open a TD Borderfree acount or US Doller card. The US dollar card would post all transactions in USD. Most major banks like TD have a US Dollar card.

Not nobody stole anything - you did not understand the fees associated with your services. It seems expensive, but that is the going rate.
Penalty Box
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Jul 11, 2008
4368 posts
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Away from RFD idiots
c3uo wrote: OP - Just do yourself a favor and get an Amazon Canada Visa. No additional FX fees (beyond daily posted rate) and 2% cash back on amazon.ca purchases. NO annual fee.

.
Amazon canada visa stopped accepting new applications a while ago. Will close all cards by next year. See thread in credit card forum.
..
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Jan 2, 2012
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AlexK wrote: It is clearly stolen because they do not publish conversion rate of that day. If they did n't steal they should publish the conversion rate used in chequeing account transaction. They can charge any amount ...we are at mercy of these Banks.
Simply saying you should n't buy amazon.com is not good enough.
if you don't steal , you will be transparent.

I want to close all my TD savings Td cheqing accounts completely. I am looking for alternative. I will keep looking and see if there is better one.

Every one in this business make money of you. I just want transparent bank.
Read this: http://td.intelliresponse.com/tdvisa/?r ... ard+abroad
For credit cards they clearly state they use VISA's f/x rates, plus a 2.5% fee. The fee and rate agreement is also clearly written in your credit card agreement.

Or for a debit account transaction, they would use their own posted rates: https://www.tdcanadatrust.com/customer- ... /rates.jsp
They offer different rates for buy/sell, which would be the reason for loss in money if they treated the purchase/refund as such.

They are transparent with their rates, you just didn't know how to properly search for it.

Also thinking that any other bank in Canada will not do exactly this, is hilarious. This is one of the most ridiculous reasons I've ever seen for wanting to shut down all your accounts since any other place you go will be the same.
Deal Fanatic
Oct 26, 2008
7022 posts
2907 upvotes
Victoria, BC
OP, make a New Year resolution to stop buying from the U.S. if there is any chance you might want to do a return. Especially for big purchases like a laptop.

TD could be slightly worse than other banks for their account charges but that's maybe the price for having the convenience of the most ATMs and handily located branches.
If you can do without that, by all means shop around at Credit Unions, online banks, etc.
Use RFD as a guide but you are the one who should be doing the surveying as you know the parameters. And personal opinions on banks vary widely.
Deal Expert
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Feb 11, 2009
20055 posts
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Toronto
AlexK wrote: It is clearly stolen because they do not publish conversion rate of that day. If they did n't steal they should publish the conversion rate used in chequeing account transaction. They can charge any amount ...we are at mercy of these Banks.
Simply saying you should n't buy amazon.com is not good enough.
if you don't steal , you will be transparent.

I want to close all my TD savings Td cheqing accounts completely. I am looking for alternative. I will keep looking and see if there is better one.

Every one in this business make money of you. I just want transparent bank.
Heres the published exchanged rates. It's not "TD that stole from you" ...if anything its Visa....but no one really stole from you lol.

https://usa.visa.com/support/consumer/t ... ator.html/
Realtor (Investment Properties) - CPA, CA
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Jun 3, 2006
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c3uo wrote: OP - Just do yourself a favor and get an Amazon Canada Visa. No additional FX fees (beyond daily posted rate) and 2% cash back on amazon.ca purchases. NO annual fee.

You would still be absorbing the posted bank rate difference, but would not have the additional 2.5% each direction.

Your other option is open a TD Borderfree acount or US Doller card. The US dollar card would post all transactions in USD. Most major banks like TD have a US Dollar card.

Not nobody stole anything - you did not understand the fees associated with your services. It seems expensive, but that is the going rate.
The Amazon card has not been accepting applications for quite some time and is being discontinued coming March.
Banned
Dec 25, 2017
168 posts
122 upvotes
AlexK wrote: I need to find a bank with no monthly fee. TD bank literally robbing me.

I bought a laptop from amazon.com for 1021usd. TD charged me 1346cad then when i returned they gave me 1246 for same 1021.

Issue is its conversion rate but they won't show what conversion rate they use. Its not market conversion rate. they basically don't publish their rates. Now i am at mercy of what ever they make up.

I want to close all my TD bank account completely. I am tired of getting cheated and not provided good explanation in chequing account history.

When i checked market rate that day it was only 40dollar difference. They use different conversion rate for deposit and withdrawal and they don't care about customer at all. if they are they should publish the conversion rate.

Basicall scamming people like paypal by not providing info.

I am looking for NO fee checqing account.

On top of this yearly 200 dollar i am paying for checquing account.

I know most canadian banks sucks anyway. I am looking for real bank " not online bank" who probably took money and run.

Thanks
Next time, purchase through PayPal. They covert before they charge.
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Jun 3, 2006
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FerinthuI wrote: Next time, purchase through PayPal. They covert before they charge.
PayPal does the same thing, and their fees are even higher than credit cards.
Banned
Dec 25, 2017
168 posts
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ToniCipriani wrote: PayPal does the same thing, and their fees are even higher than credit cards.

I dont get charged any conversion fees for paypal. If i buy something in US and return it, i get refunded the whole amount.

Is this different for you?
Deal Fanatic
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Jun 3, 2006
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FerinthuI wrote: I dont get charged any conversion fees for paypal. If i buy something in US and return it, i get refunded the whole amount.

Is this different for you?
Point being the said fees have been incorporated into your initial purchase. PayPal's conversion rates are ridiculous, even compared to fee cards.
Member
Sep 16, 2017
442 posts
339 upvotes
i think the title of this thread is both misleading and inappropriate. it should be "I DONT UNDERSTAND BASIC CURRENCY CONVERSION AND FEES WHICH STUPIDLY COSTED ME $100 BUT I DONT WANT TO TAKE RESPONSIBILITY FOR MY ACTIONS SO I BLAME IT ON SOMEBODY ELSE"
Deal Addict
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Aug 23, 2006
3153 posts
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This is how TD shows in my account.
65.97
USD 51.25 converted at 1.28722
“There are some things money can’t buy, and for everything else there’s MasterCard. Well, get out your checkbooks ladies and gentlemen, because it seems like the entire liberal cabinet can be bought. TRUDEAU: I CAN’T BE BOUGHT...LMAO. Because its 2017
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Apr 23, 2009
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kurosagi1 wrote: makes me wonder... will bitcoin solve this issue?
lol......if bitcoin doesn't work, try any of the following:

https://www.frustratedbillionaire.com/2 ... -altcoins/

Watcoin (WAT)
Trumpcoin (TRUMP) - yeah...make crypto great again coin
Putincoin (PUTIN)
Potatocoin (SPUDS)
Corgicoin (CORG)
Wankcoin (WKC) - “Bank while you Wank”
Coinye (COYE/KOI)
Why do you want to climb Mt. Everest, Sir? - Because it is there.

— George Leigh Mallory
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Jul 9, 2016
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Toronto
BiegeToyota wrote: [removed]

Anyhow....I got news from you as I have a business relation with amazon. They really don't like returns (regardless of their reputation as a "customer centric company") especially laptop returns. Return one more and you will be greeted with a forever ban.

I can't wait to read about that whine.
i dont think that what you say about amazon is true. they are famous for their lenient and blanket return policy. ive never heard of anyone being banned from returns, that violates a consumer law somewhere i'm sure. unless fraudulent activity was deemed to have taken place, you are free to buy a laptop every day and return it the next.
Deal Guru
Feb 9, 2006
13378 posts
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Brampton
If you buy and return so much with Amazon just ask them to give you credit back.
Deal Addict
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Aug 15, 2015
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I only read the opening post but I used to hear people compliment the Canadian economy. Saying it is stable, conservative and safe.

Slow and steady wins the race. I almost experienced a heart attack while reading your opening post.
Deal Addict
Oct 8, 2012
1685 posts
744 upvotes
TBD
AlexK wrote: It is clearly stolen because they do not publish conversion rate of that day. If they did n't steal they should publish the conversion rate used in chequeing account transaction. They can charge any amount ...we are at mercy of these Banks.
Simply saying you should n't buy amazon.com is not good enough.
if you don't steal , you will be transparent.

I want to close all my TD savings Td cheqing accounts completely. I am looking for alternative. I will keep looking and see if there is better one.

Every one in this business make money of you. I just want transparent bank.
The real question is...Did you file a police report?

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