Personal Finance

TD High Interest Savings Account - misinformation

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  • Dec 17th, 2013 6:35 pm
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Member
May 30, 2009
225 posts
49 upvotes
ontario

TD High Interest Savings Account - misinformation

So I have one, have more then the monthy minimum balance. Says that if monthly minimum balance is maintained, all transaction fees are waived. So I made an interact payment. Under the transactions, its a 1.5 dollar fee. Guess what? I get dinged and I call them up about it and they said they can't waive that fee and its what it is. I don't get the 5 dollar debit fee but I get the 1.5 dollar fee. I'm confused as I told them it should be all transaction fees waived.



Included with your account are these convenient services and features:

Interest calculated daily
Transaction fees (except PLUS system fees) waived if minimum monthly balance of $25,000 is maintained1(opens new window)(opens new window)
Free Paperless Record Keeping2(opens new window)(opens new window) or Online Statements
Collapse Transaction Fees

$5 fee for debit transactions3(opens new window)(opens new window)
Send Interac e-Transfers for $1.50 per transaction
Additional Non-TD ATM withdrawals for $1.50 each within Canada
PLUS system withdrawals (inside U.S. and Mexico) $3 CDN each, FREE at any TD Bank ATM4(opens new window)(opens new window)
PLUS system withdrawal fee outside Canada, U.S. and Mexico are $5 CDN each4
9 replies
Deal Addict
Oct 29, 2010
4475 posts
811 upvotes
Do you only have a TFSA account with TD? Don't you have a chequing account?
I have a chequing account and savings and TFSA accounts and as long as i have $3,500 (i think) all transactions are free. It depends on your plan though, some other plans have less transactions in a month.
Deal Fanatic
Nov 24, 2013
6479 posts
3344 upvotes
Kingston, ON
Are you 100% that the Account name you're looking up matches the type of account you have?

Like cell phone plans, every now and then TD will change what accounts they're offering for signup, but the terms and conditions will be different than the grandfathered account you already have. I was curious about the terms of my old Savings account, and saw that the "TD Everyday Savings Account" offered "Unlimited free transfers1(opens new window) to your TD Canada Trust personal deposit accounts." When I did a transfer and got charged a transaction fee, I found out that my account was called something else and didn't have the free transfers terms. My mistake. I had it converted to the new account and I haven't had a problem since.
Deal Fanatic
Mar 24, 2008
6278 posts
2753 upvotes
Toronto
TD Sucks, move your accounts to a proper bank.
Deal Addict
User avatar
Dec 8, 2010
2564 posts
992 upvotes
EMT fee is not a transaction fee. They are referring to the fee for making a payment, withdrawing cash, writing a cheque. If the transaction fee wasn't waived, you'd either have an additional fee per transaction, or an additional fee per transaction after a set number of 'included' ones. (Eg RBC basic chequing has 10 transactions included for a $4 monthly fee; if you pay more, you get more included transactions... or just go PCF and get unlimited :)

That's how I understand it, anyway
Member
May 30, 2009
225 posts
49 upvotes
ontario
I have a chequing account with them and was looking on how to save with this 1.50 interact fee . I have the all inclusive but when I saw that was supposed to be free in the high interest savings account, I gave it a try and got charged a fee. I have the same accounts listed on their website.
flafson wrote: Do you only have a TFSA account with TD? Don't you have a chequing account?
I have a chequing account and savings and TFSA accounts and as long as i have $3,500 (i think) all transactions are free. It depends on your plan though, some other plans have less transactions in a month.
Sr. Member
User avatar
Jun 6, 2009
981 posts
607 upvotes
Debit transactions are free in TD's savings account if the balance is $25,000 or more.

However, EMT is a surcharge. It's like that at every bank. If you didn't have the minimum balance, you would have been charged $5 on top of that.
Deal Fanatic
Mar 24, 2008
6278 posts
2753 upvotes
Toronto
epiphano wrote: Debit transactions are free in TD's savings account if the balance is $25,000 or more.

However, EMT is a surcharge. It's like that at every bank. If you didn't have the minimum balance, you would have been charged $5 on top of that.
It's not like this with every bank. RBC gives you 10 free email money transfers with their No Limit Bank account. This account can be had for free with Multi-product rebate and no minimum balances.

http://www.rbcroyalbank.com/products/de ... nking.html
Interac e-Transfer Up to 10 free per Monthly Cycle; $1.00 each thereafter
Deal Fanatic
User avatar
Nov 23, 2005
9005 posts
5728 upvotes
EMT is not part of the regular transactions, hence why it was billed.
Newbie
Apr 2, 2013
60 posts
18 upvotes
Fredericton
Yeah, just going to the TD HISA page and clicking on the number at the end of the sentence where it says "transaction fees waived" will bring up another window detailing what constitutes a transaction, hence why you didn't pay the $5 fee for the interac transaction but you did pay the $1.50 fee.

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