Reminds me of the overusage of the word "synergy" (e.g. "creating synergies") in mergers and acquisitions lingo. Oftentimes, it's just a sugarcoated way of referring to "job elimination".
Td Webbroker Now charging Quarterly Fee's
- Last Updated:
- Nov 1st, 2016 11:26 pm
Tags:
- SCORE+3
- airodyssey
- Deal Addict
- Jul 28, 2012
- 1047 posts
- 490 upvotes
- Trois-Rivières, QC
- ilusa [OP]
- Deal Addict
- Nov 11, 2004
- 3503 posts
- 615 upvotes
- Ottawa
Yes its awful
Does anyone know of a free brokerage account i can transfer over to?
Does anyone know of a free brokerage account i can transfer over to?
Hello
- asa1973
- Deal Addict
- Jan 20, 2016
- 2028 posts
- 1013 upvotes
- Houston, TX
- LiquidHog
- Newbie
- Oct 14, 2010
- 55 posts
- 24 upvotes
- Ottawa, ON
Where did you get the info about the $100/month automatic contribution? That isn't stated anywhere in the notification about the fee changes.NorthernRaven wrote: ↑It's actually <$15K (household, not individual) and not doing 3 trades/quarter and not willing to do a $100/month automatic contribution (and there's a 6-month grace period on new accounts). That's a pretty low bar and TD's being pretty reasonable in discouraging these sorts of customers.
- asa1973
- Deal Addict
- Jan 20, 2016
- 2028 posts
- 1013 upvotes
- Houston, TX
"if product is free - you are a product"
AFAIK EVERY brokerage will charge you in either way. Like "free" to buy but commission on sale (IB). If you have funds in TD under 15k and want to save on fee, the cheapest way probably would be just transfer them back to TD mutual funds "regular" account, depends from what assets you have in TDI...or setup SIP $100 monthly to waive fees
- LiquidHog
- Newbie
- Oct 14, 2010
- 55 posts
- 24 upvotes
- Ottawa, ON
Isn't WebBroker just the interface for TD Direct Investing? I did exactly what you suggest - I opened a TDDI TFSA to purchase commission-free index funds. TFSA's containing these funds were previously exempt from fees. Now I'm being charged a fee.sunshinee wrote: ↑I agree with you. Why are some of these posters using TD Web broker with less than 15K in HOUSEHOLD assets is beyond me. Use TD Direct Investing, buy commission free index funds and then MOVE over to web broker once you get at least 25-50K if you want more complex products. Also if you've been around for a while you know TD has really lowered the bar to compete. There was a point in time you would need over 50K in assets for the fee to be waived... I'm also not defending the banks, because they rubbed me many times over when I was a poor smuck. TD water house did not want my money 25K to transfer over from a fidelity mutual fund in kind they just told me to go to TD direct investing many moons ago when I was starting out, but it seems their snobbery have cooled down as they have lowered the bar.
- asa1973
- Deal Addict
- Jan 20, 2016
- 2028 posts
- 1013 upvotes
- Houston, TX
OMG, it's was already posted several times
https://www.td.com/ca/document/PDF/forms/521778.pdfMaintenance FeesE
Household accounts^ with total assets
of $15,000 or greater. No Fee
Household accounts^ with total assets
of less than $15,000.
The fee will be waived if any one of the following conditions
is met:
The fi rst account in your household accounts^ has been open
for less than six months
One or more of the accounts in your household accounts^ are
enrolled in a Systematic Investment Plan (SIP) or Preauthorized
Deposit or Preauthorized Contribution that totals $100/month
or more
Your household accounts^ completed three or more trades in
the preceding quarter which incurred a commission**
Your household accounts^ include a Registered Disability Savings
Plan (RDSP)
- asa1973
- Deal Addict
- Jan 20, 2016
- 2028 posts
- 1013 upvotes
- Houston, TX
a) increase funds to 15k
b) set up SIP $100 per month
- foreigncontent
- Deal Addict
- Mar 1, 2016
- 1092 posts
- 402 upvotes
- toronto
but if you have no money they need to take it somewhere.... i remember having fees taken for an account that was below $15,000 and not linked to other a few years ago (so i'm not sure why some people think this is new altogether, just reshaped)... they took the fee from my checking account. (and reversed with a call, since it should not have been charged)
- asa1973
- Deal Addict
- Jan 20, 2016
- 2028 posts
- 1013 upvotes
- Houston, TX
Possibly he mixed it with regular TD MF account provided by TD Investment Services (also TDI ) which has no obligations but only I-series are available with higher MER ...
but the logic is correct - once you have 15k in MF in "regular" account OR have $100 monthly deposit, you can move to TD Webbroker aka self-directed accounts and you'll have broader selections of available funds and still will have it for free...
- asa1973
- Deal Addict
- Jan 20, 2016
- 2028 posts
- 1013 upvotes
- Houston, TX
the question was about if person has only mortgage with TD, will it be charged with fee - NOforeigncontent wrote: ↑but if you have no money they need to take it somewhere.... i remember having fees taken for an account that was below $15,000 and not linked to other a few years ago (so i'm not sure why some people think this is new altogether, just reshaped)... they took the fee from my checking account. (and reversed with a call, since it should not have been charged)
regarding fee on investment account, it's described in link to TD document. Except they lower the limit to 15k from 25k, there is no other major changes imo (not sure if the TD MF was also free before)
- Jon Lai
- Deal Expert
- May 30, 2005
- 49009 posts
- 10302 upvotes
- Richmond Hill
Correct, the fee change just hit at a bad time for her as it coincides when she had to withdraw for the down payment.torcraw2014 wrote: ↑But she withdrew the funds out, bringing the balance below $15k. If the balance is over $15k, regardless of whether they are mutual funds, ETFs, stocks, or in cash, as I read it, there is no fee.
The previous fee structure was such that registered accounts were not subject to maintenance fees, no matter what the account balance was.
Previously she had more complex products that required TDDI, but now has to switch back due to the fee. It's just a pain, especially she has had her investments with TD for the longest time until needing to withdraw for the down payment.
- ilusa [OP]
- Deal Addict
- Nov 11, 2004
- 3503 posts
- 615 upvotes
- Ottawa
Hopefully some more people read this, and catch onto this new "Simplified Fee" System that will be dinging there accounts.
Hello
- asa1973
- Deal Addict
- Jan 20, 2016
- 2028 posts
- 1013 upvotes
- Houston, TX
that's not correct afair, RRSP and RESP both had minimum balance\activity requirements, maybe the TFSA was freeJon Lai wrote: ↑Correct, the fee change just hit at a bad time for her as it coincides when she had to withdraw for the down payment.
The previous fee structure was such that registered accounts were not subject to maintenance fees, no matter what the account balance was.
Previously she had more complex products that required TDDI, but now has to switch back due to the fee. It's just a pain, especially she has had her investments with TD for the longest time until needing to withdraw for the down payment.
- asa1973
- Deal Addict
- Jan 20, 2016
- 2028 posts
- 1013 upvotes
- Houston, TX
just hopefully some more people do read at all the information provided as it's just stated in TD brochure available by simple google search
actually I do not understand such hysteria about the fee that was already present before, now charged quarterly but required balance is lowered. What the point to have TDI account if use only plain MFs with low amount? It makes no sense. If someone went to TDI to invest to MF targeting e-series with balance under 15k you save the "whole" $75 per year. Either you targeting ETF - this will activate trades trigger and still you need ~25k to break even on ETF fees. And person goes to complicated and dedicated platform with less then 15k balance AND do not even invest $100 per month??? Well, then regular MF account is more then enough and is free.
- ilusa [OP]
- Deal Addict
- Nov 11, 2004
- 3503 posts
- 615 upvotes
- Ottawa
I guess its the RFD in me, who gets pissed off to be charged for somethign when its been free for a decade.
Here are the new simple fee's O wait you now owe us 30 dollars. Pay up!
Anyways ill close the account and move on, no worries.
Here are the new simple fee's O wait you now owe us 30 dollars. Pay up!
Anyways ill close the account and move on, no worries.
Hello
- NorthernRaven
- Sr. Member
- Feb 28, 2010
- 668 posts
- 340 upvotes
- Flying over Canada
It's never been free, there's been an explicit price, but you were being granted an exemption (for TD's own perceived benefit, of course). In your particular case, your exemption has expired, and you are in a likely small group that aren't still being exempted. What is TD reasonably to do, guarantee that customers should get free services forever? Never set up a similar program because a few people may eventually grumble when circumstances change?
Given that the fee restructuring now eliminates the separate $25K minimum to waive the $100 annual fee on SDRSP accounts ($25 for plain RRSP) and brings them under the combined $15K household umbrella, there will be a lot more people who now find TD more attractive than those who can't meet one of the remaining waivers.
- ilusa [OP]
- Deal Addict
- Nov 11, 2004
- 3503 posts
- 615 upvotes
- Ottawa
Im thinking about just closing all my TD Accounts
its bad enough they started Charging to have a USD account
Now Brokerage account
Whats next...
Honestly thinking of making the swap... Enough is Enough!
its bad enough they started Charging to have a USD account
Now Brokerage account
Whats next...
Honestly thinking of making the swap... Enough is Enough!
Hello
- angelus97
- Sr. Member
- Apr 22, 2014
- 552 posts
- 279 upvotes
- Edmonton, AB
Then do it already and quit griping about it. If you've honestly been a customer for more than a decade and haven't been able to accumulate 15K in household assets despite all these accounts you have, I seriously doubt anyone is going to sympathize with you.
- ilusa [OP]
- Deal Addict
- Nov 11, 2004
- 3503 posts
- 615 upvotes
- Ottawa