Investing

Td Webbroker Now charging Quarterly Fee's

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  • Nov 1st, 2016 11:26 pm
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Deal Addict
Jul 28, 2012
1047 posts
490 upvotes
Trois-Rivières, QC
JamesA1 wrote: Banks are gradually changing the meaning of the word "simplify". I dread to see it now when they send me a chatty notice. I expect that eventually the change will work its way into general speech, and you'll see a movie tough guy promising to "simplify" the bad guys. :)
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".
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?
Hello
Deal Addict
Jan 20, 2016
2028 posts
1013 upvotes
Houston, TX
radiko wrote: From which account they'd take the fees? I have my Mortgage with TD. I'd be so pissed off if this happens.
as you can read from the topic title, it's about Td Webbroker (investment) account
Newbie
Oct 14, 2010
55 posts
24 upvotes
Ottawa, ON
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.
Where did you get the info about the $100/month automatic contribution? That isn't stated anywhere in the notification about the fee changes.
Deal Addict
Jan 20, 2016
2028 posts
1013 upvotes
Houston, TX
ilusa wrote: Yes its awful

Does anyone know of a free brokerage account i can transfer over to?
"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
Newbie
Oct 14, 2010
55 posts
24 upvotes
Ottawa, ON
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.
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.
Deal Addict
Jan 20, 2016
2028 posts
1013 upvotes
Houston, TX
LiquidHog wrote: Where did you get the info about the $100/month automatic contribution? That isn't stated anywhere in the notification about the fee changes.
OMG, it's was already posted several times
Maintenance 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)
https://www.td.com/ca/document/PDF/forms/521778.pdf
Deal Addict
Jan 20, 2016
2028 posts
1013 upvotes
Houston, TX
LiquidHog wrote: 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.
a) increase funds to 15k
b) set up SIP $100 per month
Deal Addict
Mar 1, 2016
1092 posts
402 upvotes
toronto
asa1973 wrote: as you can read from the topic title, it's about Td Webbroker (investment) account

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)
Deal Addict
Jan 20, 2016
2028 posts
1013 upvotes
Houston, TX
LiquidHog wrote: 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.
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...
Deal Addict
Jan 20, 2016
2028 posts
1013 upvotes
Houston, TX
foreigncontent 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)
the question was about if person has only mortgage with TD, will it be charged with fee - NO

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)
Deal Expert
May 30, 2005
49009 posts
10302 upvotes
Richmond Hill
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.
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.
Tons of things for sale!
Silver Coins and Numismatics | Heatware
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
Deal Addict
Jan 20, 2016
2028 posts
1013 upvotes
Houston, TX
Jon 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.
that's not correct afair, RRSP and RESP both had minimum balance\activity requirements, maybe the TFSA was free
Deal Addict
Jan 20, 2016
2028 posts
1013 upvotes
Houston, TX
ilusa wrote: Hopefully some more people read this, and catch onto this new "Simplified Fee" System that will be dinging there accounts.
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.
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.
Hello
Sr. Member
User avatar
Feb 28, 2010
668 posts
340 upvotes
Flying over Canada
ilusa wrote: 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.
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.
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!
Hello
Sr. Member
User avatar
Apr 22, 2014
552 posts
279 upvotes
Edmonton, AB
ilusa wrote: 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!
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.
Deal Addict
Nov 11, 2004
3503 posts
615 upvotes
Ottawa
philland wrote: 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.
lol
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