Personal Finance

U.S. based TD Bank account now available for Canadians

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  • Nov 9th, 2017 2:34 pm
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Apr 23, 2017
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ace604 wrote:
Aug 8th, 2017 3:09 pm
It was more than $10k LOL. $5.5k of it was USD.
At least $13k CAD tied up.

Very very narrow analysis criteria that obviously only TD with all-inclusive free small SDB (if available at your branch) had a chance at satisfying.
Yes, I did use a very narrow criteria for this analysis. The point was to see if anybody (other than TD) offered no-fee unlimited banking in a one stop shop in both Canada and the U.S. using only the minimum balance float.

I do not bank with TD, but after looking at the other offerings they do appear to be the only Canadian bank to offer a zero-fee approach (other than the float). Even U.S. banks like Chase don't offer to rebate the ATM operator surcharge of non-Chase ATMs for their checking account customers, unless one is in the Chase Private Client (semi-private banking) area, which requires a minimum of US$250k. So even though I don't bank with TD, they have a convenient one stop approach to no-fee banking.

I use the RBC tunnel to move funds to the USA instantly (I agree it is the best north/south transfer of any bank) and then use ACH to move the funds to my Total Checking account at Chase. The Chase account has unlimited debits at no fee (US$1,500 float). I am pretty much cashless when in Florida these days - I buy all my day to day things with the Chase debit card (5 debits a day or so) and use their free checks to pay by mail the odd bill I can't pay online. RBC USA does have an unlimited debit account (making the Chase account unnecessary) but they charge US$99.95 a year to have it, and I would rather tie up US$1,500 in float and pay no fees, hence my Chase account.

The idea of a one stop shop with free unlimited everything in both counties does appeal to me, so I just wanted to do the analysis to see who offered it.
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HermanH wrote:
Aug 8th, 2017 5:22 pm
Yes, I did use a very narrow criteria for this analysis. The point was to see if anybody (other than TD) offered no-fee unlimited banking in a one stop shop in both Canada and the U.S. using only the minimum balance float.

I do not bank with TD, but after looking at the other offerings they do appear to be the only Canadian bank to offer a zero-fee approach (other than the float). Even U.S. banks like Chase don't offer to rebate the ATM operator surcharge of non-Chase ATMs for their checking account customers, unless one is in the Chase Private Client (semi-private banking) area, which requires a minimum of US$250k. So even though I don't bank with TD, they have a convenient one stop approach to no-fee banking.

I use the RBC tunnel to move funds to the USA instantly (I agree it is the best north/south transfer of any bank) and then use ACH to move the funds to my Total Checking account at Chase. The Chase account has unlimited debits at no fee (US$1,500 float). I am pretty much cashless when in Florida these days - I buy all my day to day things with the Chase debit card (5 debits a day or so) and use their free checks to pay by mail the odd bill I can't pay online. RBC USA does have an unlimited debit account (making the Chase account unnecessary) but they charge US$99.95 a year to have it, and I would rather tie up US$1,500 in float and pay no fees, hence my Chase account.

The idea of a one stop shop with free unlimited everything in both counties does appeal to me, so I just wanted to do the analysis to see who offered it.
I'm not sure I'd consider TDCT + TDB "one stop ONLINE shop" though ... the transfers north/south can't both be done online, I believe you have to call one or the other to initiate a wire (they refund the fee later).
Do they have single-sign-on for both banks? I haven't checked. RBC does, I can sign-on to either and then navigate to the other side directly without logging in again.

For many people "one stop shop" isn't all (anything?) it's cracked up to be. My "one stop" is my internet browser and lastpass password manager ... I don't care much if I have to login to another bank to get what I need to get done if it saves parking thousands of dollars at 0% interest :)
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Apr 23, 2017
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ace604 wrote:
Aug 8th, 2017 5:43 pm
I'm not sure I'd consider TDCT + TDB "one stop ONLINE shop" though ... the transfers north/south can't both be done online, I believe you have to call one or the other to initiate a wire (they refund the fee later).
Do they have single-sign-on for both banks? I haven't checked. RBC does, I can sign-on to either and then navigate to the other side directly without logging in again.

For many people "one stop shop" isn't all (anything?) it's cracked up to be. My "one stop" is my internet browser and lastpass password manager ... I don't care much if I have to login to another bank to get what I need to get done if it saves parking thousands of dollars at 0% interest :)
I wasn't sure about TD as regards seeing both US and Canadian accounts on the same log-in, so I just checked and apparently you can:

"Once your U.S. based and Canadian based accounts have been linked, you can view them on the same web page through TD Canada Trust EasyWeb Internet banking."

I do see your point about logging in to another site being more palatable than parking thousands at zero interest.

If the criteria in the analysis changed to "I don't mind paying fees - but hate the idea of parking money as float to avoid them - what one bank solution is easiest" I would rank RBC as #1. If one had their "VIP plan" in Canada $30/month, and their "Premium Checking" unlimited debits account at RBC USA (US$99.95/year) one could get a complete package with no float at all required in either country. TD's everything-in deal would actually cost a bit more in fees than the RBC all-in deal, if one had no float.
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Dec 4, 2008
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ace604 wrote:
Aug 8th, 2017 5:43 pm

I'm not sure I'd consider TDCT + TDB "one stop ONLINE shop" though ... the transfers north/south can't both be done online, I believe you have to call one or the other to initiate a wire (they refund the fee later).
Do they have single-sign-on for both banks? I haven't checked. RBC does, I can sign-on to either and then navigate to the other side directly without logging in again.

For many people "one stop shop" isn't all (anything?) it's cracked up to be. My "one stop" is my internet browser and lastpass password manager ... I don't care much if I have to login to another bank to get what I need to get done if it saves parking thousands of dollars at 0% interest :)
HermanH wrote:
Aug 8th, 2017 6:16 pm

I wasn't sure about TD as regards seeing both US and Canadian accounts on the same log-in, so I just checked and apparently you can:

"Once your U.S. based and Canadian based accounts have been linked, you can view them on the same web page through TD Canada Trust EasyWeb Internet banking."

I do see your point about logging in to another site being more palatable than parking thousands at zero interest.

If the criteria in the analysis changed to "I don't mind paying fees - but hate the idea of parking money as float to avoid them - what one bank solution is easiest" I would rank RBC as #1. If one had their "VIP plan" in Canada $30/month, and their "Premium Checking" unlimited debits account at RBC USA (US$99.95/year) one could get a complete package with no float at all required in either country. TD's everything-in deal would actually cost a bit more in fees than the RBC all-in deal, if one had no float.
No, you can't do single sign on. You can view TDB's balance on the TDCT website, but you can't do any banking there - to actually pay bills, transfer funds, etc., you must login via the TDB website. This does not work vice versa - ie. you cannot view TDCT information from TDB.

Not that I see why it matters, I see no inconvenience to have to login more than once. Note that I realise a lot of people here have many reasons to park multiple $k of USD at a time; I am not such person, so TDCT + TDB works fine for me. :)

And yes, you have to call TDB to initiate a wire N-S or S-N. Note that since my first wire, I set up a voice print for identity validation - the whole process now from dialing to finish takes < ~10 minutes to complete, with ~5 of that being the mandatory disclosures they must play for you + the mandatory confirmation monologues they must read to you.
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Apr 23, 2017
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sports1 wrote:
Aug 8th, 2017 7:27 pm
No, you can't do single sign on. You can view TDB's balance on the TDCT website, but you can't do any banking there - to actually pay bills, transfer funds, etc., you must login via the TDB website. This does not work vice versa - ie. you cannot view TDCT information from TDB.

Not that I see why it matters, I see no inconvenience to have to login more than once. Note that I realise a lot of people here have many reasons to park multiple $k of USD at a time; I am not such person, so TDCT + TDB works fine for me. :)

And yes, you have to call TDB to initiate a wire N-S or S-N. Note that since my first wire, I set up a voice print for identity validation - the whole process now from dialing to finish takes < ~10 minutes to complete, with ~5 of that being the mandatory disclosures they must play for you + the mandatory confirmation monologues they must read to you.
Ah, ok - thanks, that is good to know. I don't bank at TD I just cut and pasted the quote from their questions and answers about cross-border banking page, but as you point out, there is a difference between seeing the info and doing banking.
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sports1 wrote:
Aug 8th, 2017 7:27 pm
No, you can't do single sign on. You can view TDB's balance on the TDCT website, but you can't do any banking there - to actually pay bills, transfer funds, etc., you must login via the TDB website. This does not work vice versa - ie. you cannot view TDCT information from TDB.

Not that I see why it matters, I see no inconvenience to have to login more than once. Note that I realise a lot of people here have many reasons to park multiple $k of USD at a time; I am not such person, so TDCT + TDB works fine for me. :)

And yes, you have to call TDB to initiate a wire N-S or S-N. Note that since my first wire, I set up a voice print for identity validation - the whole process now from dialing to finish takes < ~10 minutes to complete, with ~5 of that being the mandatory disclosures they must play for you + the mandatory confirmation monologues they must read to you.
Saving the hassle of ~10 minutes each time and being able to do it online seems impetus enough for many people to park $1k at a small interest rate at RBC GA to do the same for free instantly online with RBC.
If I didn't have $1k to park I would suffer through the 10 minute phone call I suppose ... or just do what I used to do which was never transfer back and forth and leave larger than necessary cushions on the other side of the border to avoid depleting funds before they got replenished from intermittent income because I wanted to avoid hassles of sending money south :D

Everyone has their own specialized subset of problems they want to solve :D

re: "I see no inconvenience to have to login more than once"
... I would expect someone who doesn't mind 10 minute phone calls to do something you could do instantly online elsewhere shouldn't find a 10s extra step for a 2nd login inconvenient at all! :D

I use lastpass and I'd rate a 2nd login a 1/10 on the scale of inconvenience .... meanwhile the 10-minute phone call with mandatory 5-minute spiel you have to "listen to" (aka ignore) every time ... I'd rate that a 7/10 due to annoyance/aggravation factor :D
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ace604 wrote:
Aug 8th, 2017 5:12 pm
RBC doesn't have a limit on north/south of 4, where'd you get this limit from?
I am specifically refer to South to North, since that's what I was told when I closed my rbc bank chequing package and converted it to the Personal Savings account. But just checked the rbcbank page and it doesnt seem to be the case anymore...which is great :lol:
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ace604 wrote:
Aug 5th, 2017 3:09 pm
RBC has a free 1-debit per month Canadian USD savings account and a free with $1000 min. balance US USD money market savings account you can signup for online without getting the checking account. You get 6 debits/mo with the US savings (per US regulations) including the free Debit Visa use and the free online instant cross-border transfers.

They have a free US USD Visa as well.

I find 6 debits is more than enough since I just pay one or two US bills and make one or two transfers tops. If you need more frequent ATM or debit card use something like Alliant Credit union can be added to this and then you can find that account from RBC.

I use RBC just for a above use, as my 'tunnel' for USD both ways across the border, and send it to BofA from RBC USA if I need ATM access (rarely).

I have zero other RBC products. Just these two USD savings accounts :)
Hey ace you've been quite helpful here but I just called RBC and they insist you need to open the checking account or get the Visa CC before you can get the Preferred Money Market. Perhaps this is new restriction or they are tightening up? When did you apply for the Preferred MM Account and did you just push it through via online and ignore the checking account?
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gameon12 wrote:
Aug 24th, 2017 1:15 pm
Hey ace you've been quite helpful here but I just called RBC and they insist you need to open the checking account or get the Visa CC before you can get the Preferred Money Market. Perhaps this is new restriction or they are tightening up? When did you apply for the Preferred MM Account and did you just push it through via online and ignore the checking account?
I just opened the account a week ago and no checking account is required. They just warned me a couple of time if I have more than 6 transactions twice and they would automatically get me the checking account. I do apply for the VISA and opened a Cdn High interest USD Savings account though, so I can move money from my RBC DI to Cdn's USD account to US preferred MM Acount and pay for my VISA though they said I will be provided a Debit Visa card too so I can withdraw USD in the States
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sports1 wrote:
Aug 8th, 2017 7:27 pm
No, you can't do single sign on. You can view TDB's balance on the TDCT website, but you can't do any banking there - to actually pay bills, transfer funds, etc., you must login via the TDB website. This does not work vice versa - ie. you cannot view TDCT information from TDB.

Not that I see why it matters, I see no inconvenience to have to login more than once. Note that I realise a lot of people here have many reasons to park multiple $k of USD at a time; I am not such person, so TDCT + TDB works fine for me. :)
This is incorrect. You can log into TD Canada Trust and click over to your TD Bank USA accounts when they're properly linked. Linking them did require submitting a form on paper in a branch, though. I had single sign on set up on my accounts at TD from whenever they introduced the US banking (approx 2012) until I closed most of them down in 2016 (in favour of using RBC because I so hated the time it took to make those wire transfer phone calls with TD).

Technically I still have a link to go to US banking in my TD Canada Trust online profile but it fails since no US accounts, etc, etc.
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bm2ess wrote:
Aug 25th, 2017 3:36 am
This is incorrect. You can log into TD Canada Trust and click over to your TD Bank USA accounts when they're properly linked. Linking them did require submitting a form on paper in a branch, though. I had single sign on set up on my accounts at TD from whenever they introduced the US banking (approx 2012) until I closed most of them down in 2016 (in favour of using RBC because I so hated the time it took to make those wire transfer phone calls with TD).

Technically I still have a link to go to US banking in my TD Canada Trust online profile but it fails since no US accounts, etc, etc.
Oh, the TDCT / TD Bank rep I spoke too wasn't aware of that. They were pretty adamant about it being only 'for viewing purposes', and that any actual banking I wanted to do I had to sign in (again) on TD Bank's side, then perform whatever transactions.

Good to know though.
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Apr 1, 2006
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I recently opened a TD US banking account to be linked with my TD Canada Trust account, my husband will be temporarily working in the states and I needed something relatively simple to move his paycheque from US to CDN over. I have yet to "move" or transfer money without calling a number and at one point on hold waiting for 30 minutes it timed out ! Does anyone here have basic instructions how to do a me to me transfer OR a transfer using Visa debit. Appreciate any help and assistance.
Thank you.
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ksouthwood wrote:
Sep 15th, 2017 5:00 pm
I recently opened a TD US banking account to be linked with my TD Canada Trust account, my husband will be temporarily working in the states and I needed something relatively simple to move his paycheque from US to CDN over. I have yet to "move" or transfer money without calling a number and at one point on hold waiting for 30 minutes it timed out ! Does anyone here have basic instructions how to do a me to me transfer OR a transfer using Visa debit. Appreciate any help and assistance.
Thank you.
Just came over here to see how things are with TD but looks like RBC might be more convenient for you. Refer to this post for details: u-s-based-td-bank-account-now-available ... #p28082772
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ksouthwood wrote:
Sep 15th, 2017 5:00 pm
I recently opened a TD US banking account to be linked with my TD Canada Trust account, my husband will be temporarily working in the states and I needed something relatively simple to move his paycheque from US to CDN over. I have yet to "move" or transfer money without calling a number and at one point on hold waiting for 30 minutes it timed out ! Does anyone here have basic instructions how to do a me to me transfer OR a transfer using Visa debit. Appreciate any help and assistance.
Thank you.
VIsa transfer works from CAN to US, but didn't works back (imo due to US restrictions).
Actually the SIMPLEST (and free) way is to do transfer over the phone 1-877-700-2913
I used it several time and never wait longer than 5-10 minutes. If you'd call sometime before 3pm ET, money will be transferred very next Bday.
You can transfer to US border-less account (USD) in Canada or directly to chequing (CAD).

The very first time while they will setup a "profile" (from acc, to acc) it's a bit longer, next will be faster
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ksouthwood wrote:
Sep 15th, 2017 5:00 pm
I recently opened a TD US banking account to be linked with my TD Canada Trust account, my husband will be temporarily working in the states and I needed something relatively simple to move his paycheque from US to CDN over. I have yet to "move" or transfer money without calling a number and at one point on hold waiting for 30 minutes it timed out ! Does anyone here have basic instructions how to do a me to me transfer OR a transfer using Visa debit. Appreciate any help and assistance.
Thank you.
I opened the RBC US$ e-savings account here and then their US (Georgia) Preferred Money Market. SO easy to move $USD back and forth. And I've banked w TD from day one.

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