Personal Finance

Using TD line of credit like chequing account?

  • Last Updated:
  • Dec 7th, 2017 3:08 pm
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Deal Fanatic
Oct 13, 2002
5532 posts
265 upvotes
Calgary
ive been doing this for over a decade now with no issues...

protip: open a free td savings account and transfer big balances there as a temp savings account, also helps when using the td mobile app for check deposits
Jr. Member
Jan 13, 2016
152 posts
39 upvotes
Vancouver, BC
Can you get american money from teller if you only have a loc? Do you get any free teller visits?
Deal Expert
Mar 25, 2005
20959 posts
1907 upvotes
Latebuyer wrote:
Jul 8th, 2016 2:51 pm
Can you get american money from teller if you only have a loc? Do you get any free teller visits?
Yes. It's an unlimited account.
Deal Addict
User avatar
Oct 27, 2002
1315 posts
15 upvotes
Toronto
Sorry to bump an old thread. I've been trying to find this answer on Google forever, and can't seem to.

I know a TD LOC has free withdrawal from TD ATM. But what is the fee structure from non-TD Canadian ATM? International ATM? Is there a TD PDF that describes all LOC fees? I can't find it (can only find one for chequing accounts). Thanks.
Deal Addict
Aug 17, 2012
1181 posts
397 upvotes
Windsor
Reviving an old thread ...

Can I have my Auto Payments; Insurance paymentd directly go from TD and Mortgage if possible ? Will save me hassle of moving money around ... ?
Deal Fanatic
Feb 15, 2006
6889 posts
1483 upvotes
Toronto
taurus25 wrote:
Dec 6th, 2017 11:13 am
Reviving an old thread ...

Can I have my Auto Payments; Insurance paymentd directly go from TD and Mortgage if possible ? Will save me hassle of moving money around ... ?
Yes you say set up auto deduction from your auto payment, to your TD LOC. You give them a void cheque (of the LOC) and they can set that up.

It's like any chequing account.
Deal Addict
Aug 17, 2012
1181 posts
397 upvotes
Windsor
Arrgh wrote:
Dec 6th, 2017 1:56 pm
Yes you say set up auto deduction from your auto payment, to your TD LOC. You give them a void cheque (of the LOC) and they can set that up.

It's like any chequing account.
Thanks ... Was in TD today n probably they dont have knowledge abt it...


I trust RFD more than TD reps ..lol
Deal Addict
Oct 1, 2004
4267 posts
274 upvotes
Toronto
The only advantage of doing this is to avoid the monthly fee for a cheqing account? Got offered prime +3.99 which is pretty high to me.
Deal Fanatic
Feb 1, 2006
9257 posts
371 upvotes
taurus25 wrote:
Dec 6th, 2017 2:05 pm
Thanks ... Was in TD today n probably they dont have knowledge abt it...


I trust RFD more than TD reps ..lol
This is like Fight Club, you don't talk about it! If TD reps start hearing about this happening more and more, they will shut it down. They can easily make their LOC's not be able to go negative balance, like other banks do.
Deal Fanatic
Feb 1, 2006
9257 posts
371 upvotes
greg123 wrote:
Dec 7th, 2017 4:31 am
The only advantage of doing this is to avoid the monthly fee for a cheqing account? Got offered prime +3.99 which is pretty high to me.
For free, you get an unlimited transaction chequing account at a bricks and mortar big bank, with free cheques as well. I have been using it for 10+ years now.
Deal Fanatic
Feb 15, 2006
6889 posts
1483 upvotes
Toronto
Bullseye wrote:
Dec 7th, 2017 6:06 am
This is like Fight Club, you don't talk about it! If TD reps start hearing about this happening more and more, they will shut it down. They can easily make their LOC's not be able to go negative balance, like other banks do.
Why would TD do that? They need to be competitive with other banks. I've had LOCs with other banks and they're all the same, free cheques, unlimited transactions. Can use like a chequing account.

BTW, TD reps certainly know about it. There is no secrecy about it.
Newbie
Nov 8, 2017
56 posts
19 upvotes
A chequing account.
This is exactly what I use by CIBC LOC for.
No fees @ all, except when carrying a balance.

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