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.
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.
Dec 6th, 2017 2:05 pm
Dec 7th, 2017 4:31 am
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.
Dec 7th, 2017 6:07 am
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.
Dec 7th, 2017 9:43 am
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.
Dec 7th, 2017 3:08 pm
Feb 12th, 2018 8:15 am
Feb 12th, 2018 11:15 pm
I would not risk depositing such a large amount in case it gets flagged/frozen for review. Open a savings account (free) and deposit the cheque there.jeeva86 wrote: ↑ My limit is 25k, and I plan to get a large deposit in there(house sale). Anyone try this or alike? I’d move it to my chequing account once it clears. Also I’d like to write a cheque out from it for >25k(credit balance). Anyone get away with this? I just need to deposit the large sum, then distribute it to the fam via cheques since they’re not all with td.
Feb 12th, 2018 11:21 pm
Go to a branch and tell them about this (large deposit) coming. Should be ok. Hopefully you're getting a certified cheque or wire coming in, so that it won't be held for many days.jeeva86 wrote: ↑ My limit is 25k, and I plan to get a large deposit in there(house sale). Anyone try this or alike? I’d move it to my chequing account once it clears. Also I’d like to write a cheque out from it for >25k(credit balance). Anyone get away with this? I just need to deposit the large sum, then distribute it to the fam via cheques since they’re not all with td.
Feb 13th, 2018 7:15 am
Apr 26th, 2018 7:51 pm
Apr 26th, 2018 8:24 pm
There are no rules against it but why would you need to call them up and raise the issue? Lots of TD reps probably don't even know that it could be done and wouldn't be able to tell you anything anyways. Bank reps aren't there to "help" you, they are there to push Bank products. Just go ahead and do it...so far lots of RFDers are using the LOC as a chequing account but TD can easily change the terms, so no account can go into negative balance.
Apr 26th, 2018 11:51 pm
Apr 27th, 2018 9:43 am
Just go ahead and close your checking acct but don't alert TD to the fact you will instead be using the LOC as a checking acct.
Apr 27th, 2018 3:25 pm
Apr 27th, 2018 4:21 pm
Apr 27th, 2018 4:35 pm
Apr 27th, 2018 4:43 pm
Apr 27th, 2018 5:06 pm
Yes, there are no fees at all for using the LOC unless you happen to actually borrow money. When they change the terms we'll deal with that when it happens, no point speculating what fees or restrictions there might be.Shadow Rider wrote: ↑ I have a LOC but never use it, so if I over deposit and withdraw but keep it above $0 there's no transaction fees and it's just a free chequing account? What happens when they change the terms, everyone is forced to get a real chequing account?
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