Personal Finance

Using TD line of credit like chequing account?

  • Last Updated:
  • Feb 13th, 2018 7:15 am
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Deal Fanatic
Oct 13, 2002
5576 posts
261 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
186 posts
44 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
21049 posts
1947 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
1316 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
1292 posts
444 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
7163 posts
1669 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
1292 posts
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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
4563 posts
304 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
9312 posts
447 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
9312 posts
447 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
7163 posts
1669 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.
Member
Nov 8, 2017
207 posts
64 upvotes
A chequing account.
This is exactly what I use by CIBC LOC for.
No fees @ all, except when carrying a balance.
Deal Addict
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Jul 4, 2005
4830 posts
232 upvotes
Ottawa
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.
Deal Addict
User avatar
Aug 16, 2009
1422 posts
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jeeva86 wrote:
Feb 12th, 2018 8:15 am
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.
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.
Deal Fanatic
Feb 15, 2006
7163 posts
1669 upvotes
Toronto
jeeva86 wrote:
Feb 12th, 2018 8:15 am
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.
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.

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