Personal Finance

Need new bank, TD raised min monthly balance

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  • Sep 18th, 2021 11:44 am
[OP]
Member
Mar 27, 2013
494 posts
64 upvotes
GTA

Need new bank, TD raised min monthly balance

Hello everyone!

I did a search so if I missed a discussion, please redirect me to the link - thanks!

We've been with TD for decades and they recently increased the min. monthly balance of our chequing account to $5K. We have a grandfathered plan. We can't maintain this anymore.

I saw two options for "everyday" banking: Tangerine or Simplii. I haven't had much luck with the latter (PC Financial) when it comes to customer service, so I'm hoping I go through CIBC if I need assistance. I know they don't have in-person banking.

I'm looking for no monthly fees or balances. Everyday banking needs.

Any thoughts on these two banks, or any other ones (GTA).

Thanks!
43 replies
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been with Simplii since they were pc before and never had an issue. u just use the cibc machines no fees other then nsf and u can avoid that by getting overdraft protection witch they only charge u a fee for if u get into an overdraft and if u quick and put money in to cover it same day sometimes then they don't charge u a fee.
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Feb 28, 2014
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abuela wrote: Hello everyone!

I did a search so if I missed a discussion, please redirect me to the link - thanks!

We've been with TD for decades and they recently increased the min. monthly balance of our chequing account to $5K. We have a grandfathered plan. We can't maintain this anymore.

I saw two options for "everyday" banking: Tangerine or Simplii. I haven't had much luck with the latter (PC Financial) when it comes to customer service, so I'm hoping I go through CIBC if I need assistance. I know they don't have in-person banking.

I'm looking for no monthly fees or balances. Everyday banking needs.

Any thoughts on these two banks, or any other ones (GTA).

Thanks!
If you need branch access, consider local GTA credit unions like DUCA Credit Union or Meridian Credit Union (free w/ $2k minimum, comes w/ 5 eTransfers/month). I'd go with either and pair it with a savings account at EQ Bank for the 1.25% savings account and the unlimited Interac eTransfers.

If you have no use for branch access, Simplii or Tangerine would work great. I'd still pair an EQ Bank account for the HISA. If you have no use for Interac Debit or ATMs, you can go EQ Bank completely. Other online bank alternatives include Alterna Bank & Motus Bank, I've used both and can recommend them.

Another way to get free banking with the Big 5 would be getting a CIBC personal LOC and using that LOC like a free chequing account. For more: banks-loc-account-can-best-used-free-ch ... t-1463101/
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abuela wrote: Hello everyone!

I did a search so if I missed a discussion, please redirect me to the link - thanks!

We've been with TD for decades and they recently increased the min. monthly balance of our chequing account to $5K. We have a grandfathered plan. We can't maintain this anymore.

I saw two options for "everyday" banking: Tangerine or Simplii. I haven't had much luck with the latter (PC Financial) when it comes to customer service, so I'm hoping I go through CIBC if I need assistance. I know they don't have in-person banking.

I'm looking for no monthly fees or balances. Everyday banking needs.

Any thoughts on these two banks, or any other ones (GTA).

Thanks!
TD LOC ? think you can have a negative balance and it works as a bank account
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Aug 26, 2013
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Stick with TD, and get yourself either a HELOC or a PULOC - And use that as your chequing account too... That's the best thing about a TD LOC... I've been using mine as my bank/chequing account now for almost 20 years, and have never paid monthly bank service fees, and no minimum balance, etc... A very up-front, honest, detail-oriented bank teller and manager explained this to me almost 20 years ago, and I've never had a traditional "bank account" since... With TD, I have 2x HELOCs and 1x PULOC, but NO traditional "bank account"... Then I have HISAs with "B" Banks - NO Fees - For day-to-day banking, deposits and bill payments, oh and EMTs too - FREE... Just sayin'... BIG SMILES... /G
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abuela wrote: Hello everyone!

I did a search so if I missed a discussion, please redirect me to the link - thanks!

We've been with TD for decades and they recently increased the min. monthly balance of our chequing account to $5K. We have a grandfathered plan. We can't maintain this anymore.

I saw two options for "everyday" banking: Tangerine or Simplii. I haven't had much luck with the latter (PC Financial) when it comes to customer service, so I'm hoping I go through CIBC if I need assistance. I know they don't have in-person banking.

I'm looking for no monthly fees or balances. Everyday banking needs.

Any thoughts on these two banks, or any other ones (GTA).

Thanks!
Tangerine is great. No minimum balances required and no monthly fixed fees. The overdraft protection is completely free as long as you repaid within the same day! You can also use Scotiabank's ATMs for free.

Simplii is similar to Tangerine but with unlimited free cheques, and instead of Scotiabank, it is CIBC ATMs.
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sharinganic wrote: Tangerine is great. No minimum balances required and no monthly fixed fees. The overdraft protection is completely free as long as you repaid within the same day! You can also use Scotiabank's ATMs for free.

Simplii is similar to Tangerine but with unlimited free cheques, and instead of Scotiabank, it is CIBC ATMs.
agree. I had both and now only Tangerine. But I accumulated $5000 and forgot about that in TD bank unlimited checking I think.
Not that this gives me better service as they still do some stupid mistake. I am right now for TD support. Chat line
they cashed or cleared my cheque on 31st July but was dated on 1st of. Bank manager says it is not possible but I know it is true so chatting with them.
And rep confirmed that yes I am correct and bank teller was wrong. I can go to branch and get the printed proof as she can not give it on chat.
Heading to bank now. But no matter which bank you are gonna face problems. They all are that good at doing mistakes.

By the way I have opened another TD account with fee of $4.95 I think. No need of keeping $3000 or so in account as I invest and make more than bank fees.
Tried new coffee and doughnut. Found same old stale thing. expected bill of six bucks but it was 600 million. Big mistake so the guy said don't worry it is on the house. going back to McD.
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abuela wrote: Hello everyone!

I did a search so if I missed a discussion, please redirect me to the link - thanks!

We've been with TD for decades and they recently increased the min. monthly balance of our chequing account to $5K. We have a grandfathered plan. We can't maintain this anymore.

I saw two options for "everyday" banking: Tangerine or Simplii. I haven't had much luck with the latter (PC Financial) when it comes to customer service, so I'm hoping I go through CIBC if I need assistance. I know they don't have in-person banking.

I'm looking for no monthly fees or balances. Everyday banking needs.

Any thoughts on these two banks, or any other ones (GTA).

Thanks!
I have TD Canada Trust as my primary brick & mortar Big 5 bank as I use/have certain banking needs (safety deposit box, US dollar withdrawals, bank money orders, etc) that my "everyday" banking account doesn't give me. For "everyday" banking I use Tangerine. I use them to push money to my accounts and I use it to pay all my bills (credit card bills mostly). Tangerine hasn't charged me any fees for the things that I've done which is mainly pushing money to linked accounts, withdrawing cash from a Scotiabank ATM, depositing a cheque using the picture deposit, payroll deposit, etc. I do over 30 transactions every month (on average, I do over one transaction per day)

In terms of cheque writing, I haven't written a cheque in ages but would use my TD Canada Trust account for that but if I was forced to close it, I would do as others suggested which is to apply for a TD Unsecured line of credit since this functions as a free chequing account (you only pay interest and you can put money into the line of credit until you have a positive balance and then write a cheque based on that positive balance and pay nothing. Best of all, ordering/purchasing the personalized cheques are free for the unsecured line of credit at TD Canada Trust.
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I am still with TD because it is so near us. Walking distance. But I had CIBC and RBC and even BMO at short distance. Scotia about 20 mts walk.
Have tried all.
Tried new coffee and doughnut. Found same old stale thing. expected bill of six bucks but it was 600 million. Big mistake so the guy said don't worry it is on the house. going back to McD.
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May 29, 2019
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What account did you have? I have the unlimited chequing account ($4000 minimum)... hope this wasn't raised.
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Unfortunate that TD discontinued the free “Plan 60” account (age 60+) about 9 years ago, I am grandfathered into that one and there is no monthly fee and most transactions are free. I think several banks had that type of account 10 years ago, they wanted to grab and keep aging customers to get potential additional investment management and estate fees.

I would look into the LOC idea mentioned earlier if looking for a new account.

I like TD online account management features, very fast and easy to pay bills and move money around between bank accounts and TFSA, RRSP, and other investment accounts.
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adams7 wrote: Unfortunate that TD discontinued the free “Plan 60” account (age 60+) about 9 years ago, I am grandfathered into that one and there is no monthly fee and most transactions are free. I think several banks had that type of account 10 years ago, they wanted to grab and keep aging customers to get potential additional investment management and estate fees.

I would look into the LOC idea mentioned earlier if looking for a new account.

I like TD online account management features, very fast and easy to pay bills and move money around between bank accounts and TFSA, RRSP, and other investment accounts.
You should get some discount as a senior right? Check the TD fee details.

Seniors' rebate. A rebate off the monthly fee for select chequing accounts

And I received this.

Safety Deposit Box
from October 1, 2021

Current Wording New Wording
2.6 When does the Box rental renew?

Your rental renews annually on your Anniversary Date for another year as long as you pay the Box rental fee. 2.6 How long will your Box rental last?
Your Box rental will remain in effect until you or we cancel it in accordance with the terms set out in this Agreement.

New Wording
2.6 How long will your Box rental last?

Your Box rental will remain in effect until you or we cancel it in accordance with the terms set out in this Agreement.
Tried new coffee and doughnut. Found same old stale thing. expected bill of six bucks but it was 600 million. Big mistake so the guy said don't worry it is on the house. going back to McD.
[OP]
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Mar 27, 2013
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GTA
aaron158 wrote: been with Simplii since they were pc before and never had an issue. u just use the cibc machines no fees other then nsf and u can avoid that by getting overdraft protection witch they only charge u a fee for if u get into an overdraft and if u quick and put money in to cover it same day sometimes then they don't charge u a fee.
Thanks, didn't know that about the o/d protection! Much appreciated!
deltatux wrote:
If you need branch access, consider local GTA credit unions like DUCA Credit Union or Meridian Credit Union (free w/ $2k minimum, comes w/ 5 eTransfers/month). I'd go with either and pair it with a savings account at EQ Bank for the 1.25% savings account and the unlimited Interac eTransfers.

If you have no use for branch access, Simplii or Tangerine would work great. I'd still pair an EQ Bank account for the HISA. If you have no use for Interac Debit or ATMs, you can go EQ Bank completely. Other online bank alternatives include Alterna Bank & Motus Bank, I've used both and can recommend them.

Another way to get free banking with the Big 5 would be getting a CIBC personal LOC and using that LOC like a free chequing account. For more: banks-loc-account-can-best-used-free-ch ... t-1463101/
Never thought of credit unions! Thanks so much!
BIGSMILESg wrote: Stick with TD, and get yourself either a HELOC or a PULOC - And use that as your chequing account too... That's the best thing about a TD LOC... I've been using mine as my bank/chequing account now for almost 20 years, and have never paid monthly bank service fees, and no minimum balance, etc... A very up-front, honest, detail-oriented bank teller and manager explained this to me almost 20 years ago, and I've never had a traditional "bank account" since... With TD, I have 2x HELOCs and 1x PULOC, but NO traditional "bank account"... Then I have HISAs with "B" Banks - NO Fees - For day-to-day banking, deposits and bill payments, oh and EMTs too - FREE... Just sayin'... BIG SMILES... /G
I will do some research on HELOC vs. PULOC. I didn't know that! Wow! Thank you!
sharinganic wrote:
Tangerine is great. No minimum balances required and no monthly fixed fees. The overdraft protection is completely free as long as you repaid within the same day! You can also use Scotiabank's ATMs for free.

Simplii is similar to Tangerine but with unlimited free cheques, and instead of Scotiabank, it is CIBC ATMs.
That's good to know about the o/d protection. Thank you!
callernamet wrote:
agree. I had both and now only Tangerine. But I accumulated $5000 and forgot about that in TD bank unlimited checking I think.
Not that this gives me better service as they still do some stupid mistake. I am right now for TD support. Chat line
they cashed or cleared my cheque on 31st July but was dated on 1st of. Bank manager says it is not possible but I know it is true so chatting with them.
And rep confirmed that yes I am correct and bank teller was wrong. I can go to branch and get the printed proof as she can not give it on chat.
Heading to bank now. But no matter which bank you are gonna face problems. They all are that good at doing mistakes.

By the way I have opened another TD account with fee of $4.95 I think. No need of keeping $3000 or so in account as I invest and make more than bank fees.
I see, thanks for letting me know all of this!
someweirdo wrote: Here's a thread that lists all your options for free chequing accounts. Tangerine and Simplii are the two big ones, but they're far from the only ones. There are even options for free accounts with brick and mortar banks, depending on where your live (BC, Saskatchewan, or Ontario) and/or whether you can get a LOC (with CIBC or TD).
I'll check this thread out, much appreciated!
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abuela wrote: Hello everyone!

I did a search so if I missed a discussion, please redirect me to the link - thanks!

We've been with TD for decades and they recently increased the min. monthly balance of our chequing account to $5K. We have a grandfathered plan. We can't maintain this anymore.

I saw two options for "everyday" banking: Tangerine or Simplii. I haven't had much luck with the latter (PC Financial) when it comes to customer service, so I'm hoping I go through CIBC if I need assistance. I know they don't have in-person banking.

I'm looking for no monthly fees or balances. Everyday banking needs.

Any thoughts on these two banks, or any other ones (GTA).

Thanks!
You should be able to switch account type ONLINE to a Basic one which only needs $3000 minimum balance
At least few of my family accounts are under this, no problem

All-Inclusive is still $5K which I own still for the benefits
Which Credit Cards to sign up? >> Jerry's Mega Thread of Credit Cards Q&A
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callernamet wrote: ...
Safety Deposit Box
from October 1, 2021
...
I received the same email today.

I read it a few times and didn't see any real change except that it appears to give them the ability to cancel the safety deposit box even if the customer wants to renew for another year (which I thought they already had the ability to do).

At the bottom/end of the email, they state "This change simply means that your Safety Deposit Box rental won't need to be renewed each year, instead it will remain in place until it’s cancelled". This is how my safety deposit rental worked in the past. I didn't have to tell them that I wanted to renew it, it automatically renewed and the annual fee came out from my attached account.
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Just want to give a shout out to Alterna Bank if you don't need branch access.

Open both chequing and saving, but use only the saving. The saving does everything a chequing can except point-of-sale and u can't get a debit card without a chequing account (but once u have the card, you can get it set up to withdraw directly from saving on an Exchange ATM). The saving current gives 1%, lesser than EQ, but not need to pair EQ with another bank. The most annoying thing with Alterna I find is that there's no autodeposit with e-transfer. But I don't use it often enough.

There's a thread here in this sub on Alterna. I've been using them for a year and a half and am a happy camper. (I also tried tangerine and simplii before; prefers Alterna as I enjoy receiving a few bucks monthly, rather than nothing. Or paying at the big5s. You can also pair it with tang or simplii and keep a small amount there just for Scotia and CIBC ATM access. Just send a etranfer from Alterna for quick cash moving around. or you can even just move money via linked transfer on Alterna if u can wait)
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manho wrote: The most annoying thing with Alterna I find is that there's no autodeposit with e-transfer. But I don't use it often enough.
I have an Alterna Bank account and I don't have a chequing account from them but have a savings account so don't know if this is the reason but I find their hold time ridiculous for pulled money (regardless of the amount and how much assets one has with them). I have a few GICs with them and even with a transfer (pull) of only $1, they require a 5 business day hold for that. I know... what can I do with that $1? Not much but I don't see why there is a 5 business days when I have enough investments to cover that amount in case the money from the transferring bank doesn't have enough to cover that $1 that I pulled on Alterna. The same thing with LBC Bank.

For online only banks, at least with Tangerine, they base their hold times on amount of assets the customer has with them. I'm sure some customers have holds placed on their deposit at Tangerine but for me, for the amounts that I've transferred/pulled/pushed to Tangerine, they haven't placed a hold on the funds.
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lmcjipo wrote: I received the same email today.

I read it a few times and didn't see any real change except that it appears to give them the ability to cancel the safety deposit box even if the customer wants to renew for another year (which I thought they already had the ability to do).

At the bottom/end of the email, they state "This change simply means that your Safety Deposit Box rental won't need to be renewed each year, instead it will remain in place until it’s cancelled". This is how my safety deposit rental worked in the past. I didn't have to tell them that I wanted to renew it, it automatically renewed and the annual fee came out from my attached account.

And still not clear what exactly happened and why this new wording. lawyer talk?
Tried new coffee and doughnut. Found same old stale thing. expected bill of six bucks but it was 600 million. Big mistake so the guy said don't worry it is on the house. going back to McD.

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