Personal Finance

Need new bank, TD raised min monthly balance

  • Last Updated:
  • Sep 18th, 2021 11:44 am
Newbie
Jan 19, 2021
27 posts
17 upvotes
Welcome to corporatocracy, where the corporate class owns the economy, the political arena and the government, who is in service to them. The banking cartel in Canada has done a very successful job of steering the people into arrangements, like into their invisible subsidiaries, that maximize profits while eliminating customer service. Caught up in solipsism, idolatry and the minute details of everyday life, the simpletons and dupes are too naive to know what has happened to them over the last 30 years or so in banking and what continues to happen to them.
[OP]
Member
Mar 27, 2013
494 posts
64 upvotes
GTA
jerryhung wrote: 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
Thanks so much, that's what our finanical advisor suggested, but I think it's time to move away from TD.
manho wrote: 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)
I'll check them out, thank you so much!
Deal Fanatic
Dec 20, 2018
7664 posts
6840 upvotes
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.
Tangerine"customer" service is garbage if/when you get through

Tangerine is not viable as primary bank unless you're a student or something

TD with actual branches and staff answering phones and etc unlike tangerine especially when it's more than basics and you need to solve a problem. They are terrible
Deal Fanatic
Dec 20, 2018
7664 posts
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user987 wrote: Welcome to corporatocracy, where the corporate class owns the economy, the political arena and the government, who is in service to them. The banking cartel in Canada has done a very successful job of steering the people into arrangements, like into their invisible subsidiaries, that maximize profits while eliminating customer service. Caught up in solipsism, idolatry and the minute details of everyday life, the simpletons and dupes are too naive to know what has happened to them over the last 30 years or so in banking and what continues to happen to them.
Huh? There's easily 20+ FI to choose from ..what banking cartel?
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Jul 16, 2019
1568 posts
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StatsGuy wrote: Huh? There's easily 20+ FI to choose from ..what banking cartel?
There are a few whales and a smattering of tiny fish. What's missing are mid-sized banks that can compete hard enough to scare the whales into lowering their usury fees. This is why fees keep going up at the big five.
Newbie
Mar 1, 2019
51 posts
39 upvotes
Having recently opened and closed a Simplii account I can say I really didn't like the experience. In order to activate online banking I had to call them and set a password by telling it to a rep on the phone? I don't quite recall the exact details but the experience left a sour taste in my mouth.

And then I got into the site and it was just nowhere near as nice as Tangerine's website. I wasn't fond of Tangerine website redesign when they changed it up a few years ago, but it's miles better then SImplii's.

As for customer service, I don't think I've ever actually called Tangerine? Every time I've ever need to contact support I've done it through the support chat messaging system on the website and they were always able to do what I needed. Compared to waiting on a phone line it's a much nicer experience since I could just move the browser tab over to my second monitor with my other chat apps and then just go about my work normally while I waited for an available rep or for the rep to finish doing whatever.

In my opinion Tangerine has the best banking experience by far, unfortunately there are limits to what kind of services and features you can get out of a purely online bank. Simplii does offer some very few features/services beyond Tangerine because they will actually make use of CIBC branches if they absolutely must. In contrast, Tangerine will never ever allude to a Scotiabank branch being able to do anything for you beyond hosting Scotia ATMs that you're allowed to use. But I don't think the extra bit Simplii can do is worth going with them.

Overall I'd say Tangerine is great for everyday banking, but if you ever need anything beyond what online banking can offer you should just skip Simplii and go to one of the big banks or maybe a local credit union.
Deal Fanatic
Dec 20, 2018
7664 posts
6840 upvotes
VerticalTab wrote: Having recently opened and closed a Simplii account I can say I really didn't like the experience. In order to activate online banking I had to call them and set a password by telling it to a rep on the phone? I don't quite recall the exact details but the experience left a sour taste in my mouth.

And then I got into the site and it was just nowhere near as nice as Tangerine's website. I wasn't fond of Tangerine website redesign when they changed it up a few years ago, but it's miles better then SImplii's.

As for customer service, I don't think I've ever actually called Tangerine? Every time I've ever need to contact support I've done it through the support chat messaging system on the website and they were always able to do what I needed. Compared to waiting on a phone line it's a much nicer experience since I could just move the browser tab over to my second monitor with my other chat apps and then just go about my work normally while I waited for an available rep or for the rep to finish doing whatever.

In my opinion Tangerine has the best banking experience by far, unfortunately there are limits to what kind of services and features you can get out of a purely online bank. Simplii does offer some very few features/services beyond Tangerine because they will actually make use of CIBC branches if they absolutely must. In contrast, Tangerine will never ever allude to a Scotiabank branch being able to do anything for you beyond hosting Scotia ATMs that you're allowed to use. But I don't think the extra bit Simplii can do is worth going with them.

Overall I'd say Tangerine is great for everyday banking, but if you ever need anything beyond what online banking can offer you should just skip Simplii and go to one of the big banks or maybe a local credit union.
Tangerine doesn't have chat support anymore...call and wait is only option even for simple thing like transfering money above their absurdly low limit for self serve
Newbie
Mar 1, 2019
51 posts
39 upvotes
StatsGuy wrote: Tangerine doesn't have chat support anymore...call and wait is only option even for simple thing like transfering money above their absurdly low limit for self serve
That's a shame, hopefully they'll bring that back.
Newbie
Oct 1, 2016
60 posts
69 upvotes
As others have said, my choice would be Tangerine. I moved over 3 years ago and have never regretted that decision. They have a automated service to assist you with transferring over all your payee and PAC information which makes the transition a snap.

Unfortunately, just like the other banks, their savings rates are pathetical low (I'm also tired of their savings lottery) so I have recently moved my emergency money (TCAD) over my Celsius account to make a higher APR
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Sr. Member
Feb 28, 2014
971 posts
1153 upvotes
someweirdo wrote: There are a few whales and a smattering of tiny fish. What's missing are mid-sized banks that can compete hard enough to scare the whales into lowering their usury fees. This is why fees keep going up at the big five.
Problem is that outside of the personal finance circle, most Canadians tend to be hesitant to switch banks/FIs. If the Big Banks know that people are hesitant to switch banks, then there's less reasons to compete with price. Just look at the number of people who talk about why they chose their bank. For many of them, it's because that's what their parents used and their parents chose that bank because that's what their parents used and so on & so forth.

We have dozens of banks and hundreds of credit unions available in Canada, it's not like we lack for choice. It really doesn't help when Canadians don't demand for more choices by leaving them for the competition.
user987 wrote: Welcome to corporatocracy, where the corporate class owns the economy, the political arena and the government, who is in service to them. The banking cartel in Canada has done a very successful job of steering the people into arrangements, like into their invisible subsidiaries, that maximize profits while eliminating customer service. Caught up in solipsism, idolatry and the minute details of everyday life, the simpletons and dupes are too naive to know what has happened to them over the last 30 years or so in banking and what continues to happen to them.
If you're dissatisfied about how the banks are operated, there are many credit union options out there you can try out. Credit unions are not-for-profit financial co-operative, so they're structured in a way that they're not profit seeking (they still have to make some profit to stay afloat) like the banks.
[OP]
Member
Mar 27, 2013
494 posts
64 upvotes
GTA
VerticalTab wrote: Having recently opened and closed a Simplii account I can say I really didn't like the experience. In order to activate online banking I had to call them and set a password by telling it to a rep on the phone? I don't quite recall the exact details but the experience left a sour taste in my mouth.

And then I got into the site and it was just nowhere near as nice as Tangerine's website. I wasn't fond of Tangerine website redesign when they changed it up a few years ago, but it's miles better then SImplii's.

As for customer service, I don't think I've ever actually called Tangerine? Every time I've ever need to contact support I've done it through the support chat messaging system on the website and they were always able to do what I needed. Compared to waiting on a phone line it's a much nicer experience since I could just move the browser tab over to my second monitor with my other chat apps and then just go about my work normally while I waited for an available rep or for the rep to finish doing whatever.

In my opinion Tangerine has the best banking experience by far, unfortunately there are limits to what kind of services and features you can get out of a purely online bank. Simplii does offer some very few features/services beyond Tangerine because they will actually make use of CIBC branches if they absolutely must. In contrast, Tangerine will never ever allude to a Scotiabank branch being able to do anything for you beyond hosting Scotia ATMs that you're allowed to use. But I don't think the extra bit Simplii can do is worth going with them.

Overall I'd say Tangerine is great for everyday banking, but if you ever need anything beyond what online banking can offer you should just skip Simplii and go to one of the big banks or maybe a local credit union.
Mrloops wrote: As others have said, my choice would be Tangerine. I moved over 3 years ago and have never regretted that decision. They have a automated service to assist you with transferring over all your payee and PAC information which makes the transition a snap.

Unfortunately, just like the other banks, their savings rates are pathetical low (I'm also tired of their savings lottery) so I have recently moved my emergency money (TCAD) over my Celsius account to make a higher APR
Thanks so much for the info! I'll check them out!
Newbie
User avatar
Dec 26, 2019
98 posts
50 upvotes
callernamet wrote:
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.
Is that $4.95 a monthly fee? Are you saying you are able to make $3000 yield more than $5 in profit every month? What do you invest your $3000 in?
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Jul 16, 2019
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pleasantpeasant wrote: Is that $4.95 a monthly fee? Are you saying you are able to make $3000 yield more than $5 in profit every month? What do you invest your $3000 in?
You only need 2% in interest to make up for the $5/month fee. If you invest your money in a good asset allocation ETF, making significantly more than 2%/year over the long term is easy.
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Mar 10, 2018
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does it matter?
pleasantpeasant wrote: Is that $4.95 a monthly fee? Are you saying you are able to make $3000 yield more than $5 in profit every month? What do you invest your $3000 in?
TD CDN Equity** $2000in Jan 2021. now it is $2500 since Jan.
TD Dividend Growth** $1000 in Feb 1st 2021. Now $1200. sorry type. corrected.
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]
Member
Mar 27, 2013
494 posts
64 upvotes
GTA
lmcjipo wrote: 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.
Would you please explain what the "you would only pay interest" part of your reply means?

Thank you!
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Dec 4, 2007
4299 posts
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Quebec
@abuela

easy,

if your daily balance is in negative, then you will pay interest calculated on daily basis

let say you minus 1000$ at the end of the day, and the interest rate is 10% per year. then it will be calculated as it.

1000$ x 10% = 100$ interest annually divided by 365 days, so around 0.27$ per day it stay - 1000$. if you bring it back up to 0 or positive balance, then that 27 cent interest stop that day.
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Sep 14, 2012
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Montreal, QC
abuela wrote: Would you please explain what the "you would only pay interest" part of your reply means?

Thank you!
HyperTech gave you the correct answer in his post below your post.

The moment your line of credit balance is used and you don't bring the balance to $0 on the same day (where you owe the bank money), you'll pay the low interest of a line of credit.

If I plan on giving my rent cheque of ~$1000 and use my TD unsecured line of credit to write this cheque. I give this to my landlord and if I put $1k in my unsecured line of credit account before my landlord cashes that cheque, I will have paid nothing to write the cheque and I would pay no monthly/annual/usage fee for doing this.

If on the other hand, I write my rent cheque of $1000 using my TD unsecured line of credit account to write this cheque and I give it to my landlord and he deposits/cashes this cheque while I don't have the money to "cover" this amount as I'm waiting for my bi-weekly paycheque to be deposited in my account, I'll pay interest for every day that the balance on my unsecured line of credit is not $0.00 based on whatever the annual unsecured line of credit rate is divided by 365 days or so. Assuming the annual unsecured line of credit interest rate is prime + 2%, prime is currently 2.45% so this means an annual interest rate of 4.45% so every day that I don't pay the $1000, I will be charged ~$0.122 in interest. If I manage to pay the $1000 after 14 days, it will cost me ~$1.71 in interest. If I put in that $1000 into my unsecured line of credit before I wrote the cheque for $1000 on the unsecured line of credit, I would pay $0.00 in terms of interest.
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May 19, 2005
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Markham
TD LOC is good but they charge $1 for etransfers. I do use Tangerine/Simplii for most functions but sometimes having a big 5 bank account is useful.
Some people just don't get that online forum posts shouldn't always be taken seriously.
[OP]
Member
Mar 27, 2013
494 posts
64 upvotes
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HyperTech wrote: @abuela

easy,

if your daily balance is in negative, then you will pay interest calculated on daily basis

let say you minus 1000$ at the end of the day, and the interest rate is 10% per year. then it will be calculated as it.

1000$ x 10% = 100$ interest annually divided by 365 days, so around 0.27$ per day it stay - 1000$. if you bring it back up to 0 or positive balance, then that 27 cent interest stop that day.
I think I used my LOC once, many moons ago, for a loan. I can't remember the details now!
Thank you for the detailed examples! Much appreciated!

lmcjipo wrote: HyperTech gave you the correct answer in his post below your post.

The moment your line of credit balance is used and you don't bring the balance to $0 on the same day (where you owe the bank money), you'll pay the low interest of a line of credit.

If I plan on giving my rent cheque of ~$1000 and use my TD unsecured line of credit to write this cheque. I give this to my landlord and if I put $1k in my unsecured line of credit account before my landlord cashes that cheque, I will have paid nothing to write the cheque and I would pay no monthly/annual/usage fee for doing this.

If on the other hand, I write my rent cheque of $1000 using my TD unsecured line of credit account to write this cheque and I give it to my landlord and he deposits/cashes this cheque while I don't have the money to "cover" this amount as I'm waiting for my bi-weekly paycheque to be deposited in my account, I'll pay interest for every day that the balance on my unsecured line of credit is not $0.00 based on whatever the annual unsecured line of credit rate is divided by 365 days or so. Assuming the annual unsecured line of credit interest rate is prime + 2%, prime is currently 2.45% so this means an annual interest rate of 4.45% so every day that I don't pay the $1000, I will be charged ~$0.122 in interest. If I manage to pay the $1000 after 14 days, it will cost me ~$1.71 in interest. If I put in that $1000 into my unsecured line of credit before I wrote the cheque for $1000 on the unsecured line of credit, I would pay $0.00 in terms of interest.
Thanks so much! I appreciate your detailed explanation.
I plan to use the LOC the same as my chequing account now, but will have to get used to not having a minimum monthly balance to worry about ....lol - seems so odd to me!

I will probably keep an amount in there as a cushion.

Does using the LOC affect my credit rating, even if the balance is always at 0 or above?

I'm worried my bank will find some loophole to avoid me using the LOC as a chequing account.
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Mar 29, 2008
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Jonavin wrote: TD LOC is good but they charge $1 for etransfers. I do use Tangerine/Simplii for most functions but sometimes having a big 5 bank account is useful.
Didn’t realize that. Was thinking of going the LoC route but $1 per etransfer kind of sucks. Do you happen to know if CIBC is the same?

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