Need new bank, TD raised min monthly balance

random pattern wrote: ↑ 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?

No idea about CIBC.

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.

I am also grandfathered on Plan 60, which is a wonderful account. I expect TD to phase it out at some point, based on what they are doing with other accounts.

As you say, TD makes banking very easy (even more so if you have accounts with TDI) and I always wonder at people who buy a $6 Starbucks drink every day but have cumbersome workarounds, and incur great inconvenience, to avoid banking fees. As if those services have little value, and don't cost anything to provide. But banking is very personal and I understand the deep antipathy many people feel - most of us seem to have bad bank episodes in our life story.

I think the best way to react to high fees is to buy some stock in those money making machines AKA Canadian Banks. And count your dividends as well as your fees.

random pattern wrote: ↑ 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?

Unlike TD's LOC, CIBC's and Simplii's LOCs do not charge for e-transfers, yet they still function like chequing accounts with large, relatively cheap overdrafts.

The only notable advantage TD's LOC has over CIBC's or Simplii's is that you can fund it via bill payment from any FI. CIBC only lets you do this if the bill payment comes from a CIBC or Simplii account, and Simplii doesn't let you do it at all.

random pattern wrote: ↑ 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?

A few of TD's bank accounts have no eTransfer fees ... altho realize you are trying to go the LOC route:

https://www.tdcanadatrust.com/products- ... :footer:en

Interac e-Transfer Fees

There is no transfer fee to use either Send Money or Request Money with the following accounts:

Personal Accounts:

TD All-Inclusive Banking Plan
TD Unlimited Chequing Account
TD Every Day Chequing Account4
TD Student Chequing Account4
Business Accounts:

TD Unlimited Business Plan

There are transfer fees to use either Send Money or Request Money with all other accounts:

Personal Accounts:

Up to and including $100 : $0.504
Over $100: $1.004
Business Accounts:

$1.504
The Send Money transfer fee, if applicable, is charged to the account from which the money is sent at the time it is sent.4

The Request Money transfer fee, if applicable, is charged to the account into which the money is deposited at the time of deposit, if the recipient accepts the request4. There is no transfer fee to accept a request4.


4 Transaction fees may also apply when you send money from a personal account or a business account or when you request money and receive it into a business account. Transfers and requests can only be made from Canadian dollar bank accounts. Click here for information: Personal accounts and Business accounts.