Personal Finance

Trick TD used to steal your $300 when opening chequing account

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  • Aug 1st, 2020 9:43 am
[OP]
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Feb 12, 2019
69 posts
67 upvotes

Trick TD used to steal your $300 when opening chequing account

So I invested $4000 for $300 interest (7.5% return) by creating a TD chequing a few months ago, the so-called "financial service representative" suggested I set up a $50 monthly deposit into a TSFA Savings account, which would fulfill requirement no 2. circled in red from image below. Later I set up a recurring direct deposit for my pay cheque, which would fulfill requirement no 1. I thought I did everything right. Three months later, a few days before deadline, I still didn't get the $300, so I called telephone banking. Turned out the $50 monthly deposit into a TSFA Savings account doesn't count, you actually need something like recurring payment for sth like electricity bill, not simply transferring fund to another account.

So the "financial service representative" either lied or had no idea what he's talking out.

I ended up paying my credit card bill, just 2 days before deadline (fulfilling requirement 3), and managed to get the $300. Had I missed the deadline, they would weasel their way out of paying me.

After that, I pulled all funds, leaving only enough money to waive the fee until I can close the account.

Later I will open and close a chequing account in every bank that has this offer.
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18 replies
Deal Fanatic
Nov 22, 2015
6689 posts
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It's pretty clear what the 3 options are... And you can do all of those things yourself

Also, from the fine print.... "The $300 will be deposited to the New Account within 12 weeks after all conditions have been met"

How do you know it wasn't the TFSA that triggered it?
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Dec 13, 2016
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Another thread where you are a victim of financial institution or inept real estate agent.

Wow... Your life really must suck... So much bad luck.
[OP]
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Feb 12, 2019
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BiegeToyota wrote: Another thread where you are a victim of financial institution or inept real estate agent.

Wow... Your life really must suck... So much bad luck.
Content appropriate for the forum.

Take a hike if you enjoy nature.
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Dec 13, 2016
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TheMeat wrote: Content appropriate for the forum.

Take a hike if you enjoy nature.
Subscribing actually
Deal Guru
Dec 5, 2006
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Markham
KanataKG wrote:

How do you know it wasn't the TFSA that triggered it?
You mean tfsa is qualified?
[OP]
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Feb 12, 2019
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TFSA didn't quality according to the TD employee helping me on the phone, he wasn't sure either.

I insisted on getting to the bottom of this, and the guy ended up contacting his supervisor to get the answer.

The pre-authorized debit payment cannot be paid to yourself (eg: transferring $50 to a savings account).
Deal Addict
Oct 3, 2013
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West
TheMeat wrote: TFSA didn't quality according to the TD employee helping me on the phone, he wasn't sure either.

I insisted on getting to the bottom of this, and the guy ended up contacting his supervisor to get the answer.

The pre-authorized debit payment cannot be paid to yourself (eg: transferring $50 to a savings account).
The only instance where a PAD can be "to yourself" is occasionally with debits to Tangerine Savings, given the way they code their transactions. Otherwise, a PAD is typically regarded as some form of bill payment (i.e. utilities, cell phone, etc.), hence why it's called a "debit". It would nice to see the fine print of the promo, but this really hardly seems to be a case of TD trying to "trick" you. The CSR just mis-informed you; in fact, I'd say you were trying to "trick" the system with some lame/lazy attempt at fulfilling the PAD requirement. The purpose of these promos is clearly to bring money & transactions into the bank; not for you to play pass with money between your own accounts - that is not profitable.

Rule of thumb - always take a CSR's "word" with a grain of salt. Most often than not, they don't know much about their promotions. T&Cs will always prevail regardless of what you're told (unless you raise a BIG stink), it's good practice to read them.
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Nov 13, 2010
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Scarborough
Bank employees that don’t know their shit, isn’t that the worst of incompetence
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Jan 6, 2002
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Trollop is banned.
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May 8, 2009
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Going to the Moon
OP, I've posted across multiple threads that the easy way to hit the pre-auth withdrawals for big bank chq account promos (especially TD CT) is by using PayTM, AmEx or CTFS no pre-auth bill pay. You get to set these pulls up manually, one at a time, and loot.

I guess you haven't been following the threads.

@CalgaryBen also posted the methodology.
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Sr. Member
Jun 19, 2015
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titaniumtux wrote: OP, I've posted across multiple threads that the easy way to hit the pre-auth withdrawals for big bank chq account promos (especially TD CT) is by using PayTM, AmEx or CTFS no pre-auth bill pay. You get to set these pulls up manually, one at a time, and loot.

I guess you haven't been following the threads.

@CalgaryBen also posted the methodology.
Can confirm this, I fulfilled the requirements in 8 days and verified with a TD CSR.
Deal Guru
Feb 9, 2009
12370 posts
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Na na naaa na...na na naaaa na...hey hey hey...good bye!

(op got banned sad lol)
Penalty Box
Jun 24, 2015
7227 posts
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all that for $300? thats why theres a "catch" infact if i saw that offer, i would tell them to keep it, those are not worth it in my humble opinion
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Deal Addict
Jan 2, 2015
1633 posts
638 upvotes
Toronto, ON
Energie11 wrote: WHy did the OP get banned.
No publicly released reason, but he was being a jerk to the bank. (Nobody really cares about a bank's feelings, but they do, or should, care about the feelings of staff.)

If I have to pay $5 for a NSF fee, a rational response would be to call and ask for forgiveness. A somewhat less rational response would be threatening to leave the bank if they don't cancel the fee (it's part of the agreement I signed). A nutty response would be accusing them of theft. And a completely insane response would be to make a "joke" threat of violence (which he did, suggesting that bank's building might be blown up).

Considering the variety of similar topics, he was probably just trolling anyway.
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Dec 5, 2006
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FoFai2015 wrote: No publicly released reason, but he was being a jerk to the bank. (Nobody really cares about a bank's feelings, but they do, or should, care about the feelings of staff.)

If I have to pay $5 for a NSF fee, a rational response would be to call and ask for forgiveness. A somewhat less rational response would be threatening to leave the bank if they don't cancel the fee (it's part of the agreement I signed). A nutty response would be accusing them of theft. And a completely insane response would be to make a "joke" threat of violence (which he did, suggesting that bank's building might be blown up).

Considering the variety of similar topics, he was probably just trolling anyway.
Question is why this thread is not locked

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