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Just came back from the bank in which I was advised by the teller that their minimum balance was going up to $5000 from the current $2000. So I closed one account that had no activity and now I have to think what to do with another one where I do use it for convenience as most of my banking is through PC Financial and Tangerine.

I just Googled but could not find anything about TD raising its minimum balance.

This is the kind thing that makes it more difficult for low income people to maintain any stability especially those who just lost their jobs during the pandemic. Sure I own TD stocks and collect dividends but that hardly compensates for what the banks do to their customers.

Is anybody still surprised why the wealth gap is still growing wider?
 

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Just came back from the bank in which I was advised by the teller that their minimum balance was going up to $5000 from the current $2000. So I closed one account that had no activity and now I have to think what to do with another one where I do use it for convenience as most of my banking is through PC Financial and Tangerine.

I just Googled but could not find anything about TD raising its minimum balance.

This is the kind thing that makes it more difficult for low income people to maintain any stability especially those who just lost their jobs during the pandemic. Sure I own TD stocks and collect dividends but that hardly compensates for what the banks do to their customers.

Is anybody still surprised why the wealth gap is still growing wider?
I don’t see any of their current accounts with a $2000 minimum daily balance. Perhaps you have the $3000 mdb account aka Everyday Chequing.
 

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Not with TD but I've never had more than basic bank accounts and have managed to have all fees waived over the years, and the last 6 years partly due to being a senior. Scotia is raising their account fees and/or monthly minimums for basic accounts as of March 1 so will have to see IF I start to see certain charges, possibly $2.95 on one account, and if so, I will have to raise hell. I don't believe in account minimums, at least nothing over $1000.

P.S. I have been happy with 10-12 free debits/withdrawals per month and 2-5 free e-transfers. The numbers of free transactions are going up on basic accounts March 1. Don't really need all the extra free debits and e-transfers though.
 

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I was recently told by TD that they were removing their "Value" Chequing account. If I recall correctly, this used to have a $1k or $2k minimum balance to waive the fees.

I changed my account into a "Every Day" chequing account which has a $10.95/mo fee that gets waived with $3000 minimum monthly balance
 

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We're grandfathered into TD's "Plan-60" account. No fees for us for life as long as we stick to them.

It's pretty sweet, no fees no minimums. Period. Even bank drafts are free (not that we ever use them.)
 

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I have the TD Preferred Chequing account still with the $2,000 minimum. I never have, nor would I ever, pay a bank to hold my money.
 

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I have the TD Preferred Chequing account still with the $2,000 minimum. I never have, nor would I ever, pay a bank to hold my money.
I have that account too. I now live 1000 miles from the branch where I opened it, and have not been there for decades. Even the TD branch near me says I should keep the Preferred account since it has such a low minimum.

I usually keep $5k minimum in my chequing anyway just for a float, thinking of increasing it to $10k so if I ever keel over and someone has to pay my bills they have something to work with.

One problem though is it has a $0.50 fee for e-Transfers which I see as becoming a more common way to make transfers and pay bills in the future. Newer accounts have free e-Transfers.
 

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We're grandfathered into TD's "Plan-60" account. No fees for us for life as long as we stick to them.

It's pretty sweet, no fees no minimums. Period. Even bank drafts are free (not that we ever use them.)
My mom has the same account. I do find there's a fee for Interac e-transfers. Aside from that I haven't seen any fees. (I am her POA.)
 

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This is the kind thing that makes it more difficult for low income people to maintain any stability especially those who just lost their jobs during the pandemic. Sure I own TD stocks and collect dividends but that hardly compensates for what the banks do to their customers.

Is anybody still surprised why the wealth gap is still growing wider?
I'm kind of mixed on this. The key thing is to have enough affordable options for people and there seems to be so that people can vote with their cash & feet.
I started out at RY decades ago and moved most of my banking to a Vancity credit union because of their fees. Eventually, Vancity didn't have all the services/parameters I was looking for so I moved most of my banking to TD but now I'm able and wanting to maintain a minimum balance as a float and can avoid the fees. Obviously moving financial institutions can be a pain in the rear though.
 

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With account minimums, you are doing that to the tune of....... $2000 @ 1.5% = $30/yr
Agreed! That's why I use an unsecured LOC as my chequing account - no minimum balances, no fees, no charges for cheques, free overdraft, etc. Never used the actual LOC in over 20 yrs.
 

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My post to PWM was merely to point out there is a cost. I don't care though. I carry various amounts of cash in chequing accounts at any given time. Usually top up at the beginning of the month to cover expenses for the month. The day I have to worry about interest 'leakage' of small amounts is the day someone needs to take me out to the back forty and dispose of me. 😁
 

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I use a line of credit for transactions, I aim to keep the balance near zero.
No fees, free "overdraft"

I only have checking accounts because for some reason they want you to have them.
 

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I'm kind of mixed on this. The key thing is to have enough affordable options for people and there seems to be so that people can vote with their cash & feet.
I started out at RY decades ago and moved most of my banking to a Vancity credit union because of their fees. Eventually, Vancity didn't have all the services/parameters I was looking for so I moved most of my banking to TD but now I'm able and wanting to maintain a minimum balance as a float and can avoid the fees. Obviously moving financial institutions can be a pain in the rear though.
I found VanCity to be pretty good sports, dropping the $7 monthly fee when I reached age 55.

I have had an account with Bank of America in the U.S. for 25 years. No deal for seniors. It used to be required to keep a balance of USD1,000 to incur no fees. Now it's maintain $1,500 or pay $9.95 a month. I suppose there must be U.S. banks that offer better deals. I think BofA is poorly regarded by most, but inertia sets in after 25 years and, when I need to deal with them on anything, they make it easy, even though I am no longer a resident. As well, I usually have a lot more in the account than $1,500 in any event, since I let it sit there until the exchange looks favourable. But it used to annoy me when I lived there and had a mortgage to pay. If I went under the minimum balance for 10 minutes at any point in the month, I'd get nailed with the service charge, which I think was about half of what it is now.
 
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