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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 have that now archaic Preferred Chequing Account. Since 1985 . I believe that it was originally a Canada Trust account. The $5000 minimum is no big big deal. Does anyone know what benefits it offers now. Things such as free foreign ATM use, free cheques, etc. If those have all been done away with then it's not worth keeping. No info online and the TD help line is useless.
 

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I have that now archaic Preferred Chequing Account. Since 1985 . I believe that it was originally a Canada Trust account. The $5000 minimum is no big big deal. Does anyone know what benefits it offers now. Things such as free foreign ATM use, free cheques, etc. If those have all been done away with then it's not worth keeping. No info online and the TD help line is useless.
I believe the only change is the minimum and the transaction cost if you’re below the minimum. Changes are described on page 1 here. https://www.tdcanadatrust.com/document/PDF/accounts/513796.pdf

this is the official notice. You should have also received an email (with a link to the notice on easyweb) or a paper based snail mail copy.
 

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FU Canada Trust!

I have a Preferred Chequing account too. I opened it in 1983. And they keep changing the terms, trying to get you to abandon it.

On July 1 2021 the minimum is going up from $2000 a month to $5000 a month! That makes it without a doubt the WORST account to possibly hold with any bank anywhere.

I mean, why don't they just close it on us? Why keep changing the term until is it impossible to have?

Bastrds!
Can you post the notice or link?
 

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I’m in the exact same boat. 38 years with the same account. They keep changing it. It’s so frustrating. Yes, it’s a grandfathered account so leave it alone.
 

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If you can maintain $4000 or $5000 MDB, then there are better options at TD.
there’s very few people who would benefit from the revised preferred account.

I suspect the number of people holding the preferred account is very small. I rarely saw one when I left branch banking in 2017.
 
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