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.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?