Canadian Money Forum banner

1 - 20 of 37 Posts

·
Premium Member
Joined
·
2,686 Posts
Discussion Starter #1
TD Canada Trust is once again offering up to $250 cash for customers opening new accounts. I took advantage of this last year as we were in the process of consolidating all our accounts under the TD roof anyways. If you are able to keep a $5,000 balance, the TD Select Service account provides excellent value:

- Unlimited banking, free cheque books, free bank drafts etc.
- Fee waived on the Borderless account.
- Fee waived on the TD Gold Elite Visa card. 1% cash back, Auto club membership and trip interruption insurance.
- A small safe deposit box.

It may not be worth your while to take advantage of this offer just for the $250 bonus because there is a lot of paperwork involved. But if you are planning to switch anyway, the cash is a nice bonus.

Details are available here:
https://www.tdcanadatrust.com/reason36/index.jsp?cm_sp=HomePage-_-EDB-_-Abanner_EN

PS: I have no incentive in posting this. Just a satisfied customer (so far).
 

·
Registered
Joined
·
2,054 Posts
I like TD too :) I have all my accounts there. So far they have been excellent. The thing I like the most about them are their hours, they are very accessible. Plus their lineups are usually decent and go fast. They have plenty of staff to service their customers usually.

Previous to TD I had an account at the Bank of Montreal

Hours 10 to 3 except on Thursdays open till 6, I was having to take valuable time off work to go to the bank

None of the other branches would accept deposits for my business account, I had to get a thing called a Comtram to deposit, their branch policies differed from branch to branch, I eventually had my branch print off a copy of the new executive order from their head office concerning deposits at different branches. Major Pain in the A**

Staff turnover was horrible, every time I went to the branch to rectify one of their screw ups it was a different manager

Finally my favourite, the stripe died on my bank card and I had to replace my bank card. My bank card was reset to the new account default with a 7 business day hold placed on my deposits from a hold of 0 days previously. I sat down and proceeded to pay bills. I had about 10 checks bounce due to their stupidity. When I found out I went into the branch they never even apologized, they refused to reset my card to the previous settings, they kept all the bounced checks on my account for a year penalizing me for their mistake.

Dealing with them was nerve racking. After this I appreciate TD even more.
 

·
Registered
Joined
·
3,061 Posts
If you are able to keep a $5,000 balance, the TD Select Service account provides excellent value:
And at today's low interest rates, I bet you couldn't make enough interest on $5,000 in a year to pay for even half the cost of these services. Monthly fees for an unlimited chequing account alone would run about $145 per year. You'd need to get a savings account at 3% interest to beat that, which isn't easy to find these days.

It does tie up $5,000, and you have to be very scrupulous about never once (even for a second) dropping below a $5,000 balance, otherwise your financial advantages of this account will be pretty much eliminated when you get socked with the monthly fee. But if you can do it, this looks like a financially smart way to go.

Now all I have to do is convince TD to open more branches in Montreal. The closest one is a good half-hour's journey for me!
 

·
Banned
Joined
·
321 Posts
- Fee waived on the Borderless account.
- Fee waived on the TD Gold Elite Visa card. 1% cash back, Auto club membership and trip interruption insurance.
- A small safe deposit box.
The fee is wavied for the TD Visa Infinite as well which regularly costs $120 plus a fee for a spousal card. It gives 1.5% return towards any type of travel.
is this offer valid if i chose a US$ credit card as well?

regarding auto club, here is what i found on their website:
http://www.tdcanadatrust.com/tdvisa/autoclub.jsp

does this mean there is a fee for the emergency roadside assistance other than the fee for the card?
 

·
Premium Member
Joined
·
2,686 Posts
Discussion Starter #6
is this offer valid if i chose a US$ credit card as well?

regarding auto club, here is what i found on their website:
http://www.tdcanadatrust.com/tdvisa/autoclub.jsp

does this mean there is a fee for the emergency roadside assistance other than the fee for the card?
The Auto Club Membership is a cardholder perk. If you have a Select Service account and you sign up for the Elite Visa Card, you automatically receive the "Deluxe" membership and the card fee is waived.
 

·
Banned
Joined
·
1,241 Posts
We finally went in and opened a Select Service account. My husband and I have been with TD for many years (Canada Trust before the merge) and have been very happy with their service.

We didn't qualify for the $250 since we already had accounts there, but we do get the $170/yr waived for our First Class Infinite Travel Visa, plus the Borderless plan US $ Visa (plus spouse card) which is normally $39/yr was a nice bonus as well.

No fee international withdrawls are a big plus if you travel often (usually $5 per withdrawl) - free if you use a machine that doesn't charge you a fee that is (ie stick with bank machines not machines in casinos, bars etc).

Like Brad mentioned, chances are you wouldn't get much interest on 5K anyway at todays rates, so we're happy with this. Plus, the money you're saving is after tax money for most of us....
 

·
Registered
Joined
·
2,626 Posts
Thanks for the tip CC.

We opened an account so will be getting:
$250 :D
Small deposit box
US chequing account
US$ VISA
CAD cash back VISA (I still think booking travel outside the points system is cheaper ;))
Auto club membership

Aside from the CAD$, we've been looking for all those things separately, plus we'll likely be setting up an RESP through TD for the eSeries index funds so the $250 came at the perfect time.

Even if the $5k is stuck earning 0, the 'return' from all those freebie accounts works out to about 4-5% annually on that cash.
 

·
Registered
Joined
·
4,647 Posts
I was a happy BMO customer and wasn't sure it was worth going from $1500 to waive fees to $5000 for a few extra things I don't "need". I switched for the easy $250.. and the iPhone app

It's nice to speak with CSR's from London Ont instead of India but they still try to sell their balance protection and other scams like any big bank. It's cute that the girl who signed me up sent me a hand written card but I couldn't care less

I also got the First Class Visa and it's nice the fee is waived because I haven't noticed anything I needed over the free BMO card. MC worked everywhere I went whereas Visa does not.

I rarely deal with banks but some day I think I'll be glad I'm with TD since they pride themselves on service. It costs me an additional ~$10/month I could be saving in mortgage % but that's not too bad
 

·
Registered
Joined
·
135 Posts
Thanks for the tip CC.

We opened an account so will be getting:
$250 :D
Small deposit box
US chequing account
US$ VISA
CAD cash back VISA (I still think booking travel outside the points system is cheaper ;))
Auto club membership

Aside from the CAD$, we've been looking for all those things separately, plus we'll likely be setting up an RESP through TD for the eSeries index funds so the $250 came at the perfect time.

Even if the $5k is stuck earning 0, the 'return' from all those freebie accounts works out to about 4-5% annually on that cash.
Sampson, will the $35 fee be waived for the US Visa card if you keep a minimum balance of $5000 in your account?

I looked at the TD web site info on the $250 promotion and didn't see that the US Visa was included in the deal.
I hope it is and it would be great to have both my US account and US credit card at the same bank.
 

·
Registered
Joined
·
4,647 Posts
What is the advantage of the USD card?

I spend probably on average $500 USD/month on my CAD CC but I figured the rewards from my main card and its benefits outweigh the currency exchange (seeing as I get paid in CAD and have to exchange it somewhere)

I had a free USD acct for years but never use it I just do the exchange in my brokerage acct or CC
 

·
Registered
Joined
·
2,626 Posts
Will the $35 fee be waived for the US Visa card if you keep a minimum balance of $5000 in your account?
The fee is waived if you have a Borderless plan (which of course is free if you maintain the $5000) - http://www.tdcanadatrust.com/accounts/borderless.jsp.

@mode3sour

It is precisely minimizing the conversion fees. CAD$ credit cards have brutal fees for currency exchange (2-2.5%), whereas I can trade currency using my self-directed investment accounts for about 0.5-0.7%. The rewards from my main card don't outweigh the 2% surcharge.
 

·
Premium Member
Joined
·
2,686 Posts
Discussion Starter #13
What is the advantage of the USD card?

I spend probably on average $500 USD/month on my CAD CC but I figured the rewards from my main card and its benefits outweigh the currency exchange (seeing as I get paid in CAD and have to exchange it somewhere)

I had a free USD acct for years but never use it I just do the exchange in my brokerage acct or CC
I doubt if the rewards from your Canadian CC will outweigh the exchange rate fee on credit cards of approx. 2.5%. Remember that's just the fee. It's not clear to me how credit cards pick the exchange rate. I have a suspicion that the wording in terms and conditions provides enough leeway for a credit card company to pick the exchange rate that is favourable to them and then charge you a 2.5% fee on top of it.

Instead, if you exchange CAD into USD at your brokerage, you'll pay 1% and you can choose when you want to exchange. That's a straight 1.5% saving.
 

·
Registered
Joined
·
2,626 Posts
It's not clear to me how credit cards pick the exchange rate. I have a suspicion that the wording in terms and conditions provides enough leeway for a credit card company to pick the exchange rate that is favourable to them and then charge you a 2.5% fee on top of it.
Compared to the brokerage rates I get, I have found that at least the CC companies seem to be 'honest' in selecting the actual exchange rate itself. However, it does seem like they pick the most favorable rate over the span of 1-2 days. So if you use the card on Weds, you may get a rate from Tues or Thurs. This might have to do with when the transaction clears or is submitted.
 

·
Banned
Joined
·
1,241 Posts
We specifically asked if we could find the rate (daily rate) we would pay but was told the numbers weren't available on the website - the daily rates are, or at least they used to be, but the preferable rates you receive with the borderless plan should you transfer Cdn $ into your US Borderless account are not available.

Seemed a bit fishy to me, but we'll see. At least I know if it's not preferable to the posted rates I will be complaining.

Anyone here who has some first hand knowledge? Maybe it's a certain percentage off the posted rate?
 

·
Banned
Joined
·
1,241 Posts
Sampson, will the $35 fee be waived for the US Visa card if you keep a minimum balance of $5000 in your account?

I looked at the TD web site info on the $250 promotion and didn't see that the US Visa was included in the deal.
yes, the $39 (isn't it $39?) annual fee for the US $ Visa is waived, plus you can get a free secondary card for a spouse or whomever if you wish. That's if you maintain the $5K.

A good point if you're worried about dipping down below the $5K (especially good if you actually use the account, we don't plan on as we use our LOC as a chequing account) you can request a hold placed on $5,000 and so there's no chance of going below the 5 grand unless you attend a bank in person and have a manager remove the hold.
 

·
Registered
Joined
·
4,647 Posts
Then what happens if a PAD hits the hold?? Do I miss a bill payment and screw my credit rating instead?

LOC as chequing sounds smart. How counter intuitive is it to hold $5k in chequing to avoid the full service fees but not even use it haha
 

·
Registered
Joined
·
2,626 Posts
How counter intuitive is it to hold $5k in chequing to avoid the full service fees but not even use it haha
That's what we plan to do, not even touch the account.

Although, there is a bit of a trick on their part. All the banks are now pushing this 'help you save' feature where if you use the account (any withdrawl transaction), a small amount ($0.50 in my case) will automatically be moved from this chequing account to a savings account. I can see this being the extra bit of cash that can bring someone below the $5k threshold. Remember the $5k must be maintained always. If for one second your account dips below, then you get dinged the monthly account fee.

I think it is there way of catching people off guard.
 

·
Banned
Joined
·
1,241 Posts
Then what happens if a PAD hits the hold?? Do I miss a bill payment and screw my credit rating instead?

LOC as chequing sounds smart. How counter intuitive is it to hold $5k in chequing to avoid the full service fees but not even use it haha

What do people do with chequing accounts and no overdraft? Responsible people have a clue what bills are coming out and organize their finances accordingly.

And, a LOC as a chequing account is very very smart. Pity you don't know the reasons why.

And counter intuitive? You're free to think that, but I am the one laughing knowing the advantages :)
 

·
Banned
Joined
·
1,241 Posts
That's what we plan to do, not even touch the account.

Although, there is a bit of a trick on their part. All the banks are now pushing this 'help you save' feature where if you use the account (any withdrawl transaction), a small amount ($0.50 in my case) will automatically be moved from this chequing account to a savings account. I can see this being the extra bit of cash that can bring someone below the $5k threshold. Remember the $5k must be maintained always. If for one second your account dips below, then you get dinged the monthly account fee.

I think it is there way of catching people off guard.
Exactly the reason I highly recommend the $5K hold. We do not plan on using the account, but we still have the hold on there to prevent accidents. If one was to use the account I highly recommend the hold.
 
1 - 20 of 37 Posts
Top