fees at TD

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Re: fees at TD

Postby Bylo Selhi » 22 May 2012 08:48

skepticus wrote:I hadn't realized banks charged new fees or increased old ones without first informing customers. You'd think they'd do it as a courtesy :roll:
They did, both on EasyWeb (via Messages) and by snail mail for accounts that still get paper statements.

What new fees will banks think of next?
It's not just banks. Both Bhell and Robbers now charge for paper statements. It costs them money to print them and mail them. Why should the rest of us have to pay for the idiosyncrasies of people who insist on living in the last century? ;)

As for the Select Account's car service--has anyone actually tried it? I became wary of car service when I joined an automobile association some time ago. On days when I needed a cable boost--days when the temperature had dropped to -25 or lower--I couldn't get through to the switchboard because the line was always busy. When I would eventually get through, I was told I would have a 3-hour wait. I wonder if the same situation exists with the TD Select service?
We've called on the TD Auto Club twice for emergency service. Neither call was during bad weather. I'd imagine all auto clubs, towing companies, etc. are swamped in those situations, including CAA. (IIRC the traffic report on CBC Radio even announces average CAA delays on bad weather days, at least in GTA.)

In both cases TDAC answered promptly and dispatched a service truck quickly. In both cases they phoned us afterwards to follow up and ensure we were satisfied with the service. TDAC has a call/dispatch centre but doesn't have its own trucks. They contract out to local towing/service operators. In both cases ours was in K-W so I can't comment on how this works from coast to coast.

That said, I've had bad experiences with CAA. I stopped our CAA membership years ago because of that. So to get "free" auto club service in a Select account that I would have in any case is a nice bonus.
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Re: fees at TD

Postby pmj » 22 May 2012 12:43

Bylo Selhi wrote:We've called on the TD Auto Club twice for emergency service. Neither call was during bad weather. I'd imagine all auto clubs, towing companies, etc. are swamped in those situations, including CAA. (IIRC the traffic report on CBC Radio even announces average CAA delays on bad weather days, at least in GTA.)

In both cases TDAC answered promptly and dispatched a service truck quickly. In both cases they phoned us afterwards to follow up and ensure we were satisfied with the service. TDAC has a call/dispatch centre but doesn't have its own trucks. They contract out to local towing/service operators. In both cases ours was in K-W so I can't comment on how this works from coast to coast.

My experience with TDAC is similar. TDAC also covers one's spouse under the same account without an extra charge. CAA's fees are not public, and they vary from year to year depending on whatever.
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Re: fees at TD

Postby flywaysuzy » 22 May 2012 13:51

The TD autoclub also covers any kids still living at home and driving. I called it in the winter when it was pretty icy and got through right away. The lady at the bank said she used it in Alberta when she was towing a stock trailer and there was no charge for the trailer!

Don't forget your safety deposit box too!
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Re: fees at TD

Postby brucecohen » 22 May 2012 14:07

Does TD Auto Club have any discount arrangements with hotels and car rental companies? That's been the only tangible value I've had from years of CAA membership -- never needed roadside service.
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Re: fees at TD

Postby AltaRed » 22 May 2012 14:32

brucecohen wrote:Does TD Auto Club have any discount arrangements with hotels and car rental companies? That's been the only tangible value I've had from years of CAA membership -- never needed roadside service.

Likewise. My CAA pays for itself each year just on the hotel discounts alone. Never mind free maps for anywhere I wish to go, etc, etc. I actually don't buy CAA for the road service though I consider it insurance value for a flat or a jump start or similar (which I've never used either).
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Re: fees at TD

Postby Bylo Selhi » 22 May 2012 15:09

brucecohen wrote:Does TD Auto Club have any discount arrangements with hotels and car rental companies? That's been the only tangible value I've had from years of CAA membership -- never needed roadside service.

TDAC doesn't offer discounts but I believe the Select service plan does (or the Visa cards it covers do.) Full details on TDAC here. It seems quite extensive for an auto club but I haven't done a point-by-point comparison with CAA.

These days most hotels offer a senior's discount based on age or maybe CARP/AARP membership. For example, Best Western's discount criterion is age 55 OR AARP membership. Usually it's easy to score decent discounts on car rentals by Googling around, e.g. https://www.google.ca/search?q=hertz+discount+code.
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Re: fees at TD

Postby Arby » 22 May 2012 21:28

If you don't want or need CAA emergency road service, they have a basic membership (called A La Carte membership) for $20/year. They don't advertise this membership, so you have to call. You get a CAA membership card which gives access to hotel discounts, as well as free maps, tour books, etc. I've been getting the CAA basic membership for the past few years, since I get emergency road service with TD Auto Club.
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Re: fees at TD

Postby sunkenradish » 22 May 2012 21:40

Howdy all. New here - found the forum via Bogleheads.

I posted a related thread over on Canadian Money Forum: http://canadianmoneyforum.com/showthrea ... -option%29

Is there any reason you wouldn't split your accounts between institutions to avoid fees?
I'm using TD Waterhouse for investment grade accounts, linked with a no-fee savings account at TD Canada Trust. The savings account is the "gateway" for moving money out of TD Waterhouse, as needed.

For chequing, PC Financial.

For emergency funds, Canadian Direct Financial's KeyReach cash TFSA paying 3% interest with a no-fee savings account for accessing the money via ATM (HSBC and Alterna ATMs are on the CDF network, apparently)

I love the service at TD but I'm a fee-avoidance zealot so I live with the added complexity of splitting accounts between institutions.

Best regards.
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Re: fees at TD

Postby brucecohen » 22 May 2012 22:03

Arby wrote:If you don't want or need CAA emergency road service, they have a basic membership (called A La Carte membership) for $20/year. They don't advertise this membership, so you have to call. You get a CAA membership card which gives access to hotel discounts, as well as free maps, tour books, etc. I've been getting the CAA basic membership for the past few years, since I get emergency road service with TD Auto Club.

Great info! :thumbsup: I think I'll cancel CAA just before renewal, go naked per Bylo's info and then go for CAA Basic if I find I can't otherwise get a discount at a hotel where I want to stay.
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Re: fees at TD

Postby Bylo Selhi » 22 May 2012 22:05

brucecohen wrote:go naked per Bylo's info

Where did I suggest that you show up at the reservations desk naked? :evil:
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Re: fees at TD

Postby milo » 27 May 2012 23:02

milo wrote:I opened my TD chequing account many years ago (> 20yrs ?), so I have the $1000 (or maybe $1500, I don't remember) balance mininum before they ding me with fees.
But when I looked at account transactions online today, I see a "STATEMENT FEE" entry on 30 Apr 2012 for $2.00
:evil:
I've never seen that fee before in previous months. And my balance is > $3000.

I checked my statement delivery method, it indicates "by mail".
Maybe that's the reason, but I was never notified.

Anyone seen this entry ?


Just to let you know, my fee was reversed. I asked the teller to do so.
Also this month, I am particularly unlucky.
My TDBANK USA (TDBank North) chequing account was charged a fee of $15 for dipping under $100! I forgot about the $100 limit and went under.
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Re: fees at TD

Postby Bylo Selhi » 31 May 2012 09:04

Re Select Service, now is a good time to switch:

Image

Whatever your reason for choosing us, we appreciate your business. To show it, we're offering new customers a welcome bonus of up to $250 when you open a new Select Service, Infinity or Value Plus chequing account. Plus, maintaining a minimum monthly balance can mean no monthly account fee.

1. By July 20, 2012: Open one a new Select Service, Infinity or Value Plus chequing account.
2. By August 31, 2012: Complete one recurring and eligible regular Direct Deposit
3. By August 31, 2012: Complete two Bill Payments (via Pre-Authorized Debit or EasyWeb – includes Mobile App) OR sign up for a new Pre-Authorized Transfer Service
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Re: fees at TD

Postby like_to_retire » 21 Jun 2012 13:26

Bylo Selhi wrote:They've been advising me of this for years—on every anniversary when I called to complain about the charges on my accounts! In recent years, however, they seem to have found a way to get their computers to honour their promises.

Hopefully, they continue to honour the grandfathering on my account.

TD stops free banking for new seniors.

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Re: fees at TD

Postby brucecohen » 19 Aug 2014 22:00

DW was chatting with a TD Bank branch rep the other day and mentioned that she turned 60 just before they killed Plan 60 and missed out because she wasn't aware of it at the time. The rep said she'd see if she could get DW enrolled. Tonight DW just happened to check her EasyWeb page and noticed that her chequing account is now Plan 60. :thumbsup:
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Re: fees at TD

Postby Bylo Selhi » 20 Aug 2014 02:01

brucecohen wrote:DW was chatting with a TD Bank branch rep the other day and mentioned that she turned 60 just before they killed Plan 60 and missed out because she wasn't aware of it at the time. The rep said she'd see if she could get DW enrolled. Tonight DW just happened to check her EasyWeb page and noticed that her chequing account is now Plan 60. :thumbsup:

Interesting. I turned 60 days before they killed Plan60. I too didn't get a chance to upgrade my accounts in time. The local TD branch was uncharacteristically uncooperative about doing the upgrade retroactively. I tried 2 or 3 times with different branch officers up to and including the branch manager. They all blamed their impotence on a firm diktat from HQ. I've since inherited a couple of Plan60s on which I was JTWROS so the issue is now moot. But from your story it seems that eventually HQ relented, i.e. began to show some respect to their customers. That's good news indeed.
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Re: fees at TD

Postby SQRT » 20 Aug 2014 10:09

Why would keeping plan 60 by allowing subsequent enrolment show respect for customers? The whole idea of giving a special deal to people over 60 seems to disrespect those under 60 who may be in more need of a deal? Some of our most financially secure people are over 60. If OAS is unnecessarily generous, so is plan 60. Understandable they killed it.
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Re: fees at TD

Postby FinEcon » 20 Aug 2014 10:20

skepticus wrote:As for the Select Account's car service--has anyone actually tried it? I became wary of car service when I joined an automobile association some time ago. On days when I needed a cable boost--days when the temperature had dropped to -25 or lower--I couldn't get through to the switchboard because the line was always busy. When I would eventually get through, I was told I would have a 3-hour wait. I wonder if the same situation exists with the TD Select service?


I was a heavy user of TD Deluxe auto club for years. Well over a dozen tow jobs, countless jump starts. However, my crowning achievement was when I realized that I could have them add air to my tires at my home :D.

FinEcon: pump up tires please
Greasemonkey: they aren't flat
FinEcon: who said anything about a flat. I just need more air in my tires. All four of them please.
Greasemonkey: grumble, grumble....
FinEcon: What was that?
Greasemonkey: You couldn't do this yourself at the gas station?!
FinEcon: Don't forget the spare! I'll watch from inside, the mosquios are terrible right now.

Outside of the details of the specific function required, I don't concern myself with the opinions of customer service agents. Goes double if they are dirty job doers. I haven't added air to a tire on anything this side of a mountain bike in years. Always got the job done, although service times varied from immediate to a couple of lengthy waits. I suppose you could embellish as to the urgency/importance of the matter (they ask) if you are in a hurry.
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Re: fees at TD

Postby Bylo Selhi » 20 Aug 2014 12:31

SQRT wrote:Why would keeping plan 60 by allowing subsequent enrolment show respect for customers?

I think you misunderstand. Both Bruce's wife and I turned 60 while Plan60 was still in effect, i.e. we qualified in theory. But by the time we asked that our accounts be converted—just a short time later—a few days in my case—TD had stopped Plan60 and we were denied. Everyone who already had Plan60 was, well, grandfathered (or grandmothered.) Efforts by the local branch to convert my 30+ year old Preferred account were thwarted by diktat from HQ. IOW loyalty to TD/CT was meaningless to the cost cutters at HQ.

WADR if you don't see why that's disrespectful to long-time loyal customers well, then no wonder TD/CT has had problems with Ed Clark's CT mantra of "Thinking like a customer."
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Re: fees at TD

Postby SQRT » 20 Aug 2014 13:24

Bylo Selhi wrote:
SQRT wrote:Why would keeping plan 60 by allowing subsequent enrolment show respect for customers?

I think you misunderstand. Both Bruce's wife and I turned 60 while Plan60 was still in effect, i.e. we qualified in theory. But by the time we asked that our accounts be converted—just a short time later—a few days in my case—TD had stopped Plan60 and we were denied. Everyone who already had Plan60 was, well, grandfathered (or grandmothered.) Efforts by the local branch to convert my 30+ year old Preferred account were thwarted by diktat from HQ. IOW loyalty to TD/CT was meaningless to the cost cutters at HQ.

WADR if you don't see why that's disrespectful to long-time loyal customers well, then no wonder TD/CT has had problems with Ed Clark's CT mantra of "Thinking like a customer."

I think the issue here revolves around the difficulties in managing a large very diverse sales force(eg branch staff). Head office likes to devolve some decision making to the branches to improve the customer experience but this can often lead to out of control situations and irrational give always. So head office needs to reassert control at some point. It is a balancing act between control(pretty important in a banking business) and better customer service(also important). Branch staff often like to blame head office for things whether true or not.
You comment about my views somehow reflecting those of TD's are off base as I have been retired from banking for 8 years and have virtually no contact with my previous employer. A little disrespectful as well.
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Re: fees at TD

Postby Bylo Selhi » 20 Aug 2014 14:52

SQRT wrote:this can often lead to out of control situations and irrational give always

Agree in general. But in this case I missed the cutoff by a matter of days. In my case this was compounded by the opposite experience that my wife had. She's a bit older so when she hit 60 a teller noticed and immediately offered to upgrade her account as well as our joint account. So when it was my turn not only did no one "reward" me but actually made me feel second-class when I asked and was turned down. Again, think of the missed opportunity to engender continued loyalty among long-time customers, especially those who ask for such a relatively small favour.

You comment about my views somehow reflecting those of TD's are off base as I have been retired from banking for 8 years and have virtually no contact with my previous employer. A little disrespectful as well.

I apologize if my comment came out the wrong way. My point is that TD's attitudes have changed dramatically post-merger—and not in a good way.

Why does everyone strive only to be "no worse than the competition" when it's so easy (and relatively inexpensive) to distinguish oneself by being better, even if only slightly, than the rest? Dr Ed used to understand that concept when he ran CT and initially after the merger. It seems that he was unable make that his enduring legacy within the vast TD empire. Pity...
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Re: fees at TD

Postby Shakespeare » 20 Aug 2014 15:12

Pity...
Or Peter.
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Re: fees at TD

Postby SQRT » 20 Aug 2014 15:59

Bylo we have had this discussion before. I know TD wants to do as you suggest but the "devil is in the details". They want to be the best bank and broadly based objective surveys suggest they are succeeding. However, there will always be lapses when 25,000 fairly low paid often inexperienced sales staff are involved. I am sorry you were one of these lapses.
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Re: fees at TD

Postby cnicole » 20 Aug 2014 16:16

I'm so fed up with TD I hung up on them. I had a mutual funds account and then I decided I wanted to buy stocks so I asked them to set it up. Instead of setting up one account and putting in the mutual funds, they set up another account. I was charged $100 admin fee as I didn't have assets over $50,000 in that account. Is it my fault they didn't merge the accounts? TD says it is. If I didn't have the eseries funds i'd switch brokers but i'm stuck with TD right now. Given the bad experience I had investing in mutual funds at the branch level, I don't want to bank with them either. I really hate TD and want nothing to do with them. I guess all I can do is take my business elsewhere.
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Re: fees at TD

Postby cnicole » 20 Aug 2014 23:06

Sorry in reading my message it seems quite harsh. I'm just mad about the $100.00. At least they have eseries. :-) My mortgage is with them too so I think I am tded out.
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Re: fees at TD

Postby queerasmoi » 21 Aug 2014 10:07

cnicole wrote:Sorry in reading my message it seems quite harsh. I'm just mad about the $100.00. At least they have eseries. :-) My mortgage is with them too so I think I am tded out.


The stocks account - was this a brokerage account at TDW? TDDI?

I would try calling the brokerage and explaining that you intended all along to transfer your mutual funds to the same account, and you do not know why TD failed to do so. Inquire if the admin fee could be credited as a courtesy, since you already do own enough assets with TD and they just hadn't been transferred into the account yet.
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