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Email this6:15 pm
July 10, 2011
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I want to close TD Chequing Account & Keep Line of Credit.
Maybe the years of doing business with them has damaged my brain.. Can I have the LOC as a standalone still linked to my debit card? I get a weird feeling that when I call to do this they'll just close both or something..
7:26 pm
August 4, 2010
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Unless they goof, they aren't going to close your LOC (certainly not if you have a balance on it) just because you close a chequing account. Is the LOC accessible on the debit card now? What account name do you access it under on debit machines? "Other"?
4:08 am
October 21, 2013
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I know of someone who has an LOC at BMO and does not have any other banking relationship with them. I would compare it to having a mortgage. A loan is a loan, and as long as they can make money off of it, they will do business with you.
However, I don't know if this person has it linked to a debit card.
5:27 am
August 4, 2010
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Loonie said
I know of someone who has an LOC at BMO and does not have any other banking relationship with them. I would compare it to having a mortgage. A loan is a loan, and as long as they can make money off of it, they will do business with you.
However, I don't know if this person has it linked to a debit card.
It is certainly possible, and it sounds like the OP already has it, just wants to be sure it doesn't rely on having a "real" bank account as well. TD's LOC page says:"Access your credit through your TD Access Card1, cheques and EasyWeb online banking."
10:58 am
July 10, 2011
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Yes it's linked to my debit card. I'm assuming I could keep it just wanted to make sure. I can access it via "savings' on my card.. Use to be "other" but some machines have problems with that so I had it set up on savings. Just gotta get the paycheques moved and finally wil be rid of TD Canada Trust chequing..
11:04 am
December 23, 2011
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Loonie said
I know of someone who has an LOC at BMO and does not have any other banking relationship with them. I would compare it to having a mortgage. A loan is a loan, and as long as they can make money off of it, they will do business with you.
However, I don't know if this person has it linked to a debit card.
I have a BMO LOC that is accessed by cheques and I pay it down in person. And they do offer it in the form of a MasterCard of which I assume interest would be as per the terms of the LOC not MasterCard.
3:32 pm
October 21, 2013
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Mastercard?? That would make me nervous.
Why can't they simply give you an Access/Debit card?
5:30 pm
December 23, 2011
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Loonie said
Mastercard?? That would make me nervous.
Why can't they simply give you an Access/Debit card?
I imagine you can. Not into LOC bUt if I was I would do the MasterCard for sure. I only use my ATM card at a machine not for purchases.
6:12 pm
October 21, 2013
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I would just be afraid of getting skewered on Mastercard interest rates, accidentally or on purpose!.
11:46 pm
December 12, 2009
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Yatti420 said
I want to close TD Chequing Account & Keep Line of Credit.
Maybe the years of doing business with them has damaged my brain.. Can I have the LOC as a standalone still linked to my debit card? I get a weird feeling that when I call to do this they'll just close both or something..
Hi Yatti,
Although I may be a TD Bank Group beneficial shareholder, I am not a customer. Therefore, I don't know the logistics of their chequing account and Line of Credit account products. I've been trying to ascertain if TDCT Line of Credits are separate accounts (like Scotiabank) or attached to a chequing account with a specific account monthly service charge package (like HSBC and many credit unions)? If it is the former rather than the latter, then it should be possible. Normally, I recommend utilizing non-branch multi-channel options in this space but, when it comes to lending and investment products, I'd certainly recommend you meet with one their Financial Service Reps within an office at your local TDCT branch to have this done. 
Couple (minor) thing(s) to note in either case, though: first, closing all or some of your product(s) with TDCT may cause your LOC rate "spread"/"modifier" (that is, the "Prime+X" value) to be adjusted, either immediately or annually, as they price credit facilities based on your relationship with them. If you carry a minimal balance or for less than a month, it's not really a big deal. They can do this with as little as 30-60 days notice, generally.
Second, as it is a Line of Credit with Access Cheques and a debit card, as well as online banking access, it looks and feels like a chequing account. However, it may not clear things in the same fashion and, as a result, may or may not be able to have EFT direct deposits and/or pre-authorized payments from the account. Check with them on this.
Other than that, a decent strategy. Let me know how it turns out!
Hope that helps,
Doug
6:26 am
February 22, 2013
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I have a BMO US$ Mastercard. To pay it I opened a BMO US$ chequeing account. Unbeknowst to me they also opened a Cdn$ chequeing acocunt and linked it all up with a BMO "access" card (also known as a debit card, I suspect).
One day the CDN$ chequeing account (which was never used by me) went dormant. That broke the link between the access card and the US$ account and I suddenly couldn't access any accounts from the Internet.
I finally figured out what happened, opened another Cdn$ chequeing account and got things re-linked. This past July I realized I might have the same issue while traveling , so deposited $1.00 to the account (a bright shiny Loonie). Some time in the next 6 months I will use $0.50 to buy some US$ currency to keep the account from going dormant.
The teller wondered why I was depositing just one dollar, I told her and she smiled and suggested this was a perfect solution.
GS
9:38 am
August 4, 2010
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Doug said
I've been trying to ascertain if TDCT Line of Credits are separate accounts (like Scotiabank) or attached to a chequing account with a specific account monthly service charge package (like HSBC and many credit unions)? If it is the former rather than the latter, then it should be possible. Normally, I recommend utilizing non-branch multi-channel options in this space but, when it comes to lending and investment products, I'd certainly recommend you meet with one their Financial Service Reps within an office at your local TDCT branch to have this done.
I don't have a LOC myself, but I've seen some chatter on the RedFlagDeals forums about people giving up their TD chequing (All-Inclusive, say) and using their TD LOC instead (the "LOC hack"), presumably carrying a positive balance? Sound Scotia-like.
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