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Email this8:38 am
October 21, 2013
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http://www.tdcanadatrust.com/d.....141229.pdf
Effective 02 March 2015, RRSP transfers-out will cost $75, an increase of 50%.
10:01 am
August 4, 2010
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They are also raising most of the minimum-balance waivers for chequing accounts by $500. The top-end "All-Inclusive" stays at $5000, but the Borderless $US account which used to be free with this now costs $1.95 a month, unless you keep a minimum USD $3000 in it. And any "additional transactions" (cheques, debits, etc.) not covered by your plan go from $1 to $1.25.
Got to keep those shareholder dividends up... 
11:45 am
January 3, 2009
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Thank you for this information guys!
One of the reasons I have kept an all inclusive account was for the free borderless US account.
I'm going to have to re-evaluate yet another account this year to see if it's worth keeping now. We do not travel to the US enough to justify a $3000 US buffer for the few benefits of this account.
GREED GREED GREED!
12:41 pm
August 4, 2010
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The Borderless fee with All-Inclusive is $1.95, which is a reduction from the normal $4.95 monthly fee. I wouldn't mind a $1000 minimum, but $3000 as a separate minimum is an annoyance. I wouldn't mind as much if one got some sort of credit for, say, monthly chequing balances well over the minimum, or whatnot, but everything is designed as a one-way ratchet for the bank.
Of course, we may be benefitting from others. TD might have to price things out higher if there weren't a certain percentage of people sitting on 5-figure chequing balances, and so on. TD is probably looking to trim out some of the less (or un) profitable Borderless users without alienating too many of the ones they want to keep. All-Inclusive always had a cost (lost interest on the balance) against the various benefits, and now low-balance Borderless users have an extra $24/year cost.
For those that have TD Waterless (er, Waterhouse, um, TD Direct) brokerage accounts, or other big relationships with TD, it might be worth trying to get them to waiver the Borderless fee.
1:01 pm
January 3, 2009
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That's exactly what we were doing. Justifying the lost interest in order to have more service options and flexibility with services like the borderless account.
We seem to be in a similar boat to you in that another $3000 is an annoyance when the return is minimal if at all. I've always been good at delayed gratification, but as I get older I become less aimiable to paying up front for back end services which I may not remember to use or may not need.
It's getting more and more difficult to find reasonable ways to avoid all the fees to use your own money and you know that's no accident! lol!
1:24 pm
August 4, 2010
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By the way, it would be interesting to compare similar packages at other Big5 banks, or DIY combos. I had assumed the broad outlines were the same, but it looks like RBC, for instance, doesn't have any sort of minimum-balance waiver feature for its comparable (?) VIP package? Don't see it at first glance at CIBC/Scotia, either. Is TD's All-Inclusive actually a fairly unique way to get this level of goodies (lost interest on $5000, versus $20-30 monthly fee)?
2:29 pm
August 4, 2010
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I'm going to take a look at this just out of curiosity, but my interest in TD's banking package when I moved (mainly for Waterhouse) a few years ago was:
1) cash-back credit card, not travel miles
2) free Gold-level card which had auto-club, rental-insurance (at one point I didn't have a vehicle, so Visa-CDW was a big benefit on driving vacations)
3) misc goodies so I didn't have to worry about which ATM used, etc
4) no current mortgage/HELOC to leverage
Lost interest on $5000, even assuming 2% HISA, is $100, and the actual cost is less since that interest would be taxable at marginal rate. For that, I got the Gold Visa ($100 fee) and basic $US Visa (US $40 fee), which included the auto goodies (replaces CAA or similar membership), no worries about transaction counting, Borderless $US account, was set up with banking with in-house transfer to brokerage, etc. A pretty decent package.
As far as I can tell, if I want to recreate this at Royal, the VIP package is $30/month. You can reduce this to $22.50 if you qualify for their MultiProduct rebate, but this requires an RBC mortgage or HELOC, which may be impossible/onerous for many. Even at $22.50, there seems to be no balance-waiver feature, so I don't see a way of avoiding a cash cost of at least $270 annually. For me RBC is a dud since they don't seem to have a cashback+autoclub sort of card, but even if you find a card you like that's a fairly high fee compared to TD's $5000 balance cost.
BMO has a $5000 waiver on its Premium plan, but they are hooked in pretty heavily with AirMiles, so seem to fail on cash back, and apparently no free premium credit card waivers. CIBC and Scotia don't seem to have balance-waivers on their high-end packages, so I didn't even check into their cards.
It would be interesting to see what I could put together in the way of no-fee cashback VISA + CAA-ish membership + PCF/Tangerine no-fee chequing, or DIY gold-VISA with auto goodies +nofee banking, but TD's All-inclusive actually seems to be a surprisingly cheap package for my needs compared to its peers.
4:40 pm
October 21, 2013
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NorthernRaven, it sounds like you're the perfect candidate for RBC's current deal, posted in another thread, where you can go into RBC branch and discuss your financial needs and they will give you a $50 VISA card, with no obligation. (However, they insist you answer every question they may ask about your finances, which I would not want to do. Cheap data-gathering for them, I think.)
There are often sign-up bonuses or promos for new credit cards, such as one year free or X AirMiles etc. Might or might not be worth your while to consider.
Since the CLDW is important to you, and you may be shopping for it, there is something you might want to be aware of if you are not already. Some of the credit card insurance schemes are "primary" and others are "secondary". I don't happen to know which one any of these banks carry, but it's worth reading the fine print. You want "primary". If "secondary", this means that if there is a problem, they will first require you to make a claim on your own insurance. If you get friendly with someone at a car rental outlet, you can often find out which are the better credit cards to have for this purpose - they have learned from experience dealing with them. Not all policies are the same, in this respect and in other respects - e.g. size and value of vehicle rented will have a ceiling; some prohibit travel on certain kinds of roads etc. Be careful of "free" upgrades which might put the value f your rental car over the maximum coverage. I am not sure if it still true, but Hertz or Avis used to wave the "extra driver" fee if you had CAA - other memberships would not work. Diners' Club (now owned by BMO but not promoted by them as it is now marketed to businesses, but might be available if you ask) used to have the best CLDW policy, but I don't know if that is still true. AmEx looked pretty good last time I looked at it, but not sure now.
Things to think about anyway.
Personally, I still have "grandfathered" seniors accounts, which I don't plan to ever get rid of, and I don't need US banking, so it's not an issue for me. I pick and choose the credit cards that now meet my needs.
5:19 pm
August 4, 2010
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I was a long-time CIBC Aerogold user, and for most of that time didn't own a vehicle, so primary/secondary wasn't an issue. I don't do anywhere near as much vacation car renting as I did back then, and I'm willing to live with whatever combo of car insurance/TD Visa CDW I've got. There's no issue with vehicle value and whatnot either.
As long as I'm with Waterhouse the All-Inclusive is probably the best value/convenience combo. And since I only use the Borderless to hold some $US to pay off the (minimal) $US Visa bill, I might be able to cancel it and do that from the US cash subaccount in Waterhouse. Otherwise I'll probably just bump up the Borderless balance.
8:34 pm
January 3, 2009
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It's like how you mention they are looking to keep a certain kind of user and I would wager that if you want all those benefits from a bank account, the TD arrangement isn't so bad, but I don't fit into their category of client I guess as I:
1) Don't use ATM's
2) Have a 2% cash back no fee credit card with better benefits not attached to a bank
3) Do not need autoclub
4) Don't require any of their services and extra's
I'd like to have these things from TD as well for more flexibility, but 5k of Canadian and 3k of US is starting to get into my personal feeling of considerable funds which I've already begun allocating to other parts of my financial plan.
I do like the flexibility of a borderless plan with a preferred exchange rate, but is again a nice to have for me and far from a necessity. To me it's an annoyance to have more overhead and less payout, so I guess I'm not the kind of customer they want anyways.
It is very interesting to read what you wrote NorthernRaven, because even though we're not in the same boat, the considerations are the same and both of us will be making decisions based on the same information.
Thank you for sharing your thoughts on this.
9:17 pm
October 21, 2013
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Maybe worth remembering that Hubert is planning to add more flexibility to how their US$ account works also.
I don't follow this closely because it isn't important to me personally.
9:47 am
February 20, 2013
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voodoo22 said
2) Have a 2% cash back no fee credit card with better benefits not attached to a bank
Voodoo, if you wouldn't mind telling me, what no-fee credit card gives you 2% back? I'm planning on consolidating my credit cards this year.
Thanks in advance.
11:17 am
January 3, 2009
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jgclghrn said
voodoo22 said
2) Have a 2% cash back no fee credit card with better benefits not attached to a bank
Voodoo, if you wouldn't mind telling me, what no-fee credit card gives you 2% back? I'm planning on consolidating my credit cards this year.
Thanks in advance.
It was an invite only, MBNA card World Elite I think they call it? You can only get it without an invite by paying an annual fee.
There are a lot of 1% cards with no fee, but I'm not aware of any 2% card available in Canada with no fee or limit at the moment. Sorry.
1:30 pm
May 15, 2007
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This card, also from MBNA, has no annual fee and gives 2% cash back on gas and grocery transactions and 1% back on everything else: https://www.highinterestsavings.ca/forum/credit-card-reward-programs/mbnas-smart-cash-card-best-cashback-credit-card-ever/
1:43 pm
November 4, 2014
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Voodoo22, I agree that a 50% increase at once is any cost is greedy. Unless it has been many years like 10 years or 20 years like Lotto 649 for example that has not increased in such a long time, I can see how that would be in line with 3.50%+ inflation over 20 years.
This is true especially in the last 20 years when you would average 6.5%+ in just straight GIC's. I am guessing that a $37.50 RRSP transfer fee was not there for long maybe 3, 4, 5 years tops.
Many consumers, clients are gullible having $3,000 in an account for free interest which especially for those that will not get much benefit is just plain not smart.
Even in low interest rates of today, those that have longer term time horizons, 3.5% to 4.00% zero coupon bonds will make $3,000 invested into $3,000 interest in 18 to 20 years.
This is anywhere from $150 to $167 a year lost interest. You better be getting at least $300, $400 a year rewards to justify getting your money's worth.
What about them increasing the fees another 50% in a few more years or the minimum balance of $3,000 goes to $4,000.
This is not even including if investment rates rise over the next 4, 5, 6 years to a more normal 4.5% to 5.00%.
I know these are different costs, fees, lost interest for different accounts and products but financial institutions look at all these are revenue and profit centers as a whole package of how much they can get from their clients.
It is just something to think about!
7:01 pm
September 14, 2022
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Is it true TD Direct discount brokerage charges clients with under $15,000 in acct. a quarterly $25 fee? Is there anyway it can be waived on a first household account? Looks like older accts. are grandfathered.
8:34 pm
April 6, 2013
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Yes, TD Direct Investing does charge a quarterly $25 maintenance fee with total assets less than $15,000.
This is from their Commission Schedule and Statement of Disclosure of Rates and Fees:
The fee will be waived if any one of the following conditions is met:
- The first account in your household accounts^ has been open for less than six months
- One or more of the accounts in your household accounts^ are enrolled in a Systematic Investment Plan (SIP) or Preauthorized Deposit or Preauthorized Contribution that totals $100/month or more
- Your household accounts^ completed three or more tradesH in the preceding quarter which incurred a commission**
- Your household accounts^ include a Registered Disability Savings Plan (RDSP)
I didn't see any sign of grandfathering. Older accounts likely are exempt because the accounts are now $15,000 or larger.
5:58 am
September 14, 2022
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I've had a greenline acct for years with zero balance don't see any charges
10:26 am
September 30, 2017
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Jackson, this is a relatively old thread. You are refering to a very old name of TDDI ... I suppose you won't mind a bit of TDDI history here. Since you already have an account and don't see any charges, are you keeping the account & intend to use it ? Or thinking of opening new one. Either way, I don't think it matters regarding fees. If you mean the new mobile only platform, it's a different story.
…thought I paid my fair share of fees at TDDI
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