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Bank Account Fees...?
  • randomuser
    Posts: 2,320
    I've been with TD for 5-6 years and these assholes charge me 12.50 or so a month plus random fees for online transactions that are not clearly layed out.

    Anyway, do banks have retention departments? My friend is telling me I should switch to a credit union where there are no monthly fees, do you think if I threaten to leave theyll offer any leverage?
  • JayDub
    Posts: 2,256
    I have used TD for about eight years but since I am a student I don't get any fees.
  • nicole
    Posts: 1,005
    I used to be with Scotia until I turned 18, and then they started charging me fees because apparently I wasn't the student age anymore...
    I'm with Coast Capital now. Really, really friendly and a great deal if you're looking for good savings account rates and the no-fees chequing. Their term deposit rates suck though (it's almost worth it just to keep the money in my savings instead of locking it in), but I can't complain.
  • randomuser
    Posts: 2,320
    the TD student account doesnt suit my needs i do too much banking so i exceed the transaction limit

    im calling td tomorrow, vancity and coast capital are offering way better plans
  • PC Financial has completely no-fee banking. Unlimited debit and ATM transactions, free cheques, etc. I've been with them for a few years, don't really see myself with another bank, unless I need to do more complex stuff.
  • Student0667
    Posts: 1,845
    I am with HSBC and the only fee that I am aware of was the service fees that they charge when I withdraw money from my account.

    Look guys, I haven't been involved with my finance until VERY recently when my mom gave me my bank passbook...
  • DaNoobie
    Posts: 1,079
    I think for my account, as long as the minimum is maintained, all the fees are waived
  • siuying
    Posts: 2,401
    i'm on the boat with coast capital too and loving it so far..=)

    and don't make fun of this peter..
  • imelting
    Posts: 1,765
    i use pc financial as well, but my banking needs are very basic
  • Kevin M.Kevin M.
    Posts: 1,259
    Credit Unions like Envision and Vancity are way better than the big banks for regular people like us. Banks like CIBC and RBC cater more to commercial clients who bring in the big bucks...which will hopefully include me one day :D
  • siuying said:
    i'm on the boat with coast capital too and loving it so far..=)

    and don't make fun of this peter..


    .......damn, you're just making it too easy these days =P I'll save my "boat" comments for next time, then.
  • lazyGUY
    Posts: 1,601
    Im with Td rite now and since im still 18 i dont get charged...but wut time does coast capital close? cuz i know tds always open late
  • meeshmeesh
    Posts: 791
    i used to have TD until they kept effing up, charged me for cheques i never ordered and a lot of "other fees" added on.

    for now i'm using HSBC direct savings but it's pretty much a chequing account but i get the interest. all of it is done online since i don't usually do branch banking anyway.
  • nicole
    Posts: 1,005
    lazyGUY said:
    Im with Td rite now and since im still 18 i dont get charged...but wut time does coast capital close? cuz i know tds always open late


    I think 7pm...
    Why does that matter?
  • JayDub
    Posts: 2,256
    Hours of operation are a definite importance.

    What is the point of having a bank if they are only opened when you are in class and never able to go in?
  • nicole
    Posts: 1,005
    I do most of my banking online and when I make cash/cheque deposits, it's at the machine (open 24 hours).
    My term deposits are also done online...
    I can't remember the last time I talked to a teller, actually.
  • JayDub
    Posts: 2,256
    I do for my RRSPs, my credit cards, my mutual funds etc etc...
  • vonnie
    Posts: 1,991
    I'm with HSBC, RBC and Vancity.

    Vancity, because they gave me some scholarships.
    HSBC, because it has my High Rate savings.
    RBC, for my VISA and Chequings account.
  • ralph2087
    Posts: 119
    I'm with Vancity.....I think there are no fees until you're 21....or 25 or something...but as long as you're in school there's no fees......I think.... but regardless, as long as you have $1000+ in your account, there are no fees, ever.

    Switch now, and give me a referral. We get $50 each ;) lol
  • lazyGUY
    Posts: 1,601
    can i open a new account, withdraw the 50, and cancel the account without incurring any major fees
  • lazyGUY said:
    can i open a new account, withdraw the 50, and cancel the account without incurring any major fees


    Isn't there a minimum deposit amount you have to put into the account first, in order to get that $50 bonus? Or they make you sign some sort of contract where they say you'll get your legs broken and your mother gets raped if you close your account.
  • sukjin86
    Posts: 16
    I work for TD Canada Trust. Bank fee's are apart of everyday banking. All big banks pretty much have the same fees when averaged out. There's no such thing as a 'cheaper checkings account'. Unless you keep 5grand in your checkings account, you're gonna get charged fees.

    With TD all you guys should have the free students checkings account. Understanding the fees is key in keeping them at a minimum.

    To answer the question on TD's 'fees':

    Checking account fee: The student account is free. There is no fee for the actual account. The 12.95 fee that the person who started this post is on the INFINITY checking account, which allows unlimited transactions. You should change to the free student account.

    Withdrawal Fees: The student checkings account has allows 25 transaction per month. Thats like an average of 1 transaction per day. Meaning that if you use your debit card to see a movie, and buy coffee, thats counted as 2 transactions. Internal transfers, such as TD visa payments, etc don't count as transactions. After the allotted 25 transactions, you get charged 65 cents for each one over.

    Other Banks Fees: This is the fee that kills people because they don't know where it comes from. If you pull out money from an ATM thats not TD, u get charged 1.25-2.00 depending on which ATM you pull money out of right off the bat, and then at the end of the month, TD charges you 1.50 for the withdrawal. This fee covers interac network fees. All banks charge you this fee. So, in reality, if you pull out 20$ from an ATM, it really costs you 3.00 to pull it out. To Avoid these 'other bank fees' just you your debit card, or keep the withdrawals from other ATMs at a minimum.

    other fee's include: (you shouldn't get charged these unless you really fuck up)

    NSF Fee: If you write a bad check, and it bounces, you get charged $42.50. If you have pre-authorized debits (fitness clubs, insurance, car payments, mortgage payments, automatic transfers), and if you don't have enough money in your account when the transaction goes through, the NSF fee is $5 or $42.50 depending on what kind of transaction it is.

    ODP or PODP Fee If you have overdraft protection on your account, you either pay 3.00 a month to have this feature, or you pay 5.00 for everytime you go negative. You can change the payment option depending on how often you go negative. My recommendation for this one is, GET RID OF OVERDRAFT unless you write alot of cheques. Attached with this fee is

    ODP Interest Overdraft protection is a credit product. The interest on this one is 21%.. higher than an credit card interests. If you're constantly negative, ZERO OUT YOUR ACCOUNT AS SOON AS POSSIBLE and get rid of the overdraft.

    If you guys have any further questions, or need help choosing/changing your checkings accounts, msg me or you guys can come see me on days I work to work out a better plan. I'm working at the west broadway and waterloo branch. No one should be paying fee's they shouldn't be paying, and one of my goals is to prevent clients from paying more than they have to
  • sukjin86
    Posts: 16
    randomuser said:
    I've been with TD for 5-6 years and these assholes charge me 12.50 or so a month plus random fees for online transactions that are not clearly layed out.

    Anyway, do banks have retention departments? My friend is telling me I should switch to a credit union where there are no monthly fees, do you think if I threaten to leave theyll offer any leverage?


    Credit Unions are good, but the problem with those are accessability (hours, locations), Lack of deposit insurance, and again, depending on your banking style, all 'fees' pretty much come out the same when averaged.

    Unless you have 1million+ in assets with TD, and you threaten to leave, chances are TD won't give a shit. I've heard of 'low value clients' with banks who are a liability, getting cut from banks.

    Also, don't use this threat to the tellers, cause they'll just think you're an idiot, and probably talk shit about you in the staff room.
  • sukjin86
    Posts: 16
    randomuser said:
    the TD student account doesnt suit my needs i do too much banking so i exceed the transaction limit

    im calling td tomorrow, vancity and coast capital are offering way better plans


    If withdrawal fees are greater than $12.00, change to the INFINITY ACCOUNT, you'll save money that that way.
  • sukjin86
    Posts: 16
    meesh said:
    i used to have TD until they kept effing up, charged me for cheques i never ordered and a lot of "other fees" added on.

    for now i'm using HSBC direct savings but it's pretty much a chequing account but i get the interest. all of it is done online since i don't usually do branch banking anyway.


    You should have understood where the fee's were coming from before you reacted. If you got charged for cheques that you never ordered, chances are, someone ordered cheques. You should have called the identity theft department to ensure that there wasn't fraud on your account.

    Henderson and Davison (I think) is the company that charged you for cheques, and debited your account, not the actual bank. Banks use third party firms for cheques.
  • sukjin86
    Posts: 16
    lazyGUY said:
    can i open a new account, withdraw the 50, and cancel the account without incurring any major fees


    It's not worth all the hassle trying to save a couple dollars. If you were to pull it off, (opening, closing, opening, closing) bank accounts, you'd probably get red flagged.
  • sukjin86 said:
    I work for TD Canada Trust. Bank fee's are apart of everyday banking. All big banks pretty much have the same fees when averaged out. There's no such thing as a 'cheaper checkings account'. Unless you keep 5grand in your checkings account, you're gonna get charged fees.

    With TD all you guys should have the free students checkings account. Understanding the fees is key in keeping them at a minimum.

    To answer the question on TD's 'fees':

    Checking account fee: The student account is free. There is no fee for the actual account. The 12.95 fee that the person who started this post is on the INFINITY checking account, which allows unlimited transactions. You should change to the free student account.

    Withdrawal Fees: The student checkings account has allows 25 transaction per month. Thats like an average of 1 transaction per day. Meaning that if you use your debit card to see a movie, and buy coffee, thats counted as 2 transactions. Internal transfers, such as TD visa payments, etc don't count as transactions. After the allotted 25 transactions, you get charged 65 cents for each one over.

    Other Banks Fees: This is the fee that kills people because they don't know where it comes from. If you pull out money from an ATM thats not TD, u get charged 1.25-2.00 depending on which ATM you pull money out of right off the bat, and then at the end of the month, TD charges you 1.50 for the withdrawal. This fee covers interac network fees. All banks charge you this fee. So, in reality, if you pull out 20$ from an ATM, it really costs you 3.00 to pull it out. To Avoid these 'other bank fees' just you your debit card, or keep the withdrawals from other ATMs at a minimum.

    other fee's include: (you shouldn't get charged these unless you really fuck up)

    NSF Fee: If you write a bad check, and it bounces, you get charged $42.50. If you have pre-authorized debits (fitness clubs, insurance, car payments, mortgage payments, automatic transfers), and if you don't have enough money in your account when the transaction goes through, the NSF fee is $5 or $42.50 depending on what kind of transaction it is.

    ODP or PODP Fee If you have overdraft protection on your account, you either pay 3.00 a month to have this feature, or you pay 5.00 for everytime you go negative. You can change the payment option depending on how often you go negative. My recommendation for this one is, GET RID OF OVERDRAFT unless you write alot of cheques. Attached with this fee is

    ODP Interest Overdraft protection is a credit product. The interest on this one is 21%.. higher than an credit card interests. If you're constantly negative, ZERO OUT YOUR ACCOUNT AS SOON AS POSSIBLE and get rid of the overdraft.

    If you guys have any further questions, or need help choosing/changing your checkings accounts, msg me or you guys can come see me on days I work to work out a better plan. I'm working at the west broadway and waterloo branch. No one should be paying fee's they shouldn't be paying, and one of my goals is to prevent clients from paying more than they have to


    This is why I urge people who do simple banking, (ie student account), to just go with PC Financial. It's absolutely free, no catch, no limits on transactions. The reason they don't charge fees is because they have minimal operating fees. No branches and no tellers. Seriously, why have to limit yourself to 25 debit transactions a month? I probably do 3-4 a day.
  • Steven
    Posts: 324
    Yeah, just go with PCF. The only "good" thing about walk-in banks are tellers.. but I never use the tellers! The only time I have ever used it was to close my account.
  • randomuser
    Posts: 2,320
    sukjin86 said:
    If withdrawal fees are greater than $12.00, change to the INFINITY ACCOUNT, you'll save money that that way.


    This is what I'm going to switch banks, I constant juggle over and under the stupid monthly balance -_- and if you drop just once below it you get bammed with the fee. Logically, I can go with vancity and pay a max of 7.95 a month + specialty fee, and keep a min balance of 1k rather than 3k to waive my fees, or I can go with coast capital and pay nothing besides specialty fees

    How is TD offering anything better than those?
  • lazyGUY
    Posts: 1,601
    Magnificent_Bastard said:
    This is why I urge people who do simple banking, (ie student account), to just go with PC Financial. It's absolutely free, no catch, no limits on transactions. The reason they don't charge fees is because they have minimal operating fees. No branches and no tellers. Seriously, why have to limit yourself to 25 debit transactions a month? I probably do 3-4 a day.
    Can u just go to any superstore and open an account? o ya and does the pc debit card work in the US.
    Right now im thinking pc or coast capital but I need more than 25 transactions, plus the debit card needs to work in the US.
  • Apparently you can, I didn't know this actually.

    Yeah, you can sign up for PC Financial at any SuperStore. Most people seem to think that there's a lack of banking machines to use if you're with PC Financial, but you can withdraw and deposit at any CIBC bank machine, as well as PC Financial machines, and it's all free. No extra fees to use CIBC machines.

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