TD Canada Trust Rant

I am so mad at TD Canada Trust right now.  Really mad. Super mad.

I just ran out of cheques.   The annoying thing about TD is that they charge for ordering cheques.  In fact, they charge $35 for 50 cheques and $40 for 100 cheques.  Now, there’s a lesson in marketing.  I wonder which one I am going to choose, now…

It’s Outrageous

When I was a naive and broke student, I forked over the $40 without blinking an eye because I didn’t know any better, but now that I am a working professional and mindful about my finances, I am outraged.  It’s outrageous that they can charge so much for me to access my own money!!!

I checked out the grandfather of all money saving forums – Red Flag Deals and found this handy dandy chart comparing the top checking accounts in Canada.  Look!  At the bottom is my beloved TD with a minimum balance of $2,000 before they waive the $8.95 fee. And to clarify, that’s 25 transactions included – not 25 cheques included.

The Phone Call

I called three times today and spoke with three different representative who fed me the same lines.  They all gave me the same sob story that they do not control the charge for cheques, it is done through a third party, so there is absolutely nothing they can do about it.

The whole time, I was treated like the “crazy” because I didn’t want to pay to access my own money.  Here are the highlights of my conversations:

  • We are just the middle man who connect you with your cheques.  TD does not get anything from the charges for ordering cheques.
  • We only waive the fee for very special clients.
  • We can’t just start giving away cheques to just everybody.
  • If this is the most important aspect of banking for you then switch (when I brought up that some banks don’t charge for cheques)

They all admitted they did not have the authority to waive that fee.  I asked them to connect me with someone who did have authority to do so.  I was told I had to come in and speak  with the branch manager, and they may or may not waive the fee.  When I asked if I can go to any branch, they said that I had to go to my “home” branch.

Did I mention that I opened my account in grade 7?  So, my home branch is way out of the City.  Like 50km away in the suburbs.  With the price of gas I might as well pay the $40 fee and have the cheques sent to me!

So, let me get this straight, TD…

I can open a Mutual Fund account or direct deposit account to deposit thousands of dollars from ANY branch.  But to get my $40 waived for ordering cheques, I need to drive out to my “home” branch (50km away)?!  And speak with a manager who may or may not waive the fee.

Not very promising.  In fact, what better way to tell your client (me) that you don’t give a rat’s ass about them or their business.

Thank you, TD

For showing me your true colours.

But, you know what?  It’s your loss.  If only you had a little foresight, you’d see that someone who would was willing to fight for $40, truly cares about her money.  And when people care about their money, they make investments.   And maybe the investments start small, but they grow.  I am confident I will make multi-million dollar investments over my lifetime.

Now, I can take my money elsewhere.



Filed under Finance

26 responses to “TD Canada Trust Rant

  1. Lol. I got pissed off at BMO and switched to RBC. Money Rabbit got pissed off at RBC and switched to TD. Now you’re pissed off at TD. There really is no winning, is there?

    Try going into your closest branch rather than the home branch and ask the branch manager to waive the superfluous fees. When they say no, ask him to close out all of your accounts and cut you a check for the money you have in them. I bet you they’ll find a way to waive the fees.

    • Good idea.

      I will try this and report back!

    • Tanis

      I no longer use cheques so don’t need to order them, thank goodness, but I tried something similar with the monthly service fee of $8.95. I asked what could be done so I didnt have to pay this each month and they said they couldn’t do anything!! NOTHING! So I moved everything to RBC where I have ZERO for a service fee! I pay NOTHING for a service fee each month! It is $10.95/month and I get it waived because i have 3 services through RBC. Take take TD! You lost me after being a faithful customer for over 30 years!

  2. CS

    Fru-girl, You can change your home branch to any branch near you.

  3. I’m with TD too. Every time I call in for something, they tell me I have to go into the branch. As if I want to go all the way to the branch in the hours that they’re open and wait in line! Even just for changing my account (to the free one, although I doubt they’d have a problem if I changed it to a more expensive account). I mean… they know it’s me – I have to go through the security process.. so what’s the issue?

    • I have no idea what the issue is. TD makes these ridiculous rules and expects everyone to follow them. They make these little hurdles that we have to jump through, hoping that we don’t and they can keep making money off of us.

      To be honest, I was really surprised that they have no qualms with opening up a Mutual Fund account for me. Am I being completely ridiculous about wanting a $40 charge waived because I give them $1,000’s of dollars of business a year?

  4. I bank with TD and to be honest, this seems like a bit of an overreaction to me…

    If you need cheques and they have a cost, you either decide that it’s fair and pay it, or decide that it’s not and don’t. You are always free to move your money to another bank. TD doesn’t really “owe” you cheques — you’re banking with them under their rules that you agreed to. Yes, it is your money, but cheques cost money to manufacture and process, and essentially that is what you’re paying for.

    Cheques are old school anyway. 99% of the time there’s another (easier, cheaper) way to pay — like email money transfers or setting up bill pay.

    I’ve banked with TD for a long time and I really appreciate their service, products and extended operating hours. While I keep my savings with ING and have since opened a free Thrive checking account there, I’m probably going to stay with TD for my credit cards, line of credit and brokerage account. They’re really convenient and easy to manage online.

  5. LINDER57

    I agree with frugirl. I only need one cheque to open an account with Ing, and TD will not even issue just one. Have to buy 50. I will never need to use the other 49 cheques as I do all my banking on line. What a ripoff!!!!

  6. Hi, it’s Matt from TD.

    The responses you received over the phone do sound quite frustrating (I understand why driving 50K to your home branch isn’t a good option). The simple truth is there is a cost associated with providing cheques. But, we do have options. For example, instead of writing a cheque you can send an email money transfer. And we do have an account where cheques are included for free. Before recommending a different type of account, we really need to better understand your specific banking needs.

    Bottom line, we have options and we hope you’ll stay with TD – and we absolutely do value you as a customer! If you want to discuss you can visit any branch, email or call 1-866-222-3456. Have a nice day.

    • Ricky Martin

      Hi Matt from TD,
      Yes there is costs associated to issuing cheque. But again TD and other banks makes tons of money on investing the money we normal individuals and customers deposit in the your banks. You use that money to make more money? Is this true? And you charge the people to take their own money out? by placing ridiculous fees which perhaps at the end of the year is USUALLY TOO MUCH for a usual person to pay.

      For example:
      1. TD Cheques: $40 per year
      2. One Credit Card annual fee: $15 per year
      3. One Bounced cheque: $35 to $45
      4. Oh you over drawn the money from your TD Credit Card (darn you did’nt know.. oh you should know about this next time) – $35

      Sub-Total: $220.

      Now let’s think about what we can do with $220 in a year?

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  8. Sonia

    We have a personal banker at TD at our home branch. She does EVERYTHING for us and waives many of the fees involved…except cheques. I forgot the minimum requirement to become a AAA client but from what I recall it wasn’t a lot…maybe $25K+

  9. K-Pur

    I was just infuriated by this same thing today. Irks me everytime I run out of cheques and have to order more. TD’s “retail operations delivered a record $4.8 billion in adjusted earnings for 2010” (according to TD’s CEO) by the way! …make you angrier??

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  11. Outraged Girl

    I’m so glad that I’m not the ”only” person having problems with TD.
    To start with, TD was the very first bank I’ve opened an account with..and that due to their extended business hours considering the fact that I worked full-time (8 to 5 all weekdays). At that time, TD was the only bank open on Saturdays.
    Long story short, I’ve been a very loyal client till this point. I’ve convinced families and my (to be) in-laws to change banks. They even trusted TD and took their mortgage with them.
    Guess what happens? Last three weeks (I believe), while being there to pay a parking ticket, I was offered a Visa of 2000 dollars limit. I only am a full-time student and how was I pre-approved if I had no income?? One thing is clear that TD really knows ”who” to target to ”make money”. Like anyone else would, I delightedly accepted the offer too. I used the card to pay my phone bill and.. Paid back in a week (through my sister’s help since she adviced me about the interest charges). So i decided not to use it as a ”magic card”.
    Last week, my (to be) fiance calls me up at almost midnight, telling me if I could lend him money. i said alright.. At ONE condition if he returns it back at soon time. He was away from home and didn’t want to wake his mother who usually keeps his savings and promised me he would return me the money in the morning. I agreed. And as soon as he talked to his mom, he paid me back.
    So I paid back an amount of 1000 dollars in ”one” day. What’s wrong with that?? You tell me. Do i not get the credits for being a ”good” customer who pays off her balance right away?? But No, TD doesn’t know appreciating their clients. Instead what they do, they BLOCK your account. When you call them, the customer service transfers you to the ”fraud” department.
    This happens when I’m at the hospital for my Mother who had her cystoscopy, who could no longer walk properly. I decide I withdraw money to get some cash for the taxi. Surprisingly, it doesn’t go through.. (the next minute I’m on the phone with fraud department). I tell the impolite representative who doesn’t even ask about my mother’s health upon my story of surgery to her… That ”could you please hurry up since we’re waiting for the cab?? ” she goes like ”since when you were a customer with TD?”
    i say ” I was with TD since 2005..” (a security officer from the hospital approaches me telling me I can’t use my cell phone at the hospital.. I’m explaining him it wouldn’t be longer than 30 seconds.. ) . since our (officer and me) conversation is in ”french”, this English representative tells me I can’t seek anyone’s help to answer the questions. In my head, I’m like EXCUSE ME!!?? ”seeking help?? My apology but I guess you didn’t quite get it when I told youu that IM AT THE HOSPITAL. Could you please hurry up?”
    She puts me on hold. And here you go, the officer comes again (with serious look) telling me if I don’t hang up, he’ll have to call more securities on me. So with no choice left, I hang up….
    I somehow managed to bring Mom home. And I call TD to continue the ”process” but guess what? The note left by her says ”I have to see a branch manager”.
    We were Friday and there was no way, I could have been to a branch in a few days. But NO! TD doesn’t give a s*** 🙂
    We’re Wednesday and I rush to TD after school hoping I could get access to my account back.
    And.. the ”1 of the 3 managers” (who had no title written on her badge) tells me that my explanation of ”one day difference payment back” doesn’t ”satisfy” her and that she’s ”not comfortable with such a transaction”.
    Wow!! So TD decides for me what type of transaction ”I” make?? Very disappointing!!! TD blocks my account cause they’re not ”comfortable” with a transaction -i- make?? Isn’t that odd??
    And.. Let’s even agree on that for a second. Alright. Enough validating reason to block my account. But.. Isn’t TD supposed to tell me from day first while opening an account that ”some uncomfortable transactions may lead to blocking of my account”?? Couldn’t they make it clear? But NO! The ”so-called” manager doesn’t agree. (I bet she wasn’t even the Manager) she even tells me I have ”the privilege to close my account” (when i brought it up). And then asks me to ”take an appointment” if I wanted to see ”the manager”. Voila! Didn’t I tell you she wasn’t a manager?? Upon my discussion with fraud department, I was told that ” no appointment was necessary. The manager will always be there”.
    But.. Let’s not forget that we’re talking about TD whose words can not be trusted!!
    Let’s see what happens next? I was told that the manager would call me tomorrow at ”his convenience” for me to see him.

  12. Outraged Girl

    By the way, the words in quotations are written ”word to word” from the conversation. And the Branch being talked about in this conversation is located at Boul. Lapiniere, Brossard, Quebec.
    ( p.s. You may have a different.. Or even pleasant.. experience. I’m only stating my little sad story.. And bad experience with them.)

  13. Andrew

    If it’s of any help to anyone leaving comments, I find somewhat of a loophole today when I encountered the same frustrating scenario of needing just a few cheques and not wanting to pay $36 for 50 of them. I just closed my current chequing account and immediately opened a new one (which was identical in all ways to account I already had, the only difference being I had a new account number and debit card issued to me) and was given 4 free “starter” cheques as a result of doing so.

    I should say that if you have direct deposits going into your account from work or other institutions you would have to give them this new account # (I don’t have direct deposits or withdrawals so it was really simple and straightforward). So if you just need a few cheques and don’t want to spend even a dime then this is an option. Still ridiculous in my opinion that you would have to do this to get a couple cheques out of a bank you’ve been with for the past 16 years, but it beats the alternative.

  14. peter

    here is my comment,

    what TD does is not banking, it is robbery or some kind of ancient banking system that has been extinct in developing countries for years. once I needed $7000 from my account and they said you have to order that 3 days in advance, it is ridiculous that to access your money you have to order that 3 days in advance and that was an emergency for me. when you deposit a bank draft or check into your account, it takes 5 business days to have access to this fund, 10 years ago in a third world country that I lived, it took only 20 sec, and all banks were connected to each other through an integrated system, it doesn’t matter which kind of check from which bank you had, it only took 20 sec to access that money. Switch to PC financial, there is a no fee account with free checks. it’s good. TD employees have just been trained to fool you by greeting you warmly not a sophisticated banking system, unfortunately due to a large population who have never experienced something better , we are being abused in Canada by the banking, health care, transportation, and many more systems. It is a great country but way too underdeveloped.

  15. ok so here is what I did… switched to the HIGHEST PLAN which has cheques for free included.. then Ordered Cheques.. when they arrived SWITCHED MY PLAN BACK… problem solved… paid the extra premium for like 5 days.. thats it… the most expensive plan is 29.00 FAR less then the 40 for cheques AND you get unlimited everything for the time your waiting INCLUDING DRAFTS (MONEY ORDERS) that you can use temporarily instead of cheques!! I just wish that they would make the bank plan cover ALL accounts… not just ONE DANG ACCOUNT!!! 🙂

  16. Susan Darlier

    I agree with the rant about TD Canada Trust. My problems go way back in years to the 1990’s when my husband and I were buying our first home. We had both been banking with TD since our teens and so of course went there for our mortgage. I was working part-time as a R.N. earning over $30000/year and my husband was self employed with earnings of over $40000/year (on T4). They refused us a mortgage because I was only part-time. Never mind that I made more than alot of full-time people working other jobs ….. but no, I was part-time. Needless to say, we obtained our mortgage from another lender ……without a problem! Well, fast track to 2010. My husband’s business now buys a business and needs a mortgage of over a million. The business account is with TD.. Think we got a mortgage with them? No, we had to promise them our first born. So, before we did that we did a little shopping around. Well lo and behond, Libro Credit Union offered us our $1Million mortgage ….. and we’d never dealt with them before ……..and they didn’t ask for our first born as security. Instead, we were quickly authorized the mortgage and now every year (for the last 2 years) we get a nice little “shareholder’s” reward of $1900 and $1200 respectively that is deposited into our account. Had TD ever “rewarded” a customer like that?? My advise ……. never, never, never give TD Canada trust your mortgage. Look at Libro. They are a great organization!

    • rick

      it’s just another sign of a conservative bank. TD Bank is a very conservative bank. They would not lend money to businesses or individuals who are employed part time. that’s what I have observed over time.I think that is one of the reasons why TD bank came out ubscathed could after the financial meltdown in North America.

      dot does not mean that they should not provide good service to their customers. I think they should stop being blood suckers just like all the other banks. Or should I say all the other major banks.

  17. I am in my mid-30s with a good job, but still, have always hated being nickel and dimed. I have a very old account with TD that luckily waives all my monthly fees as long as I keep $1000 balance. The interest lost on this amount is peanuts these days, so I don’t mind too much. But that doesn’t include cheques. You DO still need cheques, once in awhile, some places will still require them and won’t try something weird like email money transfer (e.g. try signing your kids up for some summer camps).

    What bugs me about TD is that years ago, they would print you up to 10 temporary cheques for free, immediately, right in the branch. If you didn’t use them that often, they’d probably do it again in a few months. Nobody forced them to take that ability away (except maybe the 3rd party who now gets their cheque business). It was TD’s decision to farm out the service to a 3rd party, who can now rob their customers blind with a monopoly…. and I’m quite sure TD gets some kind of kick back from the 3rd party. Even if it’s only in the form of free golf vacations for the CEO. TD wouldn’t be so stupid as to give a captive market of millions of customers a plump link from EasyWeb directly to a 3rd party, giving them multi-millions of $, without getting something in return.

    Anyway, before calling to yell at the TD people on the phone, I did a web search and found a redflagdeals post about other ways to order cheques. I had no idea that you could get real, legal cheques from somewhere other than your bank! I’m going to order 100 of these ones tonight for less than half the cost of the D+H ones from TD:
    Looks like you just scan them a void existing cheque, email it to them, that way they can guarantee they’ll get the return address and name correct, and the banking info at the bottom, of course.

    Over the years I’ve been very happy with TD overall, but they should learn not to insult their loyal customers like this, by making them think they have to pay a bare minimum of $40 (after S&H and tax) for 50 cheques, the lowest possible number you can order. (or $50 for 100). Please spread the word to everyone so that the overpriced places lose enough business to be forced to lower their prices.

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