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Are seniors taken advantage of? At Scotiabank for sure!
April 29, 2021
2:46 pm
Norman1
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Loonie said
So, while they all claim to be innovators, they are really all just imitators.sf-surprised

Monkey see, monkey do, but they're all after the Top Banana!

I suspect they realize that there isn't anything in it for beating all their competitors and there is actually more than one banana at the top.

There's no difference between finishing first and tying with the best finish. Either way, one goes home with a gold metal. Not like one gets two gold medals for finishing first instead of tying for first!

April 29, 2021
2:51 pm
topgun
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Bill said
With those minimum balance amounts, I think if you drop below the threshold for even a second, e.g. they process your monthly rent payment a micromoment before your paycheque goes in, then the fees for the whole month kick in. Happened to me once, many years ago, and TD branch person reversed it for me, said they'll reverse it only the first time it happens. I've always kept a comfortable cushion in there since then.  

A couple years ago I added overdraft to my chequing account. The next month I went one cent below zero. I made up the difference before my statement date. No fee. No interest. Cheaper than an NSF. Now i keep a large balance in my chequing account.

Have a Great Day

May 14, 2021
12:06 pm
Macon
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With interest rates so low, it makes sense to keep a higher balance in the chq ing account and avoid overdraft etc charges.

May 14, 2021
1:04 pm
KamWest
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Macon said
With interest rates so low, it makes sense to keep a higher balance in the chq ing account and avoid overdraft etc charges.  

HeHe... actually it made sense to move to motus with no fees and 1% interest.

My mom can now use the debit card from chequing or savings with no fees.
Motus was so helpful and the move went smooth as silk, in fact I set my mother up with a joined chequing and saving so now I can help manage her money and keep a close eye to see if she is ever taken advantage of.

Quite honestly you hear these horror stories of the elderly getting scammed so I made sure I was getting an email with every transaction.

My mom likes that I am looking after her and I feel a sense of security. At 78 she is still active but I want to make sure as she slows down nobody scams her out of anything. Joined accounts took a couple of secure messages to set up but I can now pay her bills from my login and with her funds.

How sweet is that!

May 14, 2021
10:16 pm
Loonie
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Norman1 said

Loonie said
So, while they all claim to be innovators, they are really all just imitators.sf-surprised

Monkey see, monkey do, but they're all after the Top Banana!

I suspect they realize that there isn't anything in it for beating all their competitors and there is actually more than one banana at the top.

There's no difference between finishing first and tying with the best finish. Either way, one goes home with a gold metal. Not like one gets two gold medals for finishing first instead of tying for first!  

Right. There's room on the podium for all of them. It's a team sport.
In another context, this would be known as collusion or price fixing.

May 16, 2021
9:50 am
Norman1
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It's not collusion or price fixing to gather competitors' publicly posted prices and match them. Gasoline retailers do that all the time.

It is illegal to price fix or collude. But, it is not illegal to not compete.

Yes, banking is a team sport. The team includes their regulator. The banks are regulated by the federal government which also gets a significant cut of the banks' profits through income taxes!

May 24, 2021
12:23 pm
Kidd
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This has finally made the news.

https://www.cbc.ca/news/business/bank-fee-increases-1.6032824

The TD bank made 3.3 billion in the 1st quarter of 2021, and they've decided to increase their service fees in canada because... ? They can.

May 25, 2021
5:24 pm
Norman1
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It's what happens when your bank realizes you will only complain and not switch to a competitor like Simplii, LBC Digital, Alterna Bank (online), Tangerine Bank and others that offer a chequing account with no monthly fee and no everyday transaction fees.

Not like there's no other banks in Scarborough. That's in the Toronto area where one can find a branch of almost every single bank in Canada!

May 25, 2021
8:35 pm
Kidd
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Hi Norman,

With everything being automatic billing this, automatic deposit that, moving an account isn't impossible BUT it can be difficult.

It's the same with internet providers and your email address. Many would love to move on but their contact list forces them to stay. That @rogers.com is a well placed hook in the jaw of many Canadians.

May 25, 2021
9:36 pm
Loonie
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Norman1 said
It's what happens when your bank realizes you will only complain and not switch to a competitor like Simplii, LBC Digital, Alterna Bank (online), Tangerine Bank and others that offer a chequing account with no monthly fee and no everyday transaction fees.

Not like there's no other banks in Scarborough. That's in the Toronto area where one can find a branch of almost every single bank in Canada!  

From what I have seen, these banks that charge the excessive fees may be using your complaints to get you to switch to riskier investments where they can make more money off you.
Ever noticed that when you complain, they start talking about market-linked GICs, mutual funds, and, as some have already noted, TFSAs, without any serious consideration of your circumstances? A TFSA with a mutual fund is probably what they like best. It happened to my then-98-year old mom at RBC. What they did to her was really scary, and it cost her money.

May 26, 2021
5:28 am
Bill
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It's true that one certainly needs to be diligent re looking after one's finances, people do try to sell you stuff in this world. But it's also true that "excessive" fees are just part of a picture.

A few family members have had some RRSP (and some TFSA, I think) money in TD Comfort portfolio funds for years now, when I inquire they say they are quite satisfied with the returns after the high fees, and zero time spent moving their money here and there, easy auto-contribute every month, etc. Family members comfortably beat (fee-free) GIC returns over the same period, so good they didn't fixate on all the money TD too is making on the arrangement, i.e. win-win.

May 26, 2021
8:24 pm
Norman1
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Kidd said

With everything being automatic billing this, automatic deposit that, moving an account isn't impossible BUT it can be difficult.

I agree: Some effort will be needed to redirect all the direct deposits and pre-authorized debits. But, if one doesn't move, then one becomes a supporting statistic for the banks that what the bank offers represents good value for what is being charged.

I still remember that the CEO's of the Big Banks were hauled in front of a parliamentary committee in the late 1980's over complaints of service fees. They successfully faced down politicians on the politicians' own turf. Better fee disclosure and low-cost no-frill accounts for low-income customers were all that came of it.

July 15, 2021
12:43 pm
rwb
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I have been a Scotiabank customer for over 20 years. As others stated, I now pay a service charge on our Powerchequing accounts. We are in the process of switching much of our business to Coast Capital Credit Union - we have no cheque fee, and even will earn a bonus $300.

Rick

July 20, 2021
7:54 pm
maxb
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Bobbyjet11 said
On a similar note. I have a grand-fathered chequing account at TD; meaning most fees are waived as long as the balance remains above $ 2,000 (it started at $ 1,000).
Recently I received an email stating the minimum balance is going up to a rather ridiculous $ 5,000 as of June 1st. I'm not happy about it but I am not going to run around looking for an alternative to pay bills etc. hence I will have $ 5k sitting there collecting virtually no interest which is a back-handed way to get fees from me. Pretty sleazy, IMO.  

There is a $3000 option at TD if you don't use your account a lot...

July 24, 2021
7:04 am
cgouimet
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Why not use her credit card and pay that on time. No fees that way ...

July 24, 2021
7:09 am
cgouimet
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maxb said

There is a $3000 option at TD if you don't use your account a lot...  

I use TD with $5k min. My wife uses BMO with $6k min. We haven't paid fees in 25+ years ...

We pay balances on CC's on time. We haven't paid interest in 25+ years ...

July 24, 2021
7:24 am
cgouimet
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topgun said

A couple years ago I added overdraft to my chequing account. The next month I went one cent below zero. I made up the difference before my statement date. No fee. No interest. Cheaper than an NSF. Now i keep a large balance in my chequing account.  

My TD account fine print says the minimum balance must be met at the end of each day so, microsecond timing issues don't happen ...

My wife's BMO account says the minimum balance has to be maintained at all times so, microsecond timing could be an issue there ...

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