Seniors accounts options | Page 2 | General comparisons | Discussion forum

TD has a Minimum Chequing Account where the monthly fee of $ 3.95 is waived if you are a GIS recipient, no need to keep the minimum $ 2,000/month.

Does that mean you also need to get your GIS deposited to that TD Bank account to waive the fees ?

I know someone who are GIS recipients, and want to open this TD account & get the $ 3.95 fees waived. But their GIS & OAS is deposited in some other bank & they DON'T want to change that.

Will they still get the fees waived with TD because they are GIS recipients, but their GIS won't be deposited in TD, but some other bank. They won't be keeping the monthly minimum of $ 2,000/month.

https://www.td.com/ca/en/personal-banking/products/bank-accounts/chequing-accounts/minimum-chequing-account_b/

No Monthly Fee for:
Seniors (60 years or older) collecting Guaranteed Income Supplement
Registered Disability Savings Plan beneficiaries
Students enrolled full-time at a college or university
Under the age of majority in their province of residence

they ought to be able to do this, Will probably have to provide proof of both the amount they are supposed to get and the actual deposit. May need to repeat this proof annually.

It's true that seniors often keep a large amount in a chequing account. I know someone who keeps about 24K there on a regular basis, and she has an income under 20K. I think they just find it easier because they know their bills will get paid even if they are sick or hospitalized, and they know the money is there for an extraordinary expense. For those on GIS etc., they also know that any income might count against them, so there is no point in getting a better account. The very elderly are also less likely to use TFSAs as they don't fully understand the concept.

I find that they would require proof of GIS via government letter interesting. They could also just give the person 30 days and look for the next GIS payment to show up.

Moreover, no other Canadian bank requires proof of GIS for a free seniors limited-transaction account they're now required to provide. Mostly it's just proof of age and/or, at most, OAS eligibility. 🙁

Now that I'm a student, perhaps I should open a TDCT account for no other reason than to "use and abuse them" for their coin counting machines and convenient full service ATMs. LOL

Cheers,
Doug

rfdm4g4g9 said
They have the proof of GIS from the government via an official letter.

But they don't want their GIS to be deposited in TD bank, they want to keep the Direct Deposit of GIS in their other bank.

Hopefully TD doesn't force them to change their GIS Direct Deposit to TD, to waive the $ 3.95 fee   

Yeah, you have to admit, though, this is a stupid limitation on TD's part and wholly unnecessary. They want to limit the account to the smallest group of seniors as possible. 🙁

Have them switch to CIBC, maybe? They are one of only two or three "Big 8" Canadian banks to offer an unlimited free chequing account to all seniors over age 60. 🙂

As an aside, why do people insist on having some government pensions or supplements go to one account and some to other? Seems silly to me. As you get older, it's just better to consolidate all of your income and expenses through one account and maybe keep a separate account for "mad money" that you could transfer to via writing a cheque to yourself every so often.

Cheers,
Doug

Bill said
Doug, CIBC does not have a fee-free account for seniors who need to do more than 12 transactions/month.  

CIBC did, until September last year.

Doug may have been thinking of the grandfathered CIBC 60 Plus Advantage benefits:

Benefits No Longer Offered

CIBC 60 Plus Advantage®

Clients who enrolled in CIBC 60 Plus Advantage prior to September 1, 2017 continue to qualify for the following benefits⁶:

• On the CIBC Everyday Chequing Account, free transactions◆, no monthly fee, free online cheque viewing and free record-keeping including paperless², monthly statement, quarterly statement or monthly statement with cheques imaged³
• On the CIBC Premium Growth Account, 2 free transactions◆ per month and free online cheque viewing
• On the CIBC US$ Personal Account, 2 free transactions◆ per month
• On the CIBC Personal Chequing Account, CIBC Waive Account, CIBC Investor’s Rate Account, CIBC Daily Interest Savings Account and CIBC Regular Savings Account, free transactions◆, no monthly fee and free record-keeping including paperless² option. Benefits are not available on the CIBC Chequing Savings Account or the CIBC EverydayPlus Account. (Note: these accounts are no longer for sale.)
• Free bank drafts and money orders*
• $5.00 off the annual rental of a safety deposit box (any size)

For all accounts: interim statement $4.50 each ($5.00 each for the CIBC US $ Personal Account).

Most of these posts are about the big 5. That alone should preclude the topic from this forum. Does anyone in this forum pay a monthly checking account fee? The whole concept of senior accounts has been rendered moot with the introduction of fee-free, ding-free, and all the other variations that offer free banking to ALL age groups. Any banking benefits associated being a senior are minimal at best for me, dare I say most. Don't need a safety deposit box, I've used a bank draft once in the last ten years, what exactly are travelers checks?? Don't mean to be harsh, but if you are using a big 5 (6) bank, there's a good chance you are probably one of the loyal customers that has been with them since 1867 and has little or interest in new fangled internet banking and are already getting screwed on interest rates, so why would they worry about a monthly fee? Surely the bank that gave me my first $800.00 mortgage in 1901 wouldn't take advantage of one of their most loyal customers! I'm 60 and have been looking at seniors packages since I became eligible at 57, and I haven't seen one that came with decent interest rates and a package of options that came close to offering what I have already for free. I'll keep looking, and jump on it per OP, but I don't think it exists.

Top It Up said

Norman1 said

CIBC did, until September last year.

Doug may have been thinking of the grandfathered CIBC 60 Plus Advantage benefits. 

Bill is correct - the CIBC NEVER had a fee-free Senior's account that offered more than 12 free transactions per month which was the CIBC 60 Plus account.  

CIBC offered six such accounts.

The CIBC Everyday Chequing Account and the other five accounts mentioned became no-monthly fee, unlimited transaction accounts for those enrolled in CIBC 60 Plus Advantage.

One can see that for the CIBC Everyday Chequing Account in the July 11, 2017 snapshot of CIBC's Senior Banking Offers page from the Internet Archive site.

Top It Up said

Curious where you bank where you get unlimited transactions, unlimited chequing, etc without some sort of minimum monthly balance. No big deal with ding free it's only ding free when you use credit union terminals. Hell, banks are ding free right across the country when you use your bank's branded machines.  

Motive. The services chart is full of FI's that have No minimum, No fees, free cheques, whatever services you require.
Just curious though...I can access funds (ding free) at any Exchange network ATM. What options do CIBC customers have if they need cash, other than a CIBC ATM?