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TD Bank Fee INCREASES May 1 2018 - Foreign Exchange 2.5% > 3.5%
March 18, 2018
11:24 am
Wayno
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https://www.tdcanadatrust.com/document/PDF/accounts/513796-20171030.pdf

TD Bank Fee Increases May 1 2018

  • Increase in Saving Account fees, New Foreign Currency Account Fees, and increase in Safety Deposit Box fees
  • Increase in Fees when you use a TD Access Card ( a DEBT Card) to:
    ...
    • Make a foreign currency withdrawal at an ATM outside Canada
    • Make a foreign currency debit purchase outside Canada using a TD Access Card with a Visa Debit logo

    Increase from 2.5% to 3.5% of the Canadian dollar amount after conversion of the foreign currency amount at the rate set by Visa International.

  • BTW: The URL Link has a useful summary of all accounts ( with fees ) plus accounts that are not available for new account openings ( e.g. Plan 60).

    It also shows the Big Bank strategy is to regularly raise and add new fees to
    increase their profitability.

    .. New Exchange Fees announced just in time for your summer vacation to the USA sf-winksf-cool

    March 18, 2018
    2:55 pm
    Save2Retire@55
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    This is terrible. I hope no one else does the same. I use Tangerine which doesn't have the 2.5%. It only charges $2 CAD plus whatever the other bank charges:

    ** Other ABM withdrawals (not part of Global ATM Alliance1) - In the US / Worldwide $2

    March 18, 2018
    3:26 pm
    Kidd
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    Save2Retire@55. It is always a case of monkey see... monkey do in canada.

    When Rogers increases their price, Bell does the same. So if the TD bank is going to charge more fees, RBC and the rest will do the same without question.

    http://english.donga.com/List/.....6/535389/1

    Hey... North Korea is paying 11% on their savings accounts.

    March 18, 2018
    5:53 pm
    Doug
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    Yep, this is bad news. It's only a matter of time now before the major Canadian banks, HSBC (for its standard Premier World, Advance, and Regular MasterCards), and other major credit card issuers do the same, going to 3.5%. Now Rogers and Fido can say, "look, we're a full 1% less than everyone else!" I can even see Tangerine going to 3.5% as it's an easy fee increase they can institute without having actually create a new fee.

    Cheers,
    Doug

    March 18, 2018
    6:53 pm
    Wayno
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    Doug said
    Yep, this is bad news. It's only a matter of time now before the major Canadian banks, HSBC (for its standard Premier World, Advance, and Regular MasterCards), and other

    major credit card issuers

    do the same, going to 3.5%. Now Rogers and Fido can say, "look, we're a full 1% less than everyone else!" I can even see Tangerine going to 3.5% as it's an easy fee increase they can institute without having actually create a new fee.

    Cheers,
    Doug  

    It's their TD Access Card ( a DEBT Card) going from 2.5 > 3.5%

    March 19, 2018
    11:44 am
    Doug
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    Wayno said
    It's their TD Access Card ( a DEBT Card) going from 2.5 > 3.5%  

    Wow, can't believe they charged an FX fee on debit card purchases. Normally no additional surcharge is added to such transactions. Nevertheless, mark my words, the same will happen to other banks Visa debit cards and also to all credit cards. TDCT has dropped the initial salvo, and the other banks will lap it up in haste. 🙂

    The major banks don't need to collude or conspire on fee increases - they're an oligopoly so they just need one to make the initial move, and then they can follow suit like lapdogs or a pack of wolves. (Or a flock of vultures? ;)).

    Cheers,
    Doug

    March 19, 2018
    4:16 pm
    Save2Retire@55
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    Kidd said
    Hey... North Korea is paying 11% on their savings accounts.  

    How can I open a saving account in North Korea? India has been paying 8% and I tried to open an account there but they don't let foreigner use the high rates.

    March 19, 2018
    6:51 pm
    Loonie
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    Save2Retire@55 said

    How can I open a saving account in North Korea? India has been paying 8% and I tried to open an account there but they don't let foreigner use the high rates.  

    I thought Kidd was joking,
    but if you really want to get into foreign currency, you could look at a Global Bond Fund or unhedged equity funds- or just buy some foreign currency and hide it for a while.

    March 20, 2018
    4:52 am
    Kidd
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    You thought i was kidding.

    March 20, 2018
    7:49 am
    Doug
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    Loonie said

    I thought Kidd was joking,
    but if you really want to get into foreign currency, you could look at a Global Bond Fund or unhedged equity funds- or just buy some foreign currency and hide it for a while.  

    I didn't see the post, but I would've thought so as well. If people are trying to seek high savings account rates because they come with a "government guarantee" on deposits, they need to consider the security of the government, not to mention currency exchange rates. In the case of the former, the both apply heavily. In fact, I'm not even sure what the North Korean currency is called, or if it even trades openly. Moreover, while not a North Korean resident for the purposes of you being subject to enhanced country reputational risk from various Canadian banks when opening a Canadian bank account, they are heavily sanctioned. Wire transfers are essentially prohibited; PayPal likely won't even deal with them, and I wouldn't even be surprised if Western Union, usually the "wild west" of fund transfers, won't even touch them. Your method of depositing and withdrawing funds would likely be limited to an in-person visit to a bank branch in North Korea. Also, while they may not have to close your account, many Canadian banks, if they got wind of your dealings there, they most likely would send you one of those 30-45 day notices of final account closure and ending of business dealings letters. They can do that, and they'd likely opt not to explain why. So, there's that, too. 🙂

    India is much more stable government wise, but the Indian Rupee is, frankly, volatile, and that's putting it mildly. sf-cool

    I'm warming up to the idea of those State of Israel Bonds and savings accounts because they are at least registered as an investment broker/dealer in Canada so your assets are still held in Canada. Morally and ethically, I have issues "pulling the trigger" in terms of opening an account, which is quite slick from the looks of it, due to their involvement in Israel's serious ethnic cleansing of, and trying to wipe out, the Palestinians, and unlawful territory encroachment in the West Bank. And people complain about Russia in Crimea and Donetsk!? #doublestandard

    Cheers,
    Doug

    March 20, 2018
    9:03 am
    Loonie
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    Kidd said
    You thought i was kidding.  

    You mean you would seriously consider putting your money in a North Korean bank?? Do they even have banks there, or is it all state-owned? Never mind the logistics of getting the money in and out and all the questions that would be asked.

    Yes, currency risk is very big, especially if you are just focussing on a few countries. That's one of the reasons they may pay such high interest. Hence the Global Bond Fund would even things out more and improve your safety net.

    I raised the question of Israeli bonds quite a while ago here. I would still consider them. I think the max right now is around 4.22 for 10yrs. I don't think the rates are that great. You do better when Israel is under more direct threat as new offers come every two weeks. For currency diversification, you can buy them in USD, but I don't think in shekels or whatever they use there, at least not here.

    I agree that Israel has some things to answer for, but so do lots of countries. I believe Israel has a right to exist and make its own mistakes, so would not rule them out on that account, but 10 years is a long time, and that's what you have to do in order to get more than at Ganaraska, and it assumes that you'll be better off with USD throughout.
    Back to the Global Bond Funds, I think...

    March 20, 2018
    12:41 pm
    Doug
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    Loonie said
    ... I agree that Israel has some things to answer for, but so do lots of countries. I believe Israel has a right to exist and make its own mistakes, so would not rule them out on that account, but 10 years is a long time, and that's what you have to do in order to get more than at Ganaraska, and it assumes that you'll be better off with USD throughout.
    Back to the Global Bond Funds, I think...  

    First, are you still modifying that post? 😉

    Second, yes, I remember it being discussed here previously, didn't know you brought it up, or that the rates improve when the Middle East situation is worse. They're a more stable regime than they've ever been, so my concerns there have eased considerably. I wouldn't call them equal to a government bond, or even a AA or AAA credit rated corporate bond, but being distributed in Canada, I'm a lot more comfortable with it. Yes, they have a right to exist, but I think they need to transfer their illegal West Bank settlements to the Palestinian Authority, recommend an independent Palestinian state (we illegally took the Palestinians' land and gave it to the Israelis in 1949, I believe), and end any remaining sea blockades at Gaza. If they do all of that, I'd be most pleased.sf-cool

    As for ethics and morals, for some reason, this just bothers me more than investing in a gun manufacturer or major tobacco company. Probably about the same level as buying Diageo plc, since I think alcohol causes the most social devastation and unfairly wreaks the most havoc on marriages and families. 🙁

    Cheers,
    Doug

    March 20, 2018
    4:30 pm
    Loonie
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    I haven't had any cause to modify the post recently, but I usually do modify them for various reasons, including clarity and additional ideas.
    I can appreciate your perspective on Israeli policies. There are no easy solutions to problems that have existed for 1000s of years, and where emotions run so high.
    The observation that rates go up when things are tense over there is just my own. I don't know if it bears out statistically. I think it makes sense though.
    I haven't bought any of the bonds and probably won't.

    Please write your comments in the forum.