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My little chat with the TD branch financial planner
October 23, 2015
1:18 pm
Loonie
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The other day I received an unsolicited phone call from this fellow. I'll call him Bob, not his real name. I still have money in this bank which I should have moved out a long time ago. Every year or so the new staff person calls to see if they can sell me something.

Bob opens with "just wondered if there is anything I can help you with". He's all chirpy and sounds very immature.

I respond immediately with "yes, you can. TD currently offers the lowest rate going on a high-interest savings account, as far as I know. I understand there's a 3x interest rate offer on right now, and I would like to have that."

"Yes, there is, until Jan 31," says he, fairly bouncing with enthusiasm. "Sure, I can get that for you. No problem. I'll just need to talk to so-and-so, as that's not my area."

But wouldn't I like to invest in a 10-year something-or-other?
Me: "No. I'm XX years old. I could easily be dead before 10 years." Hardly the place to start with someone my age - information he has right in front of him, I'm sure. This is a financial "planner"?

He tries to go on about other things but I bring it to a close quickly and he says he will get back to me about the better interest rate savings deal.

So, the next morning he calls back as promised. No can do! I can't have the special rate on the "high interest" savings account.

But wouldn't I like to get a totally cashable (he's very excited about this aspect) GIC at .9% x 1 year? I laugh, and tell him I can do a lot better than that elsewhere.

Now, he says, "well, what are you looking for?"

I tell him I'm getting 3% at Tangerine right now.

He can't match that, he says, but wouldn't I like to invest in a 3-yr something-or-other at 1.3%.

No, actually.

I tell him that there are many institutions where I can do better than anything he's offered and that I'll be moving the money out soon.

No response.

Good-bye from me.

They just don't seem to get it, do they? If he hadn't made that initial call, I might have slept on that account a little longer, but now he's lost that money entirely.

Nothing new here, of course, but I am amazed at how willing they are to let money slip through their fingers, all the while offering the lowest rates in the country. Yet they waste money hiring this none-too-bright fellow to try to suck me into inferior products. I couldn't advise investing in this bank as a shareholder, if this is a sign of their level of competence.

TD is the worst of the Big Five or Six when it comes to savings accounts rates, and shows no signs of catching up.

October 23, 2015
2:58 pm
Yatti420
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I find TD the worst for this type of thing (same at the big 5-6 in general).. To be honest they only really work and appeal for high net worth customers.. You are a second class citizen when you bank at TD and are not high net worth..

If you show signs of moving up (the ranks - higher net worth and/or more money in accounts) they will recommend products to beat you back down (or extract more wealth out of you)..

For savings don't even waste you time.. Just move to one of the institutions on the comparison chart and you'll be much happier with alot more flexability..

I only maintain my LOC (might use it) / Savings ( storage\placeholder) at TD to try out the new ATM features.. Other then that I avoid TD Bank like the plague..

October 23, 2015
3:40 pm
Loonie
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Ironically, Bob doesn't even know if I am high net worth or not. I have moved quite a bit of money OUT of TD over the last few years, and he doesn't know what's happened to it. Maybe I spent it, gave it away, or invested it elsewhere; maybe he didn't bother to look at my history. He also knows nothing about my spouse's accounts.
How they get rich with these kinds of business practices is really the mystery.
If you spread your money around, none of them really know what you're worth. They just think they do, and treat you accordingly.
I was once told, in no uncertain terms, by the one employee in this branch who is always helpful, and has been there for years, that they are required and expected to treat everyone equally. Hah! One way to prove that good intention would be to give me the 3x interest.

October 23, 2015
3:59 pm
2of3aintbad
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Years ago, I had a TD / Canada Trust account, mainly because it was the one that had longer hours in our neighbourhood. My mortgage was with BMO, and TD (breathlessly) was advertising some reduced rate on a new product, a 'split' mortgage (I don't remember the details), if you switched. So I applied and got a call that I was turned down. They totalled the credit limit of every credit card that I had, and assumed that if I maxed them out, I would not be able to make the monthly mortgage payment. It didn't seem to matter that I always paid off my credit card balances. I swore then that I would never again deal with TD.
A couple of years later my financial advisor arranged some kind of group investment loan from TD, and when I went in to the sign the papers, the loan manager mentioned that he could see that I had been turned down for a mortgage. After I told him the story, he said to me, and I will never forget his words, "Some managers know the difference between a loan and a horse's a**, and some don't". (I got the loan, by the way.)

October 23, 2015
4:47 pm
kanaka
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In regards to Loonies original post. No doubt these young folks that the big 5 hire are well educated and have the carrot dangled in front of them with the hope of moving up in the ranks of management, branch manager etc. Or if they are really smart they use the bank experience as a stepping stone to develop their career in the investment industry.

I too have been exposed to BMO investments through their now defunct AirMiles GIC vouchers. She is in her forties and either totally believes in the BMO products and how "loyal" customers would accept their full package deal or ignores or is obliovous to what better and safe investments are out there. And I imagine a lot find it convenient to do so.....but they are not members here....are they?

In regards to 2of3.
I transferred a mortgage to TD when it was discovered they were transferable. The fellow that handled the paperwork was fantastic, kept us up to date and we received the mortgage as expected. Just before renewal time I had figured from their statments and with the help of an accountant at work (almost pre Excel era) that my principal should have been a few dollars less. I persued it by writing the bank manger...but no response. By that time, coincidently, two of my daughters were now working in the branch as tellers. The low down on the manager was, liked golfing, drinking and often dosing in his office. So I sent my wife into the branch and she was told there is "no way" any one like me could figure out those calculations and they would have to "pay" the mortgage side of the business to provide those calculations. I wrote back to them and asked what it would cost me for those calculations.....no response. So by now I am a bit peeved by their lack of concern, how they treated my wife and I, and not to mention the term is soon ending and I have to make the decision to stay with them or tansfer to another better deal at BNS. My wife worked at the library and she had directories (pre internet days) that listed the CEO and address. So of went a letter. We finally received a response....the transfer happened over a weekend thus for that first month more went to interest than principal. TD will never happen for me again! It was transferred to BNS.

I am now a strong believer in DIY to avoid low rates and any fees. No more marketing me into a losing loyalty program.

October 23, 2015
5:12 pm
Loonie
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2of3aintbad said
A couple of years later my financial advisor arranged some kind of group investment loan from TD, and when I went in to the sign the papers, the loan manager mentioned that he could see that I had been turned down for a mortgage. After I told him the story, he said to me, and I will never forget his words, "Some managers know the difference between a loan and a horse's a**, and some don't". (I got the loan, by the way.)

Good story! thanks for the laughsf-laugh

October 23, 2015
6:09 pm
JustMe
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All unsolicited phone calls from ANYBODY - duct cleaning, Air Canada $999 voucher offer, Bob Smith (with Indian accent) from Revenue Canada, financial advisers, newly elected pretty-face with better haircut - are hanged up immediately. Due to modern technology I cannot Slam the receiver but loud whistle (you know those safety yellow whistles?) teaches them Not to call during dinner time or after 21:00.

Good deals are not advertised nor offered over the phone. YOU have to dig them out and act right away. Like 3% interest until Dec 22. I love those...

October 23, 2015
6:37 pm
kanaka
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I have to agree. Any one knocking at the door, phoning me, or offering a handshake in any public place is likely trying to sell me something that I don't need or haven't researched beforehand "if" I was interested. My weakness is kids at the door for Brownies, school sports, bands etc.....I always like a chocolate bar or cookie!!!

By the way the $999 deal if you are over 30 or the Microsoft folks....are you aware they can steal your phone number. Recently we get calls almost every day from a local number for the $999 deal. And we all know some "unknown" numbers may or may not show the number on your phone....BUT....if you have Telus Optik TV set up to show who is calling on your TV it is quite neat....as that will often show the phone number too and may not show on your phone.
A month or so ago I had "my" phone number call me for the $999 deal. I called Telus and they know it is going on but have not been able to figure out how the local numbers get hi-jacked but are working on it. Apparently they hi-jack the number and use it for 300 calls or so and then use another number. They are smart but not that smart....some times they hi-jack BC Government numbers....so it will show Department of Health phoning for a $999 deal....DUH!!

October 23, 2015
7:23 pm
Norman1
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Loonie said

The other day I received an unsolicited phone call from this fellow. I'll call him Bob, not his real name.
...

But wouldn't I like to invest in a 10-year something-or-other?
Me: "No. I'm XX years old. I could easily be dead before 10 years." sf-laugh
...
So, the next morning he calls back as promised. No can do! I can't have the special [triple] rate on the "high interest" savings account.sf-frown

But wouldn't I like to get a totally cashable (he's very excited about this aspect) GIC at [a lower] .9% x 1 year? I laugh, and tell him I can do a lot better than that elsewhere.

Now, he says, "well, what are you looking for?"

I tell him I'm getting 3% at Tangerine [in a savings account] right now.

He can't match that, he says, but wouldn't I like to invest [lock your money] in a 3-yr something-or-other at [a lower] 1.3%.

No, actually.
....

Thanks for the laughs, Loonie!

October 23, 2015
7:41 pm
Norman1
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Loonie said
...
Nothing new here, of course, but I am amazed at how willing they are to let money slip through their fingers, all the while offering the lowest rates in the country. Yet they waste money hiring this none-too-bright fellow to try to suck me into inferior products. I couldn't advise investing in this bank as a shareholder, if this is a sign of their level of competence.
....

I think it is called glad handing.

You and I will not fall for it. We know there are much better rates elsewhere. But, others may not know. If enough others fall for Bob's friendly pitch, it will be worthwhile for TD to keep him in their employ. TD shareholders will be very happy that TD only has to pay 0.9% for one-year money at the same time Peoples Trust has to pay 2.05% for the same.

October 24, 2015
10:04 am
christinad
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The advantage of the big banks seems to be their handling of electronic funds transfer from places like peoples trust. There is no hold whereas tangerine holds the funds 5 days.

October 24, 2015
12:07 pm
Norman1
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christinad said

The advantage of the big banks seems to be their handling of electronic funds transfer from places like peoples trust. There is no hold whereas tangerine holds the funds 5 days.

Tangerine will likely hold funds if one transfers money electronically by having Tangerine pull money from a linked external account into the Tangerine account. Such transfers are like depositing a cheque. They are not final as the holder of the external account can dispute the electronic debit.

Tangerine will not hold funds if one transfers money by sending money from an external account to the Tangerine account. Such transfers are final, like direct deposits and wire transfers. The sender cannot unilaterally pull the transmitted funds back.

October 24, 2015
2:07 pm
Bill
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Been using my neighbourhood TD branch for over 40 years for my daily banking, safety deposit box, great hours, never borrowed a dollar from them, never invested a dollar with them except for minimum required to be in my chequing account to avoid all fees for all those decades. The convenience of providing all those branches and employing many Canadians obviously costs them more than non-bricks & mortar banks or smaller, regional institutions, so that's one reason their savings, etc rates are lower but overall (and also as a long-time shareholder) I'm quite happy with them. Also, I can drop in any time for a chat with the young ladies who work there or to read the day's Globe and Mail for free before I amble on - often they even have free cookies or cake or coffee (or hot apple cider in fall!) due to some special event or another they're celebrating. I like TD.

October 24, 2015
6:10 pm
Loonie
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Obviously I don't live in the right part of town!sf-frown
No G&M, no coffee, no cider, no cookies, no cake, no Sunday banking, and hardly any place to sit down except 2 or 3 ugly chairs in a line in a hallway towards the rear. I have even asked in vain several years for a desk calendar - and that was when I had a lot more money there - but still no dice. I was always told I was too early or too late for a desk calendar. (I don't ask any more.) And my branch is very busy, not under-used. I always have to wait for service.
If I want to sit down and read the paper, I can go to the library across the street, publicly funded, but I would have to provide my own coffee!

I recently received a new bank card from TD in the mail. Being somewhat tired of signing my name on the back of these things only to have it rub off, I hit upon what I thought was a brilliant idea. I took the card into the bank on my next visit and asked them for a suitable pen to sign it with. They didn't have one, and referred me to Staples - miles away.sf-surprised

But branches are going the way of the dodo bird. BNS announced this week many closures and layoffs so as to focus on strengthening a head office in Toronto and digital banking, for instance.

Last year I got a box of good quality chocolate from Oaken to thank me for my business. They also now offer me a branch AND higher interest and they phone me to see if I'm happy with the service. sf-smile
If I were investing in bank stocks, I'd be looking into Home Trust, which owns Oaken.

All I've ever gotten from TD (same branch for almost 30 years), whether I had a lot of money in there or a little, is phone calls asking me to invest in something I don't want. Oh,... and once I got a birthday card personally signed by the person who wanted to sell me stuff I didn't want. All that has happened since the birthday card is that I have withdrawn more and more money from TD, and they have never once asked what they could do to get it back. I'm not quite sure how this fits with their mandate to make money off me.

CIBC is no better. Spouse and I have joint account there, and used to have another one as well. Used to have much more money there than we do now. We have taken it out and/or spent it down, ceased automatic deposits in favour of Tangerine, and nobody has ever inquired about how they could serve us better or retain our business. They haven't even tried to sell us investments we don't want. No cookies, no coffee, no cider, no chocolates, no birthday card. Does have (bad) hallowe'en candy and sometimes candy canes! They do have comfortable seats, might even have G&M, although I rarely go in. (Will have to check on that, but they have shorter hours so not always convenient.) Have never asked for a desk calendar or a pen to sign the debit card - must try that sometime. I did get to enter a contest there once, but didn't win a thing.
Honestly, with interest rates so low, a person gets desperate for some perqs!sf-wink

October 25, 2015
10:12 am
Norman1
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Loonie said

...
I recently received a new bank card from TD in the mail. Being somewhat tired of signing my name on the back of these things only to have it rub off, I hit upon what I thought was a brilliant idea. I took the card into the bank on my next visit and asked them for a suitable pen to sign it with. They didn't have one, and referred me to Staples - miles away.sf-surprised
...

Perhaps, one of these uni-ball 207 pens would do the job: Staples: uni-ball 207 Gel Retractable Pen, Needle Tip, 0.7 mm, Blue Ink

Apparently, it has uni Super Ink that's resistant to all known solvents according to Nevada State Bank: How a $2 pen can protect you from Identity Theft & Fraud.

October 25, 2015
3:20 pm
Loonie
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Fascinating!
The people at TD did say there was such a pen, and they even looked around for it but did not find it, but I doubt they knew what it was called or they would have said.

I doubt though that this one will necessarily do the job. It works well on paper, no mention of plastic. It says it's resistant to solvents but makes no mention of rubbing off, which is normally the issue - equivalent to paint peeling but not dissolving, I suppose.

Nevada Bank certainly makes a good case for not using cheques at all if possible. I'm thinking the pen would be a good idea when sending in required deposits to open new accounts at online banks. I think I might get me one. Thanks!

October 25, 2015
7:46 pm
Norman1
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You're welcome!

The Uni-ball 207 pen could work. The signature strip of a credit card or a debit card is not plastic. It is some kind of coating that's supposed to attract ink.

Staples only has the three or more per pack in store. Fortunately, Walmart carries the pens too. $5.37 for the two-pack: Walmart: Uni-Ball 207 Gel RT, 2-Pack, 0.7m blue

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