Why I Chose TD Bank

by Kristina Tahnyak on February 16, 2012 · 8 comments

TD Bank Canada Trust wrist band

Good Morning DINKS.  Just before the holidays I travelled to New York City on a business trip, one of my orders of business was to open a US Checking Account.  Even though I live in Canada I have a “regular” income stream from the US, and it is just easier to have a US Checking Account for both accounting as well as money management purposes.  The exchange rate between Canadian and US currency is a little bit turbulent.  It’s a little bit inconvenient and unprofitable to receive US currency, exchange it into Canadian currency, and then exchange it once again into US currency when I travel.  So for simplicity reasons I decided to open a US Bank Account with TD Bank.

TD Bank is America’s Most Convenient Bank

After a few days of researching different banks in the US,  I narrowed down my bank choice to Bank of America, Chase Bank, and TD Bank.  I finally decided to open a US checking account with TD Bank. My TD Bank branch is located on Wall Street in New York City.  The Customer Service Representative (named Vanessa) who opened my checking account was friendly and very helpful.  She explained all of the advantages and benefits of TD Bank Checking Accounts, Mobile Banking Services, as well as TD Bank Debit Visa Cards.

TD Bank is definitely America’s Most Convenient Bank with daily branch opening hours starting at 7:30 am and finishing on some days as late as 8:00 pm.  I loved the fact that TD Bank is the American partner of the Canadian bank TD Canada Trust, this allows me to transfer money from my Canadian Bank Account to my TD Bank Checking Account without any fees.  This was a major reason why I opened my US Checking Account with TD Bank because no other bank offers this service.

The monthly TD Bank Checking Account fees were comparable with the fees of both Bank of America and Chase Bank, but the minimum monthly balances to have the monthly fees waived are a lot lower at TD Bank.  I opened a TD Convenience Checking Account which allows us to receive free unlimited monthly transactions as well as mobile banking and bill payments with a minimum average  daily balance of only $100.  TD Bank also offers The Penny Arcade which allows clients to have their lose change counted and deposited into their bank account.

Banking in Canada vs. Banking in the US

The first major difference between banking in Canada and banking in the US is the Debit Visa Card, we don’t have this banking feature in Canada.  We have debit cards which use the Interac system where our withdrawals are linked directly to our bank account balances, and we have Visa Credit Cards which we use and then must repay; however we don’t have the convenience of a Visa with the payments being linked directly to our bank accounts.  I absolutely love this feature of American banking.  My only question is, does having a US Debit Visa card establish an American Credit Bureau for me?

TD Bank online banking is very straight forward and user friendly, once you are logged in.  The process to apply for online banking was a little bit complicated.  In Canada we just have to register our debit card and create a password, and we receive instant access to online banking.  With TD Bank US I had to apply for online banking and after filling out an application I was approved within 48 hours.

Overall I enjoyed my experience with TD Bank and I will definitely recommend their services to anyone who is looking for a new bank.  If you are in New York City I recommend that you visit the Wall Street branch, ask for Vanessa!

(Photo by stephenccwu)

{ 8 comments… read them below or add one }

1 Jeffrey February 16, 2012 at 7:18 pm

I’m curious about how you move money between your TD Canada Trust account and your TD bank account and what the delays are. My accounts are with TDCT and I’m looking into opening US accounts. RBC seemed to be the easiest with a single web banking site to manage RBC Canada and RBC Centura accounts.

It seemed like with TD I would have to do wire transfers to the US.

If you’re looking for US credit cards now, Amex allows you to use your Canadian history with them to open an account in the US.

2 elliott February 17, 2012 at 6:26 am

“TD Bank is America’s Most Convenient Bank”

Did TD Bank sponsor this post? Do they pay for advertising on this blog? If yes, you should disclose that at the bottom of the post. If no, making that clear would add credibility.

3 Kristina February 17, 2012 at 8:18 pm

Hi Jeffrey. With TD it’s called a me to me transfer, it is done over the phone with a customer service rep and it takes aprox 24 to 48 hours for the money to arrive in the TD Bank US account. Absolutely no fees. Currently there is not one single website. Currently clients have to log into TD Canada Trust and TD Bank US seperately, but I was told that eventually they will be merged, but both sites are very user friendly. I love it so far, and the customer service even by phone has been great!

@Elliott – TD Bank does not currently advertise on our blog and they did not sponsor this post. This is just my personal opinion based on my recent experience.

Thanks for Reading!

4 Jeffrey Sax February 17, 2012 at 10:14 pm

That’s good to know about the transfer. Did someone from TD Bank tell you about that? The people I talked to at TDCT weren’t aware.

I wouldn’t hold my breath on the websites merging. I was told 3 years ago that it was in the works to be able to attach my Canadian US$ to my bank card. I’m still waiting.

I phoned TD Bank and was told that it’s only possible to request Transborder transfers in-branch. Have you done one over the phone yet?

5 Kristina February 18, 2012 at 6:47 pm

Hi Jeffrey,

Yes I have done it over the phone. Here is the phone number for TD Bank North America Customer Service, they are the only department who can do it 1-877-700-2913. If you do it in the branch it will be done as a wire transfer and you will have to pay fees, so I definitely don’t suggest it. I hope this helps.

6 crashdamage1957 February 20, 2012 at 1:48 am

Hi Kristina – re: your question ” does having a US Debit Visa card establish an American Credit Bureau for me?”
I am reasonably certain that the 3 main credit reporting agencies here in the US do not include debit card activity in the same way that they do credit cards in terms of establishing a credit score or credit history. Even tho is says Visa on it, the agencies treat it more like a check card, so no credit score or credit worthiness gets attached to its history of use. My own credit report shows all the credit card account activity, but the debit card that i have attached to my TD Bank account does not show up at all. I have been a TD bank customer ever since they acquired Evergreen Bank back in 2004 and have been very happy with them.

7 Kristina February 20, 2012 at 6:17 pm

Thanks CrashDamage1957 that is good to know :-)

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