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TD Canada Trust Review 2012: Account Pros/Cons, Fees, APY/APR Interest Rates on CDs, Savings, Checking, Money Market
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I have banked with TD Canada Trust for over 20 years now. When I first started to use them, for my banking needs in Canada, they were a trust company. Some time back they were allowed to be bought by the Toronto Dominion Bank during a time when a number of bank mergers were happening in Canada. Once bought, they changed their name to TD Canada Trust and became a banking entity. Through all of the changes there was never a time when it caused any problems. During the changeover everything happened seamlessly and my banking routine continued as usual.
Now that they were a bank, they could offer a wider range of services. I've used them for checking and savings accounts as well as credit cards. I like that they offer me the capability of having a US checking Account which allows me to transfer money from Canadian funds into US funds when currency values are fluctuating. I often will do this over the year while planning a vacation for the following year. It allows me to save a substantial sum of money. This has been especially true since the economic crash in 2008. Best of all, I only need to pick up a phone and talk with a Customer Service representative and it's done in minutes. I also use them for all my direct deposits, especially from government entities, and have never experienced any problems.
Their online banking system is very advanced and I use it weekly. I can transfer money from one account to the other with the transaction occurring immediately. I also use it to pay bills, which allows me the freedom to go paperless. I can pay just about any bill in Canada directly through the bill payment options. Another great online aspect of TD Canada Trust is that I can email money to people and they can receive it immediately in their own bank. This is a valuable resource for me, especially if I am out of the country.
One thing I always look for in a bank is how well their customer service is rated. Since opening my account with the bank it's always been their customer service that I've been most impressed with. Banking in Canada is very different that US banking and with the numerous options they offer it can at times be very confusing. Anytime I've needed help their "EasyLine" customer service has always been there to help me. One time, while out of the country I lost my ATM card. I called the EasyLine customer service number and TD Canada Trust Fedexed the card to me overnight without any charge to my account. I was very impressed.
There was one time I became aware of just how “personal”, personal banking can be with TD Canada Trust. One of their branches was in an area where there were many retired people. For them banking online is not really an option and sometimes during bad weather, getting to the bank can be difficult, especially during the snowy winter season. When one such elderly customer needed help, the branch manager arranged at time to visit the elderly customer, and personally help them do their banking in their own home. Seeing someone go the extra mile to help a customer still impresses me to this day.
Other bank personnel are also just as helpful. When I was in the process of buying a cottage and needed a mortgage, the bank manager in a different branch and a different province from where I banked, sat down with me and walked me through all the details. He gave me detailed information and talked about the different options available in a Canadian bank. Mortgages in Canada are very different than the United States and thanks to this manager I was able to completely understand the differences.
I have enough complexities in my life and one thing I don't want to do is to start learning all the complexities of the banking industry. I like being able to phone or go in personally to a bank and have someone I can trust walk me through the things I'm interested in, while at the same time making suggestions about other banking products that may interest me. TD Canada Trust has always provided this kind of service and it's why I still bank with them today although I currently do not live in Canada.
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