By Ellen Roseman | Tue Mar 20 2012
TD Canada Trust, for example, is quietly eliminating an account that offers free chequing and unlimited transactions to customers 60 and older.
The Plan 60 account, now offered only to existing customers, was replaced by a 25 per cent monthly rebate on three TD accounts:
• Value Plus (25 transactions a month), normally $10.95, reduced to $8.20.
• Infinity (unlimited transactions), normally $14.95, reduced to $11.20.
• Select Service (unlimited transactions, no-fee premium credit card), normally $29.95, reduced to $22.45.
Customers currently enrolled in Plan 60 accounts aren’t affected, unless they want a new or additional account, said spokeswoman Barbara Timmins.
“As with a lot of businesses, we’re looking to meet the needs of an evolving boomer demographic, and our offering needs to be as dynamic as they are,” she said in an email.
Is that double speak or what? Is TD doing a favour to those over 60 by giving a few dollars in savings on a basic, mid-range and premium plan?
The Plan 60 account gives free paper statements. TD is charging $2 a month for paper statements on its Value Plus and Infinity accounts, starting April 1.
Older clients avoid paying for paper statements only with the Select Service account at $269.40 a year. They also avoid paying a $2.25 a month fee to use a passbook for record-keeping.
Don’t forget the 13 per cent HST, says client Ed Schmeler, which makes the Value Plus account add up to $9.27 a month after tax.
hmm.. first I heard of this
and will check it out
tks for posting
And that's why when we returned to Manitoba in 1998, I cut most strings to the banks, I've been dealing with a Credit Union ever since.
I said most, since most credit cards are linked to the banks, and the kind of reward offered (I never carry a balance) was what attracted me to the one I canceled a year ago when I received a notice that it was being sold from Citi to CIBC and since I absolutely refuse to have anything to do with that particular bank, I canceled (despite loosing all the accumulated rewards) and found another one with even better rewards, while remaining free of charges and fees.
BTW, at the CU I receive 1$ refund every month for using paperless statements and I haven't paid any fees for years (I think at 58 in this particular CU they refund your fees)
A lot of people are choosing to deal with Credit Unions instead of the big banks.
That's why financial institutions like PC Financial and ING exist. Jump ship and go to no fees institutions.
We all make the mistake of believing that financial institutions give a damn about anything but the bottom line and increasing their stock prices. The Credit Unions seem to be on a different plane. We have not done business with one for a very long time, it may be time for a change.
I am no longer surprised at anything that TD does to its customers. After 34 years with that bank, I was chased by a nasty collection agency because my late husband had opened a joint chequing account...without my signature! When he got into financial difficulties, they did not hesitate coming after me for the shortfall....something like $2,200 as I remember. They were truly horrible. Eventually, I paid up just to stop the evening calls from the collection agency. Before I did, I moved my business to another financial institution. I learned then....and won't forget the lesson that ...loyalty means nothing to banks when it comes to the bottom line......"got to pay those exorbitant CEO and CFO salaries now, don't they?"
And CIBC bends over backwards not to provide any kind of help, even when they screw up and take delight to tell you to go to a PC Banking kiosk, as my wife recently found out (she works for a PC owned store and when she was hired over 10 years ago, had no choice but to go with PC for her paycheck deposit)
My hatred for this Bank (CIBC) goes back to the early eighties, when I was a customer and they wanted me to jump through hoops to fix up their screwup. It made for interesting discussions between Branch managers and myself and they backed down every single time, as it has happened several times and just like hitting your head on the wall, eventually you realize that it does not feel good and you stop and go elsewhere. I even had an exchange of correspondence with the CEO at the time, shortly after I was transferred to Toronto in the mid eighties, a Donald Fullerton, never forgot his name and the expensive letterhead he used in his correspondence.
Why does every one have to pick on seniors, with extra charges at the banks when they are unable to afford anything extra!
So annoying. I use Alterna and ING. No changes there yet.
I changed to ING many years ago and pay no fees. My daughter is at PC Financial and pays no fees. My son is at BMO and pays $25 per month for unlimited transactions. I predict he will always be broke!
Is nothing sacred. I think they are trying to stare down the pig in the python. Love the spin on being dynamic.