TD Bank adds $9 savings account fee

[bluebuzzard]

Source: CNN

Starting in December, TD Bank savings account customers who exceed six transactions in a billing cycle will pay a $9 fee each time they take money out of their account.

Read more: http://money.cnn.com/2011/11/02/pf/td_bank_fee/index.htm?hpt=hp_t2

[teddy51]

1. I guess they are going to lose customers in the not to distant future! Unless

all banks and credit unions follow suit, these institutions will lose.

[Rhiannon12866]

2. How nice. I was just instructed to start an account there for my mother's estate.

I lost her six weeks ago and I'm the executor, so I need to pay the bills... :(

[ret5hd]

6. If you are the executor, who "instructs" you?

honest question.

[Rhiannon12866]

10. My mother's financial adviser.

He was also a friend of my Dad's, so he's taken care of financial stuff for my mother for all these years ad I don't know what I'd do without him. He made the arrangements. I just had to go and sign things, with the lawyers and at the bank. And I trust him. He's done a phenomenal job for my mother and has helped me, too...

[No Elephants]

11. I'm very sorry for your loss.

[Rhiannon12866]

13. Thank you so much.

I'm still thinking that it must be some kind of mistake... ;(

[babydollhead]

17. I am sorry too.

in stillness you will feel her hand on your shoulder. forever.

[Ricochet21]

3. Time for Occupy Toronto

[valerief]

4. Wow, if that's not a reason to switch to a CU, I don't know what is. nt

[JJW]

5. Sounds like

Sounds like the politicians want bigger bribes, I mean free speech.

[high density]

7. If you need to make more than six transactions in a month on a savings account

then you're probably using the wrong type of account for that money. Regulation D limits the number of withdrawals you can make anyway.

[DissedByBush]

8. That's what I was wondering

I remember all kinds of withdrawal penalties on savings accounts I had.

If you're withdrawing that much, then you're not exactly using it as a "savings" account, are you?

[laundry_queen]

16. Yeah. Mine has a $5 debit fee.

I can transfer money all I want between accounts for free, but if I do a debit transaction on my savings account, I get charged $5. I made that mistake last year when I paid my tuition. Ooops! this year I just transfered money from savings to my checking (online) and used the debit card for my checking and avoided the fee. So long as I'm able to transfer freely, I'm not too concerned. The only time I can see it being a problem is if for some reason my checking account has a balance of zero and I am stuck needed to use savings, but I'm pretty anal about keeping my checking account at a decent balance with a cushion for mistakes so I can't see that happening (unless it's a bank error).

So, yeah, I do agree if you need to withdraw that many times from your savings, it's not really a savings account. although I also don't agree with all this fucking nickel and dime-ing us to death with bank fees while insulting us with ridiculous interest rates. Banks are a cancer on our economy right now.

[No Elephants]

12. I wonder which bank wrote Reg D. And, unless someone carried it down from a mountain

with a burning bush on stone tablets, Reg D can be amended.

"According to the regulation, after six savings account transactions it begins to costs the banks money."

Cry me a river.

A few things.

1/ Most banks have all their expenses covered by their existing fees alone as it is, before they collect interent on loans.


2/ I very much doubt it costs an extra 9 bucks a pop for an automated phone transfer and this story says the fee will apply to them as well.

3/ Who ever said a bank has to break even on every single transaction? If they are overall profitable, great. If not, get out of the banking business because you are lousy at it or in the wrong location.

4/ If we are going to analyze things on a transaction by transaction basis, will the banks pay consumers who don't make any transactions or only 5 transactions in a cycle?

[applegrove]

9. Aw dam. First their president, Ed Clark, comes out in favour of the Occupy movement and now they go

and do this.

[LiberalEsto]

14. The nerve of some people...

wanting access to their OWN money!

[sarcasmo]

15. No surprise, BOA has had a 5 dollar a month savings account fee for some time now.

The mega banks are looking to gouge any way they can, all in the name of GREED.

[sarcasmo]

18. All in the name of GREED!

[Roland99]

19. Regis and Kelly won't be happy about this.

[warrior1]

20. If it only affects 1 percent of customers

why do it at all?