Canada’s banks are an all-too-familiar part of life, especially in the country’s big cities. They offer various banking services with varying degrees of convenience and cost. There are many ways to close a TD Bank account in Canada, including by closing your bank account entirely or transferring it to another institution.
People choose to terminate their bank accounts for several reasons. Perhaps you have discovered a bank with reduced fees or want to take advantage of a sizable sign-up bonus elsewhere.
It’s possible that you moved, and your existing bank can no longer accommodate your desire for nearby branch availability. In other circumstances, it may also be the case that you have had enough of receiving subpar low savings rates, customer service, or a limited selection of products.
TD Bank History In Canada
TD Bank is a multinational Canadian banking and financial services company with its main office in Toronto, Ontario. The bank and its affiliates’ trade as Toronto-Dominion Bank and are frequently referred to as simply TD.
The Bank of Toronto and The Dominion Bank, established in 1855 and 1869, respectively, were merged to form the new institution on February 1, 1955. One of the two Big Five Canadian banks, along with the Canadian Imperial Bank of Commerce, was established in Toronto. The TD institution number is 004, and the TD Bank SWIFT code is TDOMCATTTOR.
Factors That Might Motivate You to Close Your TD Account
Perhaps you’re unclear about closing your TD bank account. Why would someone want their bank account closed? Having an account is crucial and beneficial in many ways, regardless of how frequently you use it.
It’s impossible to predict when you’ll require a bank account. In fact, there are some circumstances where it is necessary to close an account. Unbelievable as it may seem, there are several valid reasons why someone could decide to close their TD bank account.
Moving to a new state is a popular reason for canceling a TD bank account.
- Bank Scarcity:
There aren’t TD Banks in every state. They operate in a certain number of places, mostly along the East Coast of the United States. Your TD account may be closed if you relocate to the West Coast because you won’t need it there.
What’s the point when you can simply switch banks and pay no fees? You would also be charged fees if you used your card at non-TD ATMs. It makes sense in this situation why someone would close their TD Bank account.
How to Close Your TD Bank Account in 4 Steps
You’ve therefore made the decision to terminate your account. Now what? How would you approach this?
You should get in touch with TD Bank if you want to close your account. There are other ways to inform them of your choice, so how you go about it is up to you. Here is how you can contact them: and ask them to close your account.
- Via Phone
Calling the bank is quick and simple; therefore, doing so is the best option if you want to complete the request considerably more quickly. You can reach TD Bank customer support by dialing 888-751-9000. Before you phone them, make sure your account balance is 0.
However, before calling a TD agent, withdraw the money if you are not moving your current balance to another TD account.
Being close to one of their banks has many advantages because you can end an account directly to the bank’s physical site. Chatting on the phone differs from talking in person in other ways. You might need to send a written request with your account number.
Most of the time, it is preferable to visit a branch because they occasionally require your signature on the paperwork.
Many people, especially those accustomed to technology, find this technique more convenient and opt to submit their requests online.
Your online account cannot be closed via Online Banking. However, if there is no balance on your account, you can close it over the phone. Or perhaps when you are moving your balance to another TD Bank account.
- Via mail
This approach is more conventional and might take longer, but it works if you’re not in a rush. You can send the bank a written request by letter. Just make sure you sign and notarize the letter before submitting it.
In addition, if your account is a passbook-style one, you should enclose the passbook with the letter.
Account Closure Fees at TD Bank
You simply want to terminate the account and move on. Wait a minute! Doing so might require some processing fee.
How much does it cost?
Closing your account with TD is costless. Firstly, there is a $15 charge if you wish TD to move the balance of your deposit account to another banking institution.
Secondly, the following transfer fees are also charged when moving your TFSA or RRSP account from TD Canada Trust to another bank:
- $75 per transfer from an RRSP.
- $75 per transfer from a TFSA.
Additionally, there are no dormancy fees with TD. Your funds will be transferred to the Bank of Canada after ten years if you choose to keep your account dormant instead of using it.
How to Prepare Your TD Account for Closure
The following actions should be taken prior to canceling your TD account:
- Locate A New Bank
Find a bank that matches your present needs by doing some research. A no-fee chequing account may be useful if you want to reduce your bank fees. Check out this list for savings rates with high yields.
- Change Your Automatic Payments
Find the automatic transactions in your bank statements, such as pre-authorized debits and recurring payments like:
Payments on a mortgage
Then, update your payment information with these providers to reflect your new bank account,
You should also hold off on cashing any uncashed checks from your previous bank account until they have cleared to avoid paying NSF fees.
To update your payroll information, speak with your employer. Make sure your banking information is current if you receive government benefits like pensions, the GST/HST Credit, or the Canada Child Benefit.
- Funds Transfer
Transfer your money from your TD to your new bank account.
Given that they are independent of your checking/savings account, you are free to keep your investments, TD credit cards, line of credit, and loan accounts open.
- Download and store all necessary Documents
Downloading your bank statements gives you a record of your transactions in case you ever need to look back on them.
TD Account Closure
Finally, before closing your bank account, wait a few weeks to be sure all your automated payments have been changed.
The next step is to destroy your old credit cards and checkbook.
How Can A TD Direct Investing Account Be Closed?
You can transfer your funds to another financial institution or cash them out before ending your TD Direct Investing account.
- You might also need to fill out some documents before your funds are moved to registered accounts (such as RRSP, TFSA, or RESP).
- The transfer fees you might incur are as follows:
- Transfer charge for unregistered accounts: $150
- Transfer of a registered account: $150
For assistance closing your account, contact TD Direct Investing toll-free at 1-800-465-5463 (in English) or 1-800-361-2684 (in French).
FAQs asked when closing TD accounts
Is it possible to close a TD bank account online?
Can a TD bank account be closed online? No.
You must call TD’s EasyLine number or go to a TD Canada Trust location to terminate your account.
Can I terminate a TD account over the phone?
To close your TD account over the phone, dial 1-866-222-3456 in English or 1-800-895-4463 in French. After your identification has been established, a representative will then be sent to help you.
Note: You must have a zero balance or be able to transfer your balance to another TD account in order to close an account over the phone.
Is closing a bank account a wise move?
Although shutting the improper accounts will lower your credit score, it can also save you money on annual fees or lower the chance of fraud on those accounts. Before deleting accounts to raise your credit score, check your credit reports online to see the current condition of your accounts.
Will it harm my credit score if I close my TD account?
When you close your TD savings or chequing accounts, your credit score wouldn’t be harmed. However, when you close a TD credit card, it might cut your credit limit and reduce the length of your credit history, which may lower your credit score.
So there you have it! If you’re thinking about closing your TD Bank account in Canada, these tips should serve as a good guide to help you handle the closure and avoid any future glitches. After carefully following this guide, you can close your account by contacting the bank.
Thanks for reading! Please let me know your thoughts and comments below.
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Sagar Sridhar is a personal finance blogger from Canada. His genuine passion for personal finance coupled with his unique style of writing is what stands out. Professionally, he is a computer engineer, agile certified and has a master’s degree in Project Management. His writing has been featured or quoted in the leading Canadian publications such as Credit Canada and many other personal finance publications. While he is juggling between his day job and blogging, he is the main author on this blog and has miles to go before making the final pit stop.