Home > Uncategorized > TD Canada Trust: A Litany of Fee Increases

TD Canada Trust: A Litany of Fee Increases

Just when we were settled in to some reduced costs resulting from the closing of one of our locations, TD Canada Trust is messing around with the service plan fees charged to small business accounts. I guess there is no point in having all those bureaucrats if they don’t show their worth by re-drafting policies and increasing profits.

Our $29.95 service plan is being bundled with larger ones, and jumps to $37 on August 1st. That’s a 23.4% increase. That is, if we stay with TD. We’ve been telling anyone who will listen — on Facebook, Twitter, blogs, etc. — about the fee increase and are asking our fellow business owners who use community credit unions how that is working for them.

My feeling is that if I pull my business current account, other business I do with TD will follow, including personal savings accounts and family GICs as they come up for renewal. Banks are making obscene profits already and this hit on the smallest of small businesses is completely unjustified.

Our industry is in survival mode, and you have to do what you have to do to survive. Maybe TD should have reconsidered the timing on this one.

Changing Business Banking Providers

If you’ve just about used up your existing supply of cheques, then it’s just a matter of choosing a month-end target date — just a few days before the 30th or 31st — and making sure that existing cheques in the system have been issued early enough to be cleared. Then you simply redirect your POS terminal to your new account, and notify any suppliers or utilities who automatically debit your business account. Not complicated.

If a credit union isn’t an option where you live, I know that a few years ago one of the banks — CIBC or Royal — was offering small business packages where your needs are considered with greater empathy.

TD Canada Trust will certainly see this. We know that because we posted something on Twitter on Sunday — not a business day — and within minutes the bank had (a) followed me on Twitter, (b) posted a generic “let us know how we can help” message, and (c) then unfollowed me on Twitter. Apparently the customer retention people work around the clock and on weekends to do damage control. Unfortunately, they are completely powerless to fix this, nor do they care if lower tier business customers migrate elsewhere.

Related: Today at Thinking Out Loud there’s a story about a different kind of big business indifference to the little guy. An oil and gas company rips off an Amish farmer in Ohio knowing full well that the Amish don’t take people to court. Whatever happened to corporate ethics?

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