Toronto-Dominion Bank — details about bank, customer reviews, hotline, customer service

Detailed information

Toronto-Dominion Bank is a Canadian multinational banking and financial services corporation headquartered in Toronto. Commonly known as TD.

Legal name

TD Bank Group

Short name

TD Bank Group

Business number

22-120206

Legal address

79 Wellington St W, Toronto, ON M5J 2Z9

About Bank

Toronto-Dominion Bank, also referred to as TD, is a huge Canadian-based multinational financial institution. It is one of the major banks in Canada. Founded in 1955 in Toronto, Ontario, TD Bank has made it into the list of the largest Canadian banks in Canada in terms of total assets and market capitalization in 2021. Toronto-Dominion Bank is also among the top 10 North American banks.

The bank provides financial services to over 13 million clients in Canada, over 6.5 million — in the US, and more than 26 million — worldwide. Toronto-Dominion Bank and its subsidiaries operate through a number of branches — 1,091 in Canada and 1,200+ in the US. ATMs are also widely available in both countries. The Canadian division of Toronto-Dominion Bank is TD Canada Trust, and the US division is TD Bank, N.A.

TD Bank

Key Features

Wide Range of Financial Products and Services. TD Bank offers a comprehensive suite of financial products and services tailored to meet the needs of individuals, businesses, financial institutions, and governments.
Global Presence. With operations spanning across North America, the Caribbean, Europe, and Southeast Asia, TD Bank provides banking solutions to a diverse range of customers worldwide.
Multiple Banking Channels. Customers have the flexibility to bank through various channels, including online banking, TD mobile apps, phone banking, ATMs, and local branches, ensuring convenient access to banking services anytime, anywhere.
Extended Branch Hours. TD Bank branches feature extended business hours, including Sundays, providing added convenience and accessibility for customers to conduct their banking transactions in person.
Cross-Border Banking Solutions. TD Bank offers specialized cross-border banking solutions for Canadians working in the US or traveling there. These solutions include Canada-based accounts at TD Canada Trust, U.S.-based accounts at TD Bank, and TD Canada Trust credit cards. Customers can easily manage their accounts and transfer funds between them through various convenient channels.
Integrated Account Management. Customers can seamlessly check their account balances and transfer funds between their Canada-based and U.S.-based accounts through online banking, phone banking, ATMs, or in-person at local branches, offering flexibility and convenience in managing their finances across borders.

Pros and Cons

Pros

Well-Reviewed Mobile App. TD Bank offers a user-friendly and well-reviewed mobile app, providing convenient access to banking services on-the-go.

Comprehensive Lineup. TD Bank provides a comprehensive range of accounts and services tailored to meet the diverse needs of both individuals and businesses.

Sophisticated Investing Platforms. TD Bank offers sophisticated investing platforms, enabling customers to trade securities and manage their investment portfolios with ease.

Cons

High Insufficient Funds Fee. TD Bank imposes a high fee for insufficient funds, which can be a disadvantage for customers who may occasionally overdraw their accounts.

Minimum Balance Requirements. TD Bank requires minimum balance requirements to earn interest in savings accounts and avoid fees on checking accounts, which may pose a challenge for some customers to maintain.

Fees for Interac e-Transfers. TD Bank charges fees for Interac e-Transfers on many accounts, which could add up for customers who frequently use this service.

TD Bank Requirements

Age. You must be of legal age in your province or territory to open a TD account or apply for a loan.
Residency. You must be a resident of Canada and have a valid Canadian address.
Identification. You will need to provide two pieces of government-issued identification, such as a driver's license or passport, to verify your identity.
Financial Standing. TD will consider your credit history, income, and debt-to-income ratio when evaluating your application. You will typically need to demonstrate a stable source of income and a good credit history to be approved for most products and services.
Purpose of Loan. If you are applying for a loan, you will need to specify the purpose of the loan and how you plan to use the funds.
Collateral. For some loan products, you may need to provide collateral, such as property or investments, to secure the loan.

Keep in mind that these requirements are subject to change and may vary depending on the specific product or service you're applying for. It's recommended to speak with a TD representative for more information and guidance on the requirements for the specific product or service you're interested in.

Access on the Go

Mobile App. TD's mobile app allows customers to manage their accounts, check balances, transfer funds, deposit cheques, pay bills, and more from their mobile devices.
EasyWeb. TD's online banking platform provides access to account information, online bill payments, and other banking services from a computer or mobile device.
Telephone Banking. TD's telephone banking system allows customers to access their accounts, check balances, transfer funds, and more using their phones.
TD ATMs. TD customers can access their accounts, withdraw cash, deposit funds, and more using TD ATMs across Canada.

TD Products

Here are the personal banking products offered by Toronto-Dominion Bank:

Checking Accounts. Accounts for day-to-day banking with different minimum balance requirements and perks included.
Savings Accounts. Interest-bearing deposit accounts with annual percentage yield (APY) ranging from 0.01% to 4%.
Certificates of Deposit (CDs). Savings accounts that allow earning interest on sums starting from $250 and kept there for a fixed period.
Credit Cards. A range of card options to choose from, with annual fee starting from $0 and cash back points earned on everyday purchases.
Personal Loans. Unsecured installment loans with fixed rates ranging from 8.99% to 23.99%.
Home Equity Loans. A financing solution allowing you to use the equity in your home as collateral and borrow against it.
Mortgage Loans. Financing options to buy your first or next home with little to no down payment.
Debit Cards. Free Visa debit cards for day-to-day banking that come with every checking account from TD Bank.
Gift Cards. Cards with a prepaid limit of your choice that you can give to a friend or family member as a gift to help them pay for their purchases.

Products for small businesses include:

Checking Accounts. Accounts for everyday banking operations of your business featuring integration with TD Merchant Solutions and TD Online Accounting, affordable minimum deposit amounts required, and low monthly fees.
Savings Accounts. Interest-bearing accounts with tiered rates depending on the daily closing balance.
Credit Cards. TD Business Solutions Credit Cards with ARR for purchases ranging from 19.24% to 29.24% and an opportunity to earn Cash Back Rewards.
Loans and Lines of Credit. Financing options at fixed or variable interest rates, allowing to use of business assets, business real estate, residential real estate, and liquid or margin security as collateral.
Debit Cards. Visa debit cards for every day business-related payments, with an opportunity to issue up to 15 cards with no fee.
Certificates of Deposit (CDs). Interest-bearing accounts with no monthly fees and a minimum deposit amount starting from $5,000.

Corporations can get access to a range of TD lending solutions:

Asset-Based Lending. Financing options that involve using your assets as collateral.
Commercial Lending. Customized corporate financing options to help your business grow (including, but not limited to, credit lines, term loans, and letters of credit).
Commercial Real Estate. Customized lending solutions for commercial real estate owners, developers, and investors (including, but not limited to, long-term loans, bridge loans, construction loans, mortgage loans, and more).
Equipment Finance. Customized equipment financing options, including various formats of leases, lines of credit, and loans.

TD Services

TD’s services for individuals include:

Student Banking. Checking and savings accounts for students and younger adults with no monthly fees for those between 17 and 23 years old.
Cross-Border Banking. Canada-based accounts at TD Canada Trust, U.S.-based accounts at TD Bank, and TD Canada Trust credit cards, all working in both Canada and the US.
Foreign Exchange Services. Currency exchange opportunities and international wire transfers at competitive rates.
Overdraft Services. Protection from fees when the funds in your account are not sufficient to cover a transaction.

For businesses, Toronto-Dominion Bank offers the following services:

Merchant Solutions. Point-of-sale (POS) solutions to accept customer payments, either in-store or on the go.
Online Accounting. A hassle-free alternative to paper invoicing allowing to send online invoices, accept credit card payments, and view the balance sheets.
Payroll. Easy-to-use, robust payroll services, including payroll taxes, year-end filings, and W-2s management.
Advisory Services for Different Lifecycle Stages. Guidance from TD’s small business experts on the best banking solutions to help you meet your business objectives.

For corporations, TD Bank provides treasury management services in the following directions:

Liquidity Management. Customized solutions based on TD offerings (such as checking and savings accounts) to ensure that companies have cash available as needed.
Payables. Solutions to enhance payables processing, including payment processing tools and a flexible commercial card program.
Receivables. Solutions to simplify billing through flexible payment options and payments and remittance management systems.
Fraud Control. Anti-fraud solutions to protect companies in the digital age by preventing fraudulent and unauthorized transactions.
Information Services. Access to secure online platforms to manage your banking activities and analyze financial data more efficiently.

Which associations does TD belong to?

TD Canada Trust is a subsidiary of TD Bank Group, which is a member of the Canadian Bankers Association (CBA) and the Canadian Payments Association (CPA).

TD Canada Trust is a member of the Canada Deposit Insurance Corporation (CDIC), a federal Crown corporation providing deposit insurance to depositors in case a member institution fails. This protects eligible deposits up to a maximum of $100,000 per depositor per insured category.

Bank Reliability

TD Canada Trust is considered to be a reliable and trustworthy bank. It is a subsidiary of TD Bank Group, which is one of the largest banks in Canada and has a strong reputation for stability and security. TD Canada Trust is also a Canada Deposit Insurance Corporation (CDIC) member, which provides deposit insurance protection for eligible deposits. Additionally, TD Bank Group has a deposit rating of Aa2 from Moody's and AA from S&P, which are both considered to be strong ratings and indicate low credit risk.

Editorial Opinion

TD Bank Canada has established itself as a significant player in the financial sector, offering a wide range of services to both individuals and businesses. With its well-reviewed mobile app and comprehensive lineup of accounts, TD Bank caters to the diverse needs of its customers. However, it's essential to note that some may find certain fees, such as those for insufficient funds and Interac e-Transfers, to be relatively high. Despite this, TD Bank's sophisticated investing platforms and commitment to customer support demonstrate its dedication to providing value and support to its clientele. As with any financial institution, it's advisable for consumers to carefully consider their individual needs and preferences when choosing a banking partner.