RBC Overtakes TD; More Customers Are Valuing Mobile Banking: J.D. Power Report

[goodtoseeya]

@4everu Maybe it's just me but I really the TD easyweb and the updated web broker interface. Also use the app a lot, can do most things I need with it.

 

[icashoutapp]

@4everu I opened a TD e-series account in 2008 and have never paid any fees associated with it (other than MER). I did have to meet someone in person to set it up.

 

[4everu]

@icashoutapp This probably would have been around the same time as when you set up yours...2008 or so.

I have a very vivid memory of the meeting that day. I recall being annoyed that an in-person meeting had to take place in order to set up something that would occur strictly in the digital domain anyway, but shrugged that off as a one-time only aspect of things. We were meeting at the corner office at the TD at Bay and Queen....
Well in the meeting as things were progressing the CSR just casually mentioned that 'oh yeah, there's a set up fee' and I think but can't recall for sure, she also said there is an account closing fee, were I to close it. At that point I asked them if the setup fee could be be waived, she just said flat no, so I got up and left.

It's a strange thing with TD... I always got a strong sense they didn't care about my business. They do things like unilaterally increase fees or rates for no reason, or reasons that are contradictory to what's actually happening in the market.

I recall them increasing the rate on a LOC i had with them, this was a few years ago, but already the prime lending rate had been tanking and reaching record lows. I didn't even use my LOC, but I called them up to see if they'd stay the increase, but nope. No customer retention, and bizarre moves like this... just leave me stratching my head.

 

[icashoutapp]

@4everu One thing I do remember at that time is that no one really knew how to set up the e-series account, there was a lot of running around and asking different people what to do. I wonder if your CSR was trying to set up a TD Waterhouse investing account instead of just an e-series mutual fund account.

 

[4everu]

@icashoutapp that might well have been it. i recall there being not a great deal of certainty in the whole process. was waiting for quite a while, the CSR went out to speak with someone else for about 10 minutes... who knows

 

[mummyoftwogirls]

@4everu TDs mobile app is fucking awesome. Way better than the website.

 

[kman474]

@4everu I have always had everything under TD for the sake of simplicity and I feel like a bit of a shill because I have never had a single bad experience with them in maybe 10 years, and I've been preaching to people to switch over to them. So in that vein, a response to your points..

1. I set up several investing accounts with them in the last 2 years and there were no fees. Their new WebBroker interface is probably the best I've seen.
2. They've been updating various components on their site in the last year or so. Most recently was the accounts and investing interfaces (huge improvements). Very user friendly and quick. The only exceptions to this are the e-transfer and payee portions which have yet to be updated and have some very redundant steps (takes about 20 seconds longer than it should)
3. I find their mobile apps to be very well made and useful (and improving). Recently they released the 'MySpend' app as a Mint substitute. I don't use it much for that purpose, but I do now get instant alerts when anything is charged to my TD accounts or CCs which is great.

 

[olgamc]

@kman474 There are multiple investment accounts held by my wife and myself in easyweb as well as DI, set up at various times between 2008 and now. Have never once paid a setup fee for anything.

That said they did up and change their TFSA accounts to add an "account closing fee" for accounts that had been created when no such fee existed, I wasn't particularly pleased about that, however they gave quite a bit of notice so you could close it without paying a fee if you wished.

 

[rashpal]

@kman474 Ya I've never had a single problem with anything he's experienced. Very happy with TD. I like to have like 5 accounts and the monthly fees are the biggest negative.

Only problem I've ever had with the website is that the e-transfer button is kind of hidden. Just go "pay bills" and then e-transfer.

And I have very much enjoyed webbroker. I actually was given a free transaction yesterday for seemingly no reason.

 

[jordana14]

@rashpal it was customer appreciation day at TD. i got cupcakes and a mini gold bar at my branch appointment!

 

[4everu]

@rashpal the account fees rub me the wrong way too. that was another reason i just got up an left.
there's no real reason for it(other than to gouge). i can't imagine having 5 accounts with ongoing fees every month for each. i suppose the benefits outweigh the negatives.

 

[rashpal]

@4everu One's free, two I keep minimum balances in. I don't keep much in my chequing so I get hit on that one most months.

So my current one's are fine I would just like a few more for convenience sake but I'm not paying $5-15 a month just to organize.

 

[4everu]

@kman474 I wonder if the no fees investing thing is a response to industry wide pressure. whatever the reason, that's a good thing.
I wish their other services would respond similarly. I would consider switching back.

that's kind of cool they have that myspend thing. i don't use mint, but if i were to use an app like that, i would feel better about it if it were a comparable one offered by my actual bank.

there's a lot to be said for keeping things under one roof for simplicity and if you're at all happy with your current bank, i think it's wise to keep things that way.

i had really been very close to getting a Momentum Visa Infinite card recently bus chose the Tangerine MC simply because it kept everything under one roof. fewer headaches!

 

[olgamc]

@4everu I think you were just dealing with somebody that didn't know what they were talking about. In my experience with TD they have never had account opening fees for investment accounts. Just maintenance fees if you don't maintain a minimum balance of investments.

 

[wyattwrd]

@vkm Interestingly I find the TD online banking (Easyweb) to be neatly designed. It's simple to navigate, and has most of the banking functionalities an average customer would do on a day to day basis.

I am in IT and have worked for quite a few financial institutions (banks, stock exchanges) so far, and I found TD's web channel to be quite efficient. I have seen some of the banks who shove too many things, dashboards, reports and what not on the user interfaces of their online banking, and it only makes life difficult for an average user, navigating through all that labyrinth.

I tried to open an account with Tangerine as well, scanned the initial deposit check through their smartphone app, the check was never cashed by them. Tried to reach the customer support a few times over phone, but futile. With traditional banks like TD, I still like the idea that in a worst case situation, I could actually walk in to a branch and explain my problem face to face.

With TD, I also have an option of waiving my account fees with a min daily balance. I have an All Inclusive Account with them and I do not have to worry about any fees at all. Even the Interac E Transfer is now free.