TD Canada has announced some good news for customers: Interac e-Transfers will soon go free for customers with TD Unlimited Chequing and TD Every Day Chequing accounts.
The bad news? TD Unlimited Chequing Account monthly fees are set to increase $1 from $14.95 per month, to $15.95 per month, starting June 15, 2017.
Previously, fees to send Interac e-Transfers were $0.50 for a transfer up to $100, and $1 for a transfer over $100. As of June 15, they will be free, as detailed in letters to customers:
Last July, TD Canada reduced their Interac e-Transfer fees from $1.50 down to $0.50-$1.00, depending on your account (TD All Inclusive Banking Plans went free at the time). But now, we’re seeing Canada’s big banks move to free Interac e-Transfers, such as RBC and BMO—and now TD Canada. Expect CIBC and Scotiabank to follow suit, sometime soon.
Canadians are increasingly sending money via mobile devices, as last year RBC stated over 50% of their Interac e-Transfers occurred on mobile. Interac announced last month Canadians sent a record 158 million Interac e-Transfers last year, an increase of 50% compared to a year ago.
Some banks are implementing iOS APIs to make sending Interac e-Transfers easier. Last month, Scotiabank launched an iMessage extension for Interac e-Transfers, while RBC debuted support for Siri to send money to friends.
Thanks AJ
Want to see more of our stories on Google?
P.S. Want to keep this site truly independent? Support us by buying us a beer, treating us to a coffee, or shopping through Amazon here. Links in this post are affiliate links, so we earn a tiny commission at no charge to you. Thanks for supporting independent Canadian media!
All the banks are crooks, but I ever get unlimited Interac eTransfers on my $4 RBC account..
or a free Tangerine account
Tangerine offers a lot of free stuff, but sadly Interac eTransfers are not one of them. Still $1 each.
I use Tangerine’s email money transfers. It works like Interac (but isn’t) and is free. It’s not quite as convenient when dealing with non-relatives/friends though.
On a side note, why in **** do people still tolerate paying 10-15$ of fees every month? I’m baffled. Tangerine has zero fees for daily banking (although parent entity Scotiabank is working hard to figure out how they can gradually add them).
As Shelley said above, I have to think most people who have chequing accounts at the Big 5 banks keep enough money in the account at all times to keep the account free. Otherwise, I agree, it really is crazy to pay $15/month for the “privilege” of allowing a bank to hold your money (with no interest!)
Unless if you choose the 2-3 business day option. That’s what it is for me
I still have to pay 1$ per transfer with Desjardins…
after a certain amount in your account, they give back your monthly banking fee
Anyone know if the grandfathered account “preferred chequing” account be covered in this?
The increase of the monthly fee is fine if you can afford to keep it above the minimum balance and have the fee waived each month.