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How to switch to TD
To help you make a smooth transition, follow the five steps below. You can also download our complimentary TD Switch Kit for a handy step-by-step guide to the process. Better banking here we come!
Step 1: Choose a TD bank account
With a range of accounts, TD has something for everyone – whether it’s a Chequing account with unlimited transactions and fee rebates, or a Savings account that can help you grow your money and achieve your financial goals.
Need help finding the right TD products? Just answer a few simple questions. We'll suggest TD products to help you achieve your banking goals.
Step 2: Open the account
Once you’ve chosen the account that’s right for you, it’s time to open it!
You'll need one piece of valid government-issued photo ID (like a passport, driver's license or permanent resident card).
You’ll need to complete our online application first. Once approved, create an EasyWeb profile and start using your account online or on the TD app as soon as funds are in it. To transfer funds into your new account, send them electronically from your old bank account, or deposit a cheque or cash into the new TD account. You can also open an account by booking an appointment at one of our TD branches.
Step 3: Set up direct deposits, bill payments and Pre-Authorized Debit Payments
Once you’ve opened your new account, you can set up direct deposits – it's easy to do, saves you time, is more reliable and secure, and better for the environment than paper cheques.
Here's how to get started with direct deposit
It’s easy to set up a Pre-Authorized Debit with most major billing companies, and payments are automatically deducted from your TD account.
Here's how to set up a Pre-Authorized Debit Payment
Plus, take care of your bill payments online with EasyWeb: a fast and simple way to make payments on your credit card, utilities, or any other Canadian bills.
Step 4: Take advantage of services and tools exclusive for TD customers
Now for the fun part. Once your new account has funds in it, explore all the products and features that only TD customers get to enjoy:
- TD App: Get quick and secure access to your chequing, savings, credit, and investment accounts. Plus, make credit card payments, view transactions, and deposit cheques with just a few taps.
- TD MySpend: Take control of your finances with this tool that helps you track cashflow, set savings goals, and categorize expenses.
- TD Global TransferTM: Need to send money across the world? Choose between international bank transfer, Western Union® Money Transfer, or Visa Direct to easily send funds to over 200 countries1 globally.
Step 5: Close your old bank account
Once there are no longer any payments going into or out of your old account, it’s time to say goodbye. To close it, either call, visit, or send a letter to your old bank. Confirm with your old bank if there are closing fees and ask them to confirm the closure in writing for your records.
Frequently asked questions
Thinking of making the switch? Here are a few things to keep in mind to make sure your new bank is the right fit for you:
- Account types: Do they offer the chequing or savings accounts with the services and features you need?
- Fees & minimum balances: Are there monthly fees or minimum balance requirements you should be aware of?
- Interest rates & Offers : Are there competitive rates or offers that can benefit you?
- ATM and debit access: Check if there are ATMs nearby with our branch locator and what benefits are included with the debit card.
- Online & mobile banking: Is the bank app easy to use and includes features you’ll actually use?
- Customer support: Can you get help quickly when you need it?
- Security & fraud protection: Look for strong measures that keep your money and data safe.
By weighing these options, you can find a bank that can help to make managing your finances easier.
No need to worry—switching banks won’t directly impact your credit score. Your Chequing or Savings accounts aren’t reported to credit bureaus unless they become overdrawn and are sent to collections. So, whether you’re opening a new account or closing an old one, your credit score won’t take a hit. Just make sure all your automatic payments and direct deposits are updated with your new account details.
Changing banks won’t directly affect your chances of getting a mortgage, as long as you stay on top of a few things. Make sure your financial documents are up-to-date, update any automatic payments, and keep your finances stable. If you take care of these steps, switching banks can be a smooth process that still keeps you on track for getting that mortgage
You’ll need a few key documents to open a bank account. Generally, banks will ask for two pieces of valid ID, like a Canadian driver’s license or a passport. And depending on the type of account, you may also need to provide your Social Insurance Number (SIN).
It depends on the bank and the type of accounts you have. For instance, transferring an RRSP or TFSA to a new financial institution might come with a fee. But here’s a tip: some banks will cover those transfer fees for you—so it’s worth asking! Closing an account with a $0 balance usually has no fee, but it’s always best to confirm with your bank beforehand.
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1 Supported countries can change at any time and not all transfer methods may work in every country.
The WESTERN UNION name, logo and related trademarks and service marks, owned by Western Union Holdings, Inc., are registered and/or used in the U.S. and many foreign countries and are used with permission.