topic Re: TD Bank Bonus Question in Personal Finance

TD Bank Bonus Question

Beast26 — Mon, 27 May 2024 13:27:06 GMT

Im going for the Beyond Checking $300 bonus. After you get the bonus paid out would it make you forfeit the bonus if you then downgrade your "Beyond Checking" account to the lower account? The Beyond checking account minimum requirement is $2500 and I don't want that tied up in that account for that long. The lower account minimum is only $500 but I can't find any DPs as to whether they would take your bonus for downgrading your account. Technically they "might" consider the downgrade as closing your account but I'm not sure.

Re: TD Bank Bonus Question

SouthJamaica — Tue, 28 May 2024 00:56:24 GMT

@Beast26 wrote:
Im going for the Beyond Checking $300 bonus. After you get the bonus paid out would it make you forfeit the bonus if you then downgrade your "Beyond Checking" account to the lower account? The Beyond checking account minimum requirement is $2500 and I don't want that tied up in that account for that long. The lower account minimum is only $500 but I can't find any DPs as to whether they would take your bonus for downgrading your account. Technically they "might" consider the downgrade as closing your account but I'm not sure.

IMHO it's not worth it to get involved with TD Bank. My dealings with them have all been disappointing. I would just assume the worst, and act accordingly.

Re: TD Bank Bonus Question

Beast26 — Tue, 28 May 2024 08:16:13 GMT

Details? I've heard the same statement about wells Fargo and I've never had a problem with them.

Re: TD Bank Bonus Question

Horseshoez — Tue, 28 May 2024 10:13:08 GMT

I've had a Beyond Checking account with TD for four years now and am a fan of both the account as well as TDBank. If I recall, there are at least two ways to avoid paying a monthly service fee, the first, as you noted, was to keep a $2,500 balance in your account (something I rarely do), the second is to have at direct deposits of $5,000 put into your account per month. If you can meet that requirement, there are a number of "free" benefits which I have taken advantage of on a semi-regular basis:

Money Orders
Bank Checks
Outbound wire transfers

Re: TD Bank Bonus Question

Beast26 — Tue, 28 May 2024 17:40:10 GMT

I won't be able to have monthly $5000 deposits as that is too high but I can do the $2500 balance. I was just wondering if downgrading to the other checking account would make you forfeit the bonus. I may have to take a chance and call customer service to find out.

Re: TD Bank Bonus Question

SouthJamaica — Tue, 28 May 2024 19:35:09 GMT

@Beast26 wrote:
Details? I've heard the same statement about wells Fargo and I've never had a problem with them.

My negative experience with them includes

-little website functionality

-no customer service online

-useless customer service by phone

-changing terms on a checking account without notification

-low limits on wire transfers

-slow service in branch

-business credit card reports to personal credit

In your specific case the very fact that they haven't made the terms clear to you should be a warning sign. I would assume that yes they will punish you for lowering the amount on deposit. And I would assume that you won't be able to find out ahead of time, because you won't be able to get a reliable indication from any banker or customer service representative what the terms are.

But lots of luck. It sounds like you're intending to go ahead with them, so I hope you'll be happy with them.

Re: TD Bank Bonus Question

Horseshoez — Tue, 28 May 2024 19:58:25 GMT

Funny thing, @SouthJamaica and I seem to be in agreement regarding most topics on myFICO, except anything TDBank related.

Re: TD Bank Bonus Question

SouthJamaica — Tue, 28 May 2024 20:42:51 GMT

@Horseshoez wrote:
Funny thing, @SouthJamaica and I seem to be in agreement regarding most topics on myFICO, except anything TDBank related.

True

In fact, in my previous post I was thinking of inserting a disclaimer such as "Of course this is just my personal experience with TD Bank, while @Horseshoez has had a completely different experience with them". But then I thought there was no need for the disclaimer, since you would be here to defend TD Bank.

Re: TD Bank Bonus Question

FicoMike0 — Wed, 29 May 2024 00:37:39 GMT

It's not clear to me if the op is looking for a new bank, or just churning subs. If it's the latter, here's an important point

"Early Account Closure Fee: Bonus forfeit if account closed within 6 months of opening"

Also, there is a lesser bonus of $200 for TD CompleteChecking.

Its pretty likely you'll get the lesser bonus, if any at all, if you switch. If you actually want the latter account, app for it and take the $200.

If you're churning, I think us b is still offering $500.

Re: TD Bank Bonus Question

Beast26 — Wed, 29 May 2024 14:07:34 GMT

I have the Beyond Checking already and I'm just waiting on the bonus to post before I attempt to downgrade the account. General consensus is about 2 months for the bonus to post. I have already done US Bank for $600 last month. I got the $600 offer because I already have their credit card. I was just looking to see if anyone tried this before.

Re: TD Bank Bonus Question

FicoMike0 — Thu, 30 May 2024 02:34:15 GMT

I haven't done td. I did us b for $500, then did their connect visa for another $500, nice deal. I'm churning $250 for the us b shoppers visa right now. I did bmo late last year. They offered $600 for an account with a $25 FEE and $400 for no fee. It was a 120 day timespan. I did the $400.

You may already know, but most banks count an ACH push from another account as a direct deposit. When I did us b I did $5000 ach push from my fidelity account and as soon as it showed up transferred it to my Capone account, from there back to fidelity, ach pushed it again to us b for the $10000 direct deposit. Got the bonus about a month from account opening.

Re: TD Bank Bonus Question

FicoMike0 — Thu, 30 May 2024 02:40:54 GMT

The point I was trying to make is, you can recycle the same $2500 twice to meet a $5000 deposit requirement. It's a nuisance, but can be done. If you have two accounts that both need a direct deposit, you can even round robin the same money through them both.

Re: TD Bank Bonus Question

northway — Sun, 02 Jun 2024 13:44:20 GMT

I don't see them clawing back the bonus after you've met the terms.

I've also had TD for the better part of a decade and have had zero issues with them. My single annoyance is the low mobile deposit limit of $5k.

Re: TD Bank Bonus Question

Wu-Credit — Wed, 05 Jun 2024 17:43:32 GMT

When I did TD, I opted just for the $200 offer because of the monthly fee requirement and length of time needed to keep open.

I believe your account number remains the same when you downgrade, so not technically a closure. PNC lets you downgrade after bonuse posts without clawback, but not sure of TD.

Call them after the bonus posts and let us know what they say.