topic Re: How does the linked savings account work with TD secured cards? in Rebuilding Your Credit

How does the linked savings account work with TD secured cards?

user365735 — Tue, 04 Jul 2023 07:13:30 GMT

I know with TD bank they fund the secured card via a savings account. Does this mean you can increase your credit limit anytime up to your Maximum limit by doing an ACH transfer? I'm asking because I would like to have a large credit limit but I don't have checks. So i can either do a ACH transfer or bring in Cash to the branch but my daily withdrawal limit it $500 lol...will TD allow me to ACH to fund the savings account at the Branch or is it cash/check only??

Re: How does the linked savings account work with TD secured cards?

Jeffster1 — Tue, 04 Jul 2023 07:28:18 GMT

@user365735 wrote:
I know with TD bank they fund the secured card via a savings account. Does this mean you can increase your credit limit anytime up to your Maximum limit by doing an ACH transfer? I'm asking because I would like to have a large credit limit but I don't have checks. So i can either do a ACH transfer or bring in Cash to the branch but my daily withdrawal limit it $500 lol...will TD allow me to ACH to fund the savings account at the Branch or is it cash/check only??

I had a TD secured card from March 2021 until October 2021 at which point it graduated. My experience was accurate as of March 2021. I don't know if anything has changed since then.

i applied online and was approved. I had to fund the account in-branch. I live in Los Angeles where there are no TD branches but visited a branch in Miami while on a business trip. If I recall correctly, i funded the account with a check. ACH was not an option.

Adding money to the account after the initial deposit to raise the CL was not an option. They did not permit you to add funds to increase the limit after the initial deposit.

Re: How does the linked savings account work with TD secured cards?

user365735 — Tue, 04 Jul 2023 09:48:26 GMT

This is what I figured, thanks...and your unsecured line was the same as your secured line correct?

Re: How does the linked savings account work with TD secured cards?

CH-7-Mission-Accomplished — Wed, 05 Jul 2023 14:04:58 GMT

@Jeffster1 wrote:
@user365735 wrote:
I know with TD bank they fund the secured card via a savings account. Does this mean you can increase your credit limit anytime up to your Maximum limit by doing an ACH transfer? I'm asking because I would like to have a large credit limit but I don't have checks. So i can either do a ACH transfer or bring in Cash to the branch but my daily withdrawal limit it $500 lol...will TD allow me to ACH to fund the savings account at the Branch or is it cash/check only??
I had a TD secured card from March 2021 until October 2021 at which point it graduated. My experience was accurate as of March 2021. I don't know if anything has changed since then.

i applied online and was approved. I had to fund the account in-branch. I live in Los Angeles where there are no TD branches but visited a branch in Miami while on a business trip. If I recall correctly, i funded the account with a check. ACH was not an option.

Adding money to the account after the initial deposit to raise the CL was not an option. They did not permit you to add funds to increase the limit after the initial deposit.

I'm trying to help a friend rebuild and the TD Bank card has intrigued me but I'm very confused about it. I have heard that it is geofenced to areas in its footprint of where its branches are located, and I have heard that they require a branch visit to fund the savings account, and I have also read that neither of these things is true anymore and you can do everything online. Does anyone know for sure? I don't want to advise someone taking an HP when they can't qualify. Otherwise it sounds like this card graduates like clockwork and is very much appreciated by those who have successfully navigateed it.

Re: How does the linked savings account work with TD secured cards?

Jeffster1 — Wed, 05 Jul 2023 18:24:55 GMT

@user365735 wrote:
This is what I figured, thanks...and your unsecured line was the same as your secured line correct?

Yes, it was. I've had the card sockdrawered except for the occasional charge since I got it. After graduation, I applied for another TD card, and was approved. After a few months, I combined the CLs and closed one card.

The reason it didn't see much use was that I was also approved for the BofA CCR secured in March 2021, the same month I got the TD card. The BofA CCR is a superior card and that became my go-to, especially because I'm Platinum Honors with BofA.

I haven't been really inclined to put more than the occasional purchase on the TD card, and haven't pursued any CLIs.

Re: How does the linked savings account work with TD secured cards?

Jeffster1 — Wed, 05 Jul 2023 18:27:52 GMT

@CH-7-Mission-Accomplished wrote:
@Jeffster1 wrote:
@user365735 wrote:
I know with TD bank they fund the secured card via a savings account. Does this mean you can increase your credit limit anytime up to your Maximum limit by doing an ACH transfer? I'm asking because I would like to have a large credit limit but I don't have checks. So i can either do a ACH transfer or bring in Cash to the branch but my daily withdrawal limit it $500 lol...will TD allow me to ACH to fund the savings account at the Branch or is it cash/check only??
I had a TD secured card from March 2021 until October 2021 at which point it graduated. My experience was accurate as of March 2021. I don't know if anything has changed since then.

i applied online and was approved. I had to fund the account in-branch. I live in Los Angeles where there are no TD branches but visited a branch in Miami while on a business trip. If I recall correctly, i funded the account with a check. ACH was not an option.

Adding money to the account after the initial deposit to raise the CL was not an option. They did not permit you to add funds to increase the limit after the initial deposit.
I'm trying to help a friend rebuild and the TD Bank card has intrigued me but I'm very confuseddd about it. I have heard that it is geofenced to areas in its footprint of where its branches are located, and I have heard that they require a branch visit to fund the savings account, and I have also read that neither of these things is true anymore and you can do everything online. Does anyone know for sure? I don't want to advise someone taking an HP when they can't qualify. Otherwise it sounds like this card graduates like clockwork and is very much appreciated by those who have successfully navigateed it.

I don't know if TD is still geo-fenced. I live in LA, but have long-standing addresses in LA and NY. I applied under my NY address. I've since changed my account address to LA with no problems. At the time I applied, the funding had to be done in person at a branch.