Looking to close your TD bank account online, by phone, or in person? This step-by-step guide covers how to close your TD account and the closing fees you should watch out for.
There are several reasons why people choose to close their bank accounts. It could be that you have found a bank that charges lower fees, or you may want to take advantage of a juicy sign-up bonus elsewhere.
You may have relocated, and your current bank no longer meets your need for local branch availability. In some cases, it could also be that you have run out of patience with poor customer service, low savings rates, or limited product offerings.
Read on to learn about how to close your TD account.
How To Close a TD Bank Account
You can close your TD account by:
- Visiting a local TD Canada Trust branch, or by
- Calling their EasyLine telephone number at 1-866-222-3456 (English) or 1-800-895-4463 (French).
There is no option to close your account online through Online Banking.
Closing your account by phone works if your account has a zero balance. Or in a scenario where you are transferring your balance to another TD bank account.
If you are not transferring your current balance to another TD account, withdraw the funds before calling to speak with a TD representative.
If you have a balance and visit a branch to close your account, you will be given a cheque or draft to deposit your funds at another bank. You could also ask them to transfer the account out on your behalf for a fee.
TD Account Closing Fees
It is free to close your account at TD.
If you want TD to transfer your deposit account balance to another financial institution, there’s a $15 fee.
If you are transferring an RRSP or TFSA account from TD Canada Trust to another bank, these transfer fees apply:
- RRSP transfer fee: $75 per transaction
- TFSA transfer fee: $75 per transaction
If you decide to keep your account inactive instead of using it, it will become dormant after 2 years, and your funds will be sent to the Bank of Canada after 10 years.
TD does not charge dormancy fees.
What To Do Before Closing Your TD Bank Account
You should take the following steps before closing your TD account:
Find A New Bank
Do your research and find a bank that meets your current needs. If you are looking to save on bank fees, a no-fee chequing account could come in handy. For high-interest savings rates, check this list.
You can also look at this list of the best banks in Canada to see what’s available.
Update Your Automatic Payments
Go through your bank statements to find those transactions that occur automatically, such as pre-authorized debits and monthly payments like:
- Utilities
- Childcare
- Mortgage payments
- Subscriptions
- Loans
- Phone bills
Update your payment details with these providers to reflect your new bank account.
If you have outstanding cheques from your old bank account that haven’t been cashed by the recipients, you should wait until they clear to avoid NSF fees.
Contact your employer to update your payroll details. If you receive government benefits like the Canada Child Benefit, GST/HST Credit, or pensions, you should ensure your banking details are updated as well.
Transfer Funds
Move your funds out of TD into your new bank accounts.
You can choose to keep TD credit cards, investments, lines of credit, and loan accounts open, as these are separate from your chequing/savings account.
Download Documents
Download your bank statements, so you have a record of your transactions in case you need to refer to them in the future.
Close Your TD Account
Allow a few weeks to ensure that all your automatic payments have been updated, before proceeding to close your bank account.
You can also proceed to destroy your old bank cards and chequebook.
How To Close TD Direct Investing Account?
Before closing your TD Direct Investing account, transfer your assets to another financial institution or withdraw them as cash.
For registered account transfers (such as RRSP, TFSA, or RESP), you may need to complete some forms before your accounts are transferred.
There are also transfer fees as follows:
- Non-registered account transfer fee: $150
- Registered account transfer fee: $150
Call TD Direct Investing toll-free at 1-800-465-5463 (English) or 1-800-361-2684 (French) to speak with an investment services representative and close your account.
For support in Cantonese or Mandarin, call 1-800-838-3223.
Close TD Account FAQs
Can I close a TD bank account online? No. To close your TD account, you will need to call their EasyLine telephone or visit a TD Canada Trust branch.
Call 1-866-222-3456 (English) or 1-800-895-4463 (French) to close your TD account by phone. A representative will assist you after confirming your identity. For account closures via phone, you must have a zero balance or can transfer your balance to another TD account.
Your credit score should not be impacted when you close your TD savings or chequing accounts. If you close a TD credit card, it could impact your credit score if it lowers your credit limit and shortens your credit history.
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