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How To Close a TD Bank Account in Canada in 2023

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.

Text that reads "How to close a TD account in Canada" beside green credit cards

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?

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.

Can I close a TD account by phone?

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.

Will closing my TD account hurt my credit score?

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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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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  • Lock-in 4.85% interest on a 1-Year GIC!
  • Guaranteed returns.
  • Open online within minutes.
For GIC terms equal to one year, simple interest is calculated on a per annum basis and paid at maturity. EQ Bank GICs are non-redeemable.