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How magnanimous?

by JP Bill / January 30, 2009 5:01 AM PST
TD backs down on fees

Toronto-Dominion Bank has backed down on the introduction of a new $35 inactivity fee for lines of credit, and has committed to holding the line on fees for the rest of 2009.

With the recession and global financial turmoil shrinking their revenues, banks have been trying to compensate by introducing new fees, increasing existing ones and raising borrowing costs.

TD had been mailing clients recently to inform them that an inactivity fee would be introduced at the end of April for unsecured lines of credit that went unused for 360 consecutive days. The bank also announced an interest rate increase for these credit lines starting in March.


So, I offer to lend you money, you don't take me up on the offer, I charge you a fee because you didn't accept my offer?
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And if you don't pay it
by Roger NC / January 30, 2009 6:23 AM PST
In reply to: How magnanimous?

you get a bad credit report. Nice huh?

Roger

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The banks are trying everything
by Diana Forum moderator / January 30, 2009 10:35 AM PST
In reply to: How magnanimous?

One of the businesses that come to Sam's had a $23,000 line of credit that was paid in full every month. It was reduced to $5,000 and now $3,000. Guess they weren't making any money in interest.

Diana

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It's probably a subsidy for TD Ameritrade.
by Ziks511 / January 30, 2009 12:11 PM PST
In reply to: How magnanimous?

Did you know that Ameritrade was owned by the Toronto Dominion Bank? Does this mean that Sam Waterston will resign from his spokesperson position because of TD gouging, or is he just an actor?

Rob

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(NT) Ameritrade and TDBanknorth
by JP Bill / January 30, 2009 12:16 PM PST
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And for an example of a real horror card trap
by Roger NC / January 31, 2009 3:08 AM PST
In reply to: How magnanimous?
I ordered Continental Master Card on line on December 8,2006 and received the card shortly thereafter. I received a notice of charges and payment due of $50.00 before I activated the card. There were $247.00 in set up and other service charges on the card leaving $53.00 available credit.


Basically, giving you a credit card that all credit is immediately used up in fees. If this isn't illegal somehow, what a shame on our society.

Roger
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I believe there is some justification.
by drpruner / January 31, 2009 5:47 AM PST
In reply to: How magnanimous?

(Not saying it's a good idea, though.)
Since the customer could use the credit, the bank must hold reserves to cover that. That's money that can't be invested elsewhere, which one assumes would be a higher-yield place.
(Not saying they haven't already allowed for that, either.)

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