How to Close TD Bank Account: Several Options

Do you want to close your TD bank account but don’t have any idea on how to go about it? Well, this article will give you the information you need. 

There are different ways you can close a TD Bank account but it can be a confusing process especially if you’ve never done it before. The truth is, closing a TD bank account is straightforward once you know the process. 

In this article, you will find out exactly how you can close a TD Bank account using different methods including what you need to do before closing your account and some TD account alternatives. 

Let’s get started!

When to Close TD Bank Account?

You can close your TD Bank account whenever you want. However, the following are the common situations when it makes sense to close TB account:

• When you are looking to relocate 
• When are looking to improve your banking experience
• You’re divorced
• You’re looking to limit your bank accounts

Ultimately, you have the final say when it comes to choosing the perfect time to close your account with TD. 

But before doing so, you need to ensure you follow the right steps to avoid putting yourself into trouble. This leads to the following section.

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Things to Do Before Closing TD Bank Account

The process of closing a TD bank account is simple. However, before you close your account with TD Bank, you have to do some things to ensure that the process goes smoothly. This includes: 

Open New Bank Account

Before you close a TD bank account, open a new account with a different financial institution.

Do some research and find out what other banks or financial institutions offer accounts that have the features you are looking for in an account.

Comparing accounts is easy: You can start by looking at our list of the Best No-Fee Bank Accounts in Canada to choose the best account for your needs.

Transfer Your Balance to the New Account

After choosing the account of your choice, the next thing you need to do is transfer your balance from the old account to the new one. 

Transferring a balance is easy and requires very little effort on your part. You can do it online or in person at any branch.

When transferring a balance, you’ll need your TD account number and the new account number. 

Clear Negative Balance in Your Account

Before you close your TD Bank account, ensure you check if you have any negative balances in your account.

If you have a negative balance in your account, do not close it until that balance is paid off. You can contact TD Bank to discuss options for paying this debt.

This is essential because, if there is any negative balance on your TD account, you won’t be able to close the account or may be charged for them if you attempt to close the account before paying them off.

Return Your Passbook 

If your account came with a passbook, you need to return it to the bank. If you don’t, the bank may not allow you to close the account.

Update Auto-Debit and Paycheck Options

If you are closing your TD bank, then it is important to make sure that your auto-debit and paycheck options are all transferred over. This will ensure that your payments continue uninterrupted.

Close Your TD Account

Give the new account some time to ensure every other thing is working properly. Once you’re confident that everything has been transferred over successfully, you can close your TD account. 

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How to Close TD Bank Account

You can close your TD Bank account either online, by mail or by phone by calling +1-866-222-3456.  We’ll cover the different options below so that you can choose the methods that suit you:

How to Close TD Bank Account Online

You can close your TD Bank account easily online from the comfort of your home without stepping into a branch. To close your TD Bank account online, all you have to do is follow the easy steps below:

• Go to TD Bank’s official website or mobile banking app
• Next, log in to your TD Bank account using your username and password
• Select Accounts from the left menu and click on Communications
• Click on “Send a Secure Message” to start the email
• Use “Request to Close Bank Account” as the subject of the email
• Provide your name, account number, and why you want to close your TD bank account
• Cross-check the information you provided
• Send the email to TD and wait for a reply

How to Close TD Bank Account by Mail

Another easy way to close your TD Bank account is by mail. Simply write a letter and send it to the bank by mail using the steps below:

• Use “Request to Close Bank Account” as the subject of the letter
• Provide your bank account details
• Indicate the reason(s) why you’re closing the account
• After that, sign the letter and send it to your TD bank branch

How to Close TD Bank Account By Phone

You can also close TD Bank accounts by calling this TD bank’s customer care line (+1-866-222-3456).

Once you dial the line and a representative picks up the call, you will be provided with several options. Let the representative know that you would like to close your TD Bank account.

To confirm whether you are the owner of the account, the customer support representative will ask you some questions. Simply provide the correct answers to be confirm your identity.

After that, the representative will then go over the procedures you need to follow to close your bank account with TD Bank. Just follow the instructions and you are good to go.

How to Close TD Bank Account from a Branch

If you don’t mind the stress of going to a branch, you can visit the closest TD Bank and speak with a bank representative.

Let the representative know that you want to close your TD Bank account. The representative will then ask you the reason why you’re closing your account and walk you through the account closing process.

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TD Bank Accounts Overview

TD Bank offers several types of bank accounts. Each account is offered with different features and benefits. 

If you want to close a particular TD bank account, you need to have an understanding of the several accounts offered by the bank so that you can determine whether to open a different account with the bank or move to a different financial institution.

Here is an overview of the several accounts that are offered by TD Bank:

TD High-Interest Savings Account

The high-interest savings account from TD Bank is a great way to save money for the future or pay down debts or build your nest egg for retirement. 

The account pays competitive rates of interest of up to 0.05%. This TD account has the following key features:

• The account has no monthly maintenance fee, which means that you can save without worrying about paying a monthly fee for the privilege of saving money
• If you maintain a balance of $5,000 on your account, you will get a high-interest rate which is calculated daily and paid monthly
• Automated savings option
• Transaction fees waived with a monthly minimum balance of $25,000
• Free online account statements with the account

TD All-Inclusive Banking Plan

The TD All-Inclusive Banking Plan is an account that offers all the benefits of a regular TD account with added value.

It’s designed for anyone who wants to make their banking experience easy and convenient. Below are some of the key features of the account:

• When you open the account, you might get an Amazon.ca gift card that is worth $400 as a welcome package. The offer is valid till May 31, 2023
• Free customized cheques
• There are no ATM withdrawal fees
• Free online statements 
• With the account, you can make unlimited transactions
• Monthly fee waived with a minimum monthly balance of $5,000
• There is a fee rebate of up to $139 annually on certain TD credit cards

TD Every Day Chequing Account

Keeping your finances in check is easy with the TD Every Day Chequing Account. Here are some of the key features of the account:

•  $10.95 monthly fee. $8.20 fee for seniors 
• With the account, you can make Interac e-Transfer transactions at no cost
• You can make 25 free transactions monthly
• If you maintain a minimum monthly balance of $3,000, your monthly fees will be waived

TD Unlimited Chequing Account

This TD bank account is a great option if you are looking for an account that offers unlimited transactions. Here are some of the key features of the account:

• Monthly Fee of $16.95. seniors from the age of 60 get a fee rebate of $5
• If you open the account before May 31 2023, you will get a welcome offer of an Amazon.ca gift card worth $400
• No ATM fees
• If you keep a minimum monthly balance of $4,000, your monthly fees will be waived
• Make Interac e-Transfer transactions at no cost
• There is an annual fee rebate on certain TD credit cards for the first year

TD Minimum Chequing Account

The TD Minimum Chequing Account is designed for Canadians with fewer banking needs. The account has the following key features:

• A monthly fee of $3.95
• Zero monthly fees for seniors who are 60 years old and above
• There are also no monthly fees for beneficiaries of the Registered Disability Savings Plan
• 12 free monthly transactions

TD ePremium Savings Account

This TD Bank account is designed for Canadians who are looking to earn interest on their savings. Below are some of the key features of the account:

• No monthly fees
• Free unlimited transfers to other TD Bank accounts
• If you maintain a minimum daily balance of $10,000, you will earn interest on the balance
• There is an option for automated savings so you can start saving for the future
• Free online account statements

U.S. Daily Interest Chequing Account

This account is a great option for people who are looking to save and earn interest in USD. Here are some of the key features of the account:

• No monthly fees
• If you maintain a daily balance of $1,000, you will earn interest on the balance
• A transaction fee of $1.25
• Very competitive exchange rates

TD Student Chequing Account

As the name implies, the account is designed to make savings easy for students. The account has the following key features:

• No monthly fees
• Free unlimited monthly transactions
• Free unlimited monthly transactions
• Open the account before May 31, 2023, and get a welcome offer of an Amazon.ca gift card worth $100
• Overdraft protection
• Free online account statements

TD Borderless Plan

This TD Bank account is designed for Canadians that travel outside the country frequently. The account has the following features:

• A monthly fee of $4.95
• Make unlimited free transactions
• Maintain a minimum balance of $3,000 and your monthly fees will be waived
• Get a TD U.S. Dollar Visa Credit Card and your annual fees will be waived
• Competitive exchange rates

TD Every Day Savings Account

This account is for people who want to save in an account that will guarantee them easy access to their funds. Below are some of the features of the account:

• No monthly fees
• 1 free monthly transaction
• Earn interest on every dollar you save in the account
• Transfer to other TD Bank accounts at no cost
• Automated savings option
• Free online account statements

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TD Closing Account FAQs

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Final Thoughts on TD Closing Account

TD prides itself as one of the big banks in Canada by market capitalization. This doesn’t however guarantee that it will be the best option for every user.

If TD is no longer your option or you’re looking to switch to another TD account, the next thing to do is to close your existing TD account. You can do so online, by mail, by phone or by in-branch.

I hope this article was helpful and you can now close your TD account safely with any of the above methods.

If you found this article helpful, please share it so that it can help as many people as possible.

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