TD Bank sent out an update that they’ll be adding on their debit card a 3% foreign transaction fee and a $3 non-TD ATM fee. They used to not charge any foreign transaction fee, and they used to waive ATM fees as well.
Related: Best Debit Cards For International ATM Cash Withdrawals
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@will @chucksithe guys, it looks like TD has silently added foreign transaction fee to all their credit cards as well since the end of March. No news were published, no communication sent to cardholders, just saw the fee on the statement and customer service confirmed that's now the new reality.
To debit card (checking) or credit card? For checking, what type of checking? I think Td Beyond checking is waived such fee?
does anyone know when this is going into affect
My first account for foreign travel was TD Banknorth, which advertised no foreign ATM fees and reimbursement for using other bank ATMs. They were great - no minimums, no fees. After they took over Commerce Bank and changed to TD Bank, they added minimums to avoid fees and I ended up closing my account there, switching to Schwab and never looked back. Only keep a few hundred dollars at schwab when not traveling and have never had to call to get fees reimbursed. Sometimes I get lazy and withdraw cash from the nearest bank using my Schwab card instead of going to my primary bank. Very convenient.
This is only for the "convenience checking" accounts? It looks like "beyond checking" account still offers the ATM refunds and no foreign transaction fees.
I imagine they think they've grown big enough that they can charge for those like the "big boys" do.
This is the usual screw-the-poors that every big brick and mortar bank does. You have to get a high tier account that has free everything and reimburses ATM fees, and keep just enough inside to avoid fees. And if you accidentally go below the limit and incur a fee you can call TD and they will waive it.
Ive used them for years and never paid a fee. I keep anything over a few thousand in high interest online accounts
How come poor people can get money to travel abroad????????
I didn’t know EBT paying for international traveling 🤔
So you're telling me that banks give you perks when you give them more money that they can make money off of?!?!?!
Wild.
It only mentions non TD ATM fees charged by TD, didn’t mention surcharges by ATM owned by other banks which TD reimburses to designated types of accounts.
I have Beyond Checking, it’s free for non TD ATM and TD would reimburse surcharges from ATM owners. The second part is way more important.
If you can’t keep $2500 in a bank account, you probably should not travel abroad!
Not true about the $2500 - because the same $2500 can earn a 1.7% APY at some big banks such as AMEX HY and Marcus (owned by Goldman Sache) while earns zippo at TD. just sayin. Pretty sure those who put idle cash at high yield savings at many online banking outfits can travel aplenty, and they are probably far smarter than those who have to put $2500 in a bank account to afford for better services. :D
Be an educated consumer and not give judgment to others.
Actually, it would only take a few reimbursed ATM transaction fees to outperform that 1.7% APY. It all depends on one's personal patterns.
It's not that they can't, it's that they don't want to. Why keep money in a checking account that doesn't earn any interest worth talking about (I checked, your upgraded checking account earns a whopping 0.01%-0.05%) when we can keep most of our money in one of the many online savings accounts that earn close to 2% and only put into checking what we need to use?
$2.5k is a small number for most people, considering all freebies you can get from TD, like free ATM everywhere, free checkbook, free mo, free cashiers check, free vgc, and free international and domestic wiring in and out.
If you think $2.5k is even a NUMBER to you, you better check your financial health condition.
You seriously DONT get it.
Why idle the available cash when it can work harder for you?
This is NOT what you think that the amount is too small to be meaningful, but rather it is to know how to work the money.
Besides if one has all the benefits and more, at other institutions than the TD account you thinks the best, then WHY should that person needs that TD account since other banks accounts give all the benefits and then some more, without the minimum monthly balance?
Because it's simple, only $2500, and I can go to Thailand where they charge $7 ATM fees and get reimbursed?
Wow, $50 for a 2% bank on $2500. Who cares? I was charged more than that in fees in Africa, Asia, and Europe that TD Bank ate. Keeping a fraction of 1% of your net-worth in a bank to avoid fees in case you need to withdraw cash is not a big deal.
But schwab already offers that with no minimum balance requirement. That said I still kept my TD Beyond checking simply because they have a minimum balance = less likely to get nerfed. Schwab might nerf the benefits or just shut you down for exceeding "fair usage" limits whatever that means.
Yeah $2500 at 0%apy is totally worth it for the perks. Nothing like laughing at a $7 atm fee knowing that TD gets to eat it.
Penfed has no foreign atm or transaction fees. Exchange rate is fair as well.
PenFed debit card does have a FTF fee.
"International Transaction Fee ........................ up to 2% of transaction amount"
All I have to say is: SCHWAB.