How to Close Your TD Bank Account

After you’ve had the same bank account for many years, there may come a time when you need to make a switch. Perhaps you’re moving to another country and don’t need to keep your Canadian account, or maybe you’re in the process of consolidating your funds.

Whatever the reason, if you’ve never closed a bank account before, you may not be sure how to go about it. For example, if you bank with TD Canada Trust, you may wonder how to close your TD Bank account. To learn the answer to this and other related questions, keep reading!

Before you close your account 

Before we show you how to close your TD Bank account, there are a couple things to take care of beforehand to ensure you’re taking proper care of your finances. Let’s go over a few of the steps below to help you complete your account closure without worry!

Open a new account at an alternative bank

First off, before you can close your TD Bank account, you’ll want to open an account at a new bank so that you can seamlessly move the money over to a new account. 

If you’re closing your account because it isn’t meeting your personal financial needs, make sure to do some research first to ensure that your new bank will help you with things such as saving on bank fees, saving on higher interest rates, and other similar benefits. 

Update your bills and automatic payments

Next, make sure to update your expenses that are set up with automatic payments to ensure the company is drawing funds from the correct bank account. If you move all of the money in your TD account to your new one without updating these details, this may result in you “missing payments” and receiving higher charges later on.

The types of bills and payments you should update include:

• Phone bill
• Utility bill
• Loan payments
• Mortgage payments
• Subscriptions (streaming services, magazines, mobile games, etc.)

Transfer your funds to your new account

Once you’ve updated all of your bills and automatic payments, it’s time to move your money out of your TD account and into your new bank. You’ll want to do this soon after updating your billing information so that you don’t miss any payments. 

Note that you are able to keep your loan accounts, lines of credit, investments, and credit cards open if you so choose – they are different from your savings and chequing accounts. Collect and download the necessary documents

Another important thing to do before closing your TD Bank account is to collect and download all your necessary documents. For example, make sure to download copies of your bank statements to ensure you have records of your past transactions and details for filing your taxes.

After following all of these above steps, you can begin the process of closing your TD Bank account. However, make sure to wait a few weeks after updating your automatic payments and bills to make sure you didn’t miss updating any information for other merchants to whom you owe funds. 

Once a few weeks have passed, you can finalize the close of your account. Also, make sure to destroy your cheque books and old bank cards so that you don’t accidentally use them.

How to close your Bank account: TD Canada Trust

After taking the steps outlined above to prepare for the close of your bank account, it’s time to complete the closing process. TD Bank customers can close their bank accounts through two means: in person at their local TD branch, or over the phone with customer service. We’ll go over how to complete each method below:

In person at your local TD branch

To complete the cancellation of your TD Bank account in person, follow the steps outlined below:

1. From your computer or mobile device, open the TD Bank website and log on to your personal bank account

2. Once you’ve reached the home page, scroll over to the Contact Us page and select the Book an Appointment option

3. Select the Personal option from the appointment types and click Next

4. Complete the other prompts on the form and select a date for your appointment

5. Finalize the details and select Complete 

6. Once you arrive for your appointment, relay your request to the TD Bank teller and they will complete the process of cancelling your account

Over the phone with customer service

This can also be done over the phone by dialing the EasyLine number (1-866-222-3456) and speaking to a customer service representative. For a French customer service representative, log on to the TD Bank website and go to the Contact Us page to access the francophone number.

Once you’ve been put through to a TD representative, detail your request to close your bank account and they will complete the process on their end.

As mentioned above, former TD account holders can keep their investments, lines of credit, loan accounts, and credit cards open if they so choose, as these elements are separate from chequing and savings accounts. 

It’s important to note that upon closing your TD account, you will have to pay transfer fees for the following:

• Non-registered accounts fee: $150
• Registered accounts fee: $150

How to close my TD Bank account online/through the mobile app?

At this time, TD does not provide the option for account holders to close their accounts through the TD website or through the mobile banking app. However, you can access the necessary information for closing your account via the TD website, such as the method for booking an appointment and access to the customer service line. 

Will this affect my credit card score?

Customers wondering how to close a TD bank account often ask if their credit score will get hit. When closing your TD Bank account, your credit card score will not be affected, as your credit line is a separate entity from your chequing and savings accounts. It may, however, be affected if you cancel a credit card; doing so can affect the available credit history, and may impact your limit. 

Therefore, if you’re concerned about your credit score being significantly lowered, you can wait for a few weeks or months after opening a credit card at your new bank, which will give you time to raise your score higher, giving you a slight advantage when cancelling your TD card if your score is slightly lowered.

Conclusion – How to close your TD Bank account

To close your account, follow any of the methods outlined above. Before closing your account, make sure to get your finances in order for your new bank account, such as changing your billing and auto-payment information, transferring your funds from TD to your new account, and downloading copies of your transaction history. 

Once you’ve completed this, you can finalize the close of your account without worry. It’s also important to note that you may have to pay transfer fees upon closing your account. Suppose your new bank account is outside of Canada. In that case, you may wish to convert the remaining funds in your account to foreign currency, which can be seamlessly accomplished by using Knightsbridge FX foreign exchange services. Get Started today to learn how you can transfer more money for less.