Toronto-Dominion Bank Toronto-Dominion Bank Quick Facts The Toronto-Dominion Bank widely known as TD Bank is one of the Canadian Big Five banks, ranking second to Royal Bank of Canada. TD Bank has over 52,000 employees worldwide. TD Bank operates under the TD Bank Financial Group corporate brand. TD Bank Financial Group is a registered member with the Canada Deposit Insurance Corporation and a member of the Canadian Bankers Association. Toronto-Dominion Bank History Today's TD Bank Financial Group is a result of a merger between The Bank of Toronto established in 1856 and The Dominion Bank established in 1871. On February 1st, 1955 the 2 banks merged and became the Toronto-Dominion bank. At the time of the merger both The Bank of Toronto and The Dominion Bank had similar market share. In effort to expand its US presence TD Bank bought a majority stake in the US Banknorth in 2005, which is now marketed under the TD Banknorth brand. In the beginning of 2006 TD Bank sold the US operations of online brokerage TD Waterhouse to Ameritrade. TD Bank Structure The TD Bank and its subsidiaries are structured into four main business streams: Canadian Personal and Commercial Banking (TD Canada Trust, TD Commercial Banking), Wealth Management (TD Waterhouse, TD Asset Management), Wholesale Bank (TD Securities), and U.S. Personal and Commercial Banking (TD Banknorth). TD Bank is a financial institution which offers online banking, insurance services, mortgages, home equity loans, and investment products and services. The type of account you choose depends on the amount of banking you do. If you do not have the time to browse and research every separate account type, you can benefit from the automated account selector, a very useful online tool that will indicate which account type is best suited to your needs. It is easy and quick to apply for accounts online. The system is very flexible, allowing new clients to transfer funds from other banks to new or current accounts with TD. Clients can also pay their bills online or over the phone with EasyLine web and phone banking. The bank disposes of a vast network of green machine ABMs and has convenient branch hours. The value account is very appropriate for clients who do not carry out a great deal of transactions. This account allows you to perform ten transactions per month. Additional transactions come at a very low extra charge. The account comes with free monthly statement recordkeeping, optional monthly check image return, optional overdraft protection and optional passbook recordkeeping. This account type requires a minimum monthly balance. Applicants are subject to credit approval, and fees and interest are subject to change, as the interest rate is calculated on a daily basis. Alternatively, the value plus account is suitable for clients who use their account frequently. This account enables clients to perform 25 transactions a month. The monthly fee is only $8.95, and it is waived if you have an account balance of $2,000 or more. The infinity account offers unlimited transactions, giving you the potential of huge savings if you are particularly active. The monthly fee is $12.95, and it is waived if you have an account balance of $3,000 or more. The select service is TD Bank’s offer for premium clients. The monthly fee is $24.95, waived if you have an account balance of $5,000 or more. There is a special account type for pensioners - Plan 60. It is available to all those who are 60 years of age or older. The account offers discounts, free services, unlimited transactions, no monthly fee, and many other extras. This is all for the checking accounts. Other account options include savings accounts. TD Bank features three types of savings accounts – Every Day, High Interest and the special Youth account. Apart from accounts, the bank clients can apply for mortgages, which come in various types – from 1 year to 10 year fixed rate mortgages. Other options are the 5 year closed variable rate mortgage and the 5 year fixed rate green mortgage. With the closed variable rate type, the down payment is set at a 5 percent minimum. Up to 15 percent can be prepaid on an annual basis. The interest rate is set monthly while the current rate is at 2.85 percent. The fixed rate green mortgage comes with an interest rate of 4.34 percent, and mortgage holders are eligible for cash rebates when making purchases through ENERGY STAR® or buying solar panels approved by CSA. Up to 1 percent of the mortgage amount can be rebated. New and existing clients of the TD Bank can take advantage of this offer. The bank also offers a variety of credit cards, including Visa reward cards, US Dollar Visa cards, Green Visa cards, and more. Student cards and secured cards are available. Secured credit cards are offered to persons with no credit history and new immigrants.