TD enhances cross-border banking service to meet growing demand

TORONTO, Nov. 15, 2012 /CNW/ - Cross-border shopping sprees, regular business 
commutes, seasonal adventures and studying abroad - there are many reasons why 
Canadians are looking for cross-border banking solutions in North America. As 
the Loonie has risen against the Greenback, so too has the demand from 
Canadians for US-dollar bank accounts, according to TD Canada Trust. 
Catering to this demand, TD today introduced an enhanced cross-border banking 
service to make it easier for Canadians who work, live, vacation or study 
south of the border to open bank accounts in the US, build a US credit 
history, apply for a US mortgage and avoid fees when moving money south of the 
"Thousands of Canadians cross into the US every day, and whether it's for 
business or pleasure, many have unique cross-border banking needs," says Greg 
Quinn, Vice President, TD Canada Trust. "TD Cross-Border Banking allows our 
customers to complete banking transactions seamlessly between Canada and the 
US, making it more convenient to pay bills and write cheques for US expenses. 
It also leverages both US and Canadian credit histories, making it easier to 
apply for a loan or mortgage." 
As other Canadian banks shrunk their US footprint last year, TD opened 37 
branches in the US. It now boasts 1,300 US branches along the Eastern Seaboard 
from Maine to Florida. 
TD's cross-border banking services offer the following benefits to Canadian 
customers who open a US TD Bank account: 

    --  Easily transfer money between your Canadian-based TD Canada
        Trust account and your TD Bank account in the US while avoiding
        wire transfer costs
    --  Apply to TD Bank for a US mortgage and US credit card based on
        your Canadian and US assets, income and credit history
    --  View both your Canadian and US TD accounts on the same webpage
        through EasyWeb online banking
    --  Sidestep conversion rates and currency exchange service charges
        by using the TD US Dollar VISA Card
    --  Use your TD Access Card in the US to withdraw cash from over
        1,800 TD Bank ATMs without paying additional system fees
        outside of foreign exchange fees

"To make cross-border banking even more convenient for our customers, we've 
also created an informational website and a 24/7 support line for our 
customers to contact us for advice on the best way to manage their 
cross-border banking between the US and Canada," says Quinn.

As Canadians gear up for one of the biggest travel and cross-border shopping 
seasons of the year, Quinn offers his insight into five little-known 
differences between the US and Canadian retail banking systems to help 
travellers avoid unnecessary stress:

  1. Post-dated cheques are not recognized in the US - If you post-date
     a cheque and the recipient deposits it early, the cheque will
     clear and the amount will be deducted from your account straight

  2. The US clearing system is a little slower - Depending on when the 

     payee deposits or cashes the cheque, cheques in Canada can clear
     the same day while cheques in the US may take up to 14 days to

  3. You can't pay bills at US ATMs - Unlike in Canada, US ATMs do not 

     have bill payment capabilities. Cheques are a very common way to
     pay bills south of the border, and you can also use online

  4. Account balances are not shown in 'real time' in the US - In the 

     US, transactions may take a few days before they are posted to
     your account. For example, ATM and debit transactions take one to
     three days and bill payments processed through merchants may take
     five to seven days. In addition, transactions that have not
     cleared yet will decrease your available balance online, but
     sometimes not for the final amount. For example, restaurant tips
     and hotel deposits may not be accurately reflected until the

 entire transaction clears.
  5. When making deposits and withdrawals at a bank branch, you fill 
 out slips for the transactions rather than using your debit card. 
For more information, advice or support on US banking needs, please call the 
TD Cross-Border Banking Support Line at 1-877-700-2913 or visit 
About TD Canada Trust  
TD Canada Trust offers personal and business banking to more than 11.5 million 
customers. We provide a wide range of products and services from chequing and 
savings accounts, to credit cards, mortgages and business banking, to credit 
protection and travel medical insurance, as well as advice on managing 
everyday finances. TD Canada Trust makes banking comfortable with 
award-winning service and convenience through 24/7 mobile, internet, telephone 
and ATM banking, as well as in over 1,100 branches, with convenient hours to 
serve customers better. For more information, please visit: TD Canada Trust is the Canadian retail bank of TD Bank 
Group, the sixth largest bank in North America. 
Liz Christiansen / Steve Presant Paradigm Public Relations 416-203-2223 / 
SOURCE: TD Canada Trust 
To view this news release in HTML formatting, please use the following URL: 
CO: TD Bank Group
ST: Ontario
-0- Nov/15/2012 13:30 GMT
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