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How to Close a TD Bank Account: 4 Ways

Updated on March 5, 2024

At a Glance

  • To close your TD Bank account, you have options including phone, branch visit, online, or written request.
  • Prior to closure, remember to transfer your balance, update automated payments, resolve negative balances, return your passbook (if applicable), and download past statements.
  • Reasons for closing an account may include relocation, unsatisfactory customer service, high fees, or a preference for non-banking alternatives.
  • Ensure you follow necessary steps and consider your specific circumstances before proceeding with the closure.

According to a survey from 2019, about [95% of U.S. households were banked](https://www.fdic.gov/analysis/household-survey/index.html#:~:text=The 2019 survey finds that,was first conducted in 2009.). Many individuals need bank accounts as they can be used to receive the monthly paycheck, store the money safely, or send money to/ receive money from family members or friends. But sometimes, you may also want to give up on a bank account.

So, how to close a TD bank account if you have no need for it?

How to Close a TD Bank Account

To close a TD Bank account, there are several methods available:

  1. By phone
  2. At a branch
  3. Online
  4. By written request

Read on to learn more about each of these methods.

1. Call EasyLine

To close your TD account by phone, call one of these numbers:

  • For English, dial 1-866-222-3456.
  • For French, dial 1-800-895-4463.

This method allows fund transfers or the issuance of a draft if necessary. For closing a TD investment account, contact TD Direct Investing at different numbers provided for English and French speakers. The account must have a zero balance before closure.

2. Visit TD Canada Trust Branch

Visit a local branch, especially if you have specific questions or prefer speaking to someone in person.

3. Close Online for Zero Balance Accounts

For personal accounts with zero balance, send an email request through your account or call TD Customer Service at 1-888-751-9000. Business accounts must be closed at a branch, regardless of the balance.

4. Written Request

If unable to call or visit, a written, signed, and notarized request including your account number can be submitted to close your account.

Steps to Take Before Closing Your TD Bank Account

Closing your TD Bank account requires careful preparation to ensure a smooth transition. Here are the essential steps to follow before you proceed with the closure:

  1. Transfer Your Account Balance:
    • Before closing your old account, consider opening a new one if you haven’t already. This allows you to transfer your existing balance.
    • Ensure your TD Bank account balance is zero before initiating closure.
  2. Update Automated Payments and Payroll Details:
    • Review and update any automatic payments, like subscriptions or recurring bills, linked to your TD Bank account. Failing to do so might lead to missed payments or service interruptions.
    • Examine your past bank statements to identify all automated charges. List them and switch these payments to your new bank account.
    • Inform your employer about the change if your salary is deposited into this account.
  3. Resolve Any Negative Balances:
    • Clear any outstanding negative balances in your TD Bank account. The bank will require a zero or positive balance before allowing account closure.
  4. Return Your Passbook (If Applicable):
    • If you have a passbook account, it’s necessary to return the passbook to the bank as part of the closure process.
  5. Download Past Account Statements:
    • Secure copies of your account statements from the last six months or more. These records could be important for future reference, especially for significant past transactions.

Completing these steps will help ensure a seamless transition away from your TD Bank account.

Potential Reasons to Close a TD Bank Account

While it might seem perplexing to close a TD Bank account, given the convenience and utility of a bank account, there are several valid reasons why someone might decide to do so. Here are some common scenarios:

Relocation to a Different Area:

TD Bank has a concentrated presence on the East Coast of the U.S. Moving to a location where TD Bank branches are sparse, such as the West Coast, can be a practical reason to close the account. In such areas, using non-TD ATMs could incur additional fees, making it more sensible to switch to a local bank.

Unsatisfactory Customer Service Experience

Personal experiences with customer service can significantly influence the decision to continue with a bank. Negative interactions, unaddressed issues, or perceived rudeness may lead a customer to terminate their relationship with the bank.

High Fees or Unfavorable Requirements

Banks have various fees and account requirements. If TD Bank’s fees or account requirements are not aligned with one’s financial situation or preferences, it might prompt the account closure.

Preference for Non-Banking Alternatives

A growing trend is the preference for handling finances outside the traditional banking system. Those who find banking unnecessary or cumbersome might choose to close their accounts.

Cost of Banking

The overall cost of maintaining a bank account, including service fees, minimum balance requirements, and other charges, could outweigh its benefits for some individuals.

Read More

Final Thoughts

Closing a TD Bank account is not difficult. You just have to make sure that you do a few things before closing it. Clear any negative balance, transfer existing funds to a new account, change auto-debits and paycheck information, and download bank statements from the past 6 months. Afterward, you can contact the bank and proceed with closing your account.

Frequently Asked Questions (FAQs) about Closing a TD Bank Account

1. Can I close my TD Bank account online?

Yes, you can submit a closure request online by sending an email to TD Bank’s customer service. However, it’s recommended to ensure you have a zero account balance before initiating the closure process.

2. How do I close my TD Bank account in person?

If you live near a TD Bank branch, you can visit the physical location and submit a written account closure request. Make sure to bring your account number and any necessary identification.

3. What should I do with a negative balance in my TD Bank account?

Before closing your TD Bank account, it is important to clear any negative balance that may exist. Failure to do so may prevent you from closing the account.

4. Can I transfer the balance from my TD Bank account to another bank?

Yes, it is advisable to open a new bank account before closing your TD Bank account. This will allow you to transfer the balance from your TD Bank account to the new account seamlessly.

5. Do I need to update my auto-debit and paycheck information before closing my TD Bank account?

Yes, it is crucial to update any automatic debit arrangements linked to your TD Bank account. This ensures that payments are properly redirected to your new bank account. Additionally, inform your employer about the change in account details to avoid any disruption in receiving your paycheck.

6. Do I need to return my passbook-type account to TD Bank when closing my account?

Yes, if you have a passbook-type account with TD Bank, you must return the passbook to the bank as part of the account closure process.

7. Should I download previous account statements before closing my TD Bank account?

Yes, it is recommended to download and keep copies of your previous account statements for reference purposes. These statements may contain important transaction records that you may need in the future.

8. What are some common reasons for closing a TD Bank account?

There are several reasons why someone might choose to close their TD Bank account. Some common reasons include moving to a state where TD Bank is not available, dissatisfaction with customer service, high fees or requirements, and a preference for alternative banking methods.

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Frank Gogol

I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.

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