How to Close Your TD Bank Account: Everything You Need to Know
Are you changing banks or consolidating accounts to simplify your finances? If so, it’s crucial to know how to close a TD Bank account properly. Our guide will explain everything you need to complete the closing process smoothly and avoid common mistakes.
Prepare to Close an Account at TD Bank
Closing a TD account requires a few preparatory steps to ensure a smooth transition. Follow this straightforward guide to keep your finances on track:
- Open a New Account at Another Bank: Before closing your TD Bank account, open a new one at another financial institution. This ensures you have a place to transfer your funds and prevents service disruptions. If you’re switching banks because TD no longer meets your financial needs, research alternatives that offer benefits such as lower fees, higher interest rates, and better services.
- Update Your Bills and Automatic Payments: The next step is to update all your expenses. If you transfer money from your TD Bank account without updating this information, you could miss payments and incur additional fees.
Types of accounts and payments that a person should update:
- Loan payments
- Phone bills
- Utility and mortgage payments
- Subscriptions (e.g., streaming services, magazines, mobile games)
- Transfer Funds to the New Account: Once your payment details have been updated, it’s time to transfer the remaining funds from your TD Bank account to your new account. Complete this step promptly after updating the information to prevent any issues with upcoming payments.
- Gather and Save Required Documents: Another important step before addressing TD Bank to close the account is gathering and uploading all necessary documents. For example, make sure you save copies of bank statements to maintain a record of your transactions for future tax filings or future reference.
After updating your payments and transferring your funds, you can begin closing your TD Bank account. However, don’t rush — wait a few weeks before officially closing your account. This ensures you haven’t missed any automatic payments or linked services.
After a few weeks, you can officially close the account. Also, once everything clears, destroy your old checks and debit cards to prevent accidental use or fraud.
How to Cancel TD Bank Account
There are several options for closing an account at TD Bank:
- By phone;
- In person at a branch;
- Online (for certain accounts);
- By written request.
Below are the details for each of these methods and the service features.
Call EasyLine
You can close a TD Bank account without leaving your home by calling EasyLine. To do this, you need to call TD Bank at the following numbers:
- English:
1-866-222-3456; - French:
1-800-895-4463.
This option allows you to transfer funds to another TD Canada Trust account or request an official bank draft if needed.
If you’ve decided to stop investing and want to close your TD investment account, the best way is to contact TD Direct Investing:
- English:
1-800-465-5463or416-982-7686; - French:
1-800-361-2684or514-289-8439.
Make sure your Direct Investing account balance is zero before requesting closure.
Visit TD Canada Trust Branch
If you prefer in-person assistance, visit your nearest TD Canada Trust branch. This is useful if you have additional questions about the process or need guidance before making a transfer.
TD Bank branches are located across Canada. If you’re unsure where the nearest one is, visit the official TD website to locate the nearest branch.
Can You Close TD Bank Account Online?
You can close a TD Bank account online only if the balance is zero. If any funds remain in the account, you will need to visit a TD branch in person (or send a signed and notarized letter requesting closure) — phone or online closures are only possible for accounts with a zero balance. However, if your personal account has a zero balance, you can close it conveniently through the TD app or online banking using one of the following methods:
- Sending a request via email through your account;
- Calling TD customer support at
1-888-751-9000.
If you have a business account with TD, in-person visits are required regardless of the account balance.
Make a Written Request
If other methods don’t suit you, you can submit a written request that includes your account number. To close the account successfully, it must be signed and notarized.
Conclusion
Closing an account in TD Bank is a straightforward and quick process when you prepare ahead, handle automatic payments and pending transactions, transfer remaining funds, and follow the proper steps. Just choose the desired closure method and complete the process with confidence.
One last thing to remember is that a fee may apply when transferring funds to another account, especially if your new account is located outside of Canada. If applicable, convert any remaining funds into the required foreign currency.
FAQ
How to close a TD account online?
If you have a remaining balance, you’ll need to call or visit the branch to cancel your account entirely. Even if your account balance is zero, you must either contact customer service by phone or send a written request by secure email to confirm the closure.
Does TD Bank charge a fee for closing an account?
There’s no fee for closing a TD account. Even early closures are free, while many other banks charge fees if accounts are closed within 90 days of opening.
How long does it take for TD Bank to close my account?
If your account has no pending transactions, the closure can be processed immediately. However, if there are outstanding payments, it may take a few business days for the account to fully close.
