TD to waive chequing fees for Indigenous customers
TD Canada Trust has announced that beginning November 28, it will offer free chequing accounts to customers who identify as Indigenous. The change is part of an update to the bank’s fee structure described in the notice About Our Accounts and Related Services.
Policy details
The new policy adds Indigenous Peoples from Canada to the list of groups eligible for a $0 monthly fee on TD’s Minimum Chequing Account, which normally costs $3.95 per month. The offer applies only to this basic account, which allows 12 transactions per month, including two free in-branch or telephone transactions. Additional transactions cost $1.25 each.
Eligibility and exceptions
Under the updated terms, Indigenous clients will not be required to provide documentation to qualify for the fee waiver. This sets them apart from other groups eligible for similar exemptions, including:
- Seniors receiving the federal Guaranteed Income Supplement
- Beneficiaries of a Registered Disability Savings Plan
- Newcomers to Canada
These groups must present proof of status and may be asked to reconfirm eligibility periodically. The statement specifically
“excludes Indigenous Peoples from Canada”from the documentation requirement.
Bank’s statement
“This change reflects TD’s ongoing reconciliation journey and aims to expand financial access for Indigenous communities.”
According to TD, the initiative is part of its broader effort to strengthen relationships with Indigenous Peoples and support equitable access to banking services.
Author’s Summary
TD Canada Trust introduces free chequing for Indigenous customers, removing proof requirements to support equality and financial inclusion in its reconciliation efforts.