TD to waive chequing fees for customers identifying as Indigenous

TD Canada Trust says it will begin offering free chequing accounts to customers who “identify as Indigenous,” as part of upcoming changes to its fee structure taking effect November 28.

TD Canada Trust says it will begin offering free chequing accounts to customers who “identify as Indigenous,” as part of upcoming changes to its fee structure taking effect November 28.

The policy, outlined in a notice titled About Our Accounts and Related Services, adds “Indigenous Peoples from Canada” to the list of groups eligible for a $0 monthly fee on the bank’s Minimum Chequing Account. The account normally costs $3.95 per month.

Under the new terms, Indigenous clients will be exempt from providing proof of eligibility, unlike other groups listed for the same waiver. Seniors receiving the federal Guaranteed Income Supplement, beneficiaries of a Registered Disability Savings Plan, and newcomers to Canada must show documentation and may be asked to reconfirm their status periodically.

The exemption for Indigenous clients specifically states it “excludes Indigenous Peoples from Canada” from that requirement.

The offer applies only to TD’s most basic account, which includes 12 transactions per month and limits in-branch or telephone banking to two free transactions monthly. Additional transactions cost $1.25 each.

TD says the move reflects its ongoing “reconciliation journey” and is intended to improve access to financial services for Indigenous communities.

The bank already operates an Indigenous Banking Group that partners with First Nations, Inuit, and Métis organizations.

Direct competitors to TD in the Canadian national banking industry have introduced similar products.

Royal Bank of Canada, for example, has announced that it now has a “no monthly fee bank account for Indigenous Peoples across Canada” as part of its Reconciliation Action Plan.

Bank of Montreal also states on its “Indigenous Banking” page that its program “offers personalized banking support and special offers on bank accounts, credit cards, mortgages, loans and investments” for Indigenous clients.

As part of its unique “services for Indigenous Peoples” package, Scotiabank offers what it calls “financial literacy training and credit building education.”

Canadian Imperial Bank of Commerce, meanwhile, describes “tailored financial services to First Nations, Inuit and Métis clients,” including housing loan options.

With TD’s announcement, all of Canada’s Big Five banks—RBC, BMO, Scotiabank, CIBC and TD—now offer some form of fee-free banking targeted at Indigenous clients