July 19th, 2022
Client Service
Toronto-Dominion Bank, Kelowna Branch
1633 Ellis Street Suite 410
Kelowna, British Columbia, V1Y 2A8
Attention: Mr. Alex Jensen
Dear Mr. Jensen,
Toronto-Dominion Bank is a major leader in Canada’s financial sector, and offers various excellent financial products. I have been a customer for three years, with a Student Chequing account, Everyday Savings Account, and Cash Back Credit Card, but a recent interaction with a product left me confused and somewhat agitated.
On June 27th, I switched my Everyday Savings Account to an E-Premium Savings Account, with the understanding the annual interest rate for my new E-Premium savings account (0.5%) would be fifty times higher than that of that of the Everyday Savings account’s (0.01%).
However, on June 30th, when I checked the balance of my E-Premium Savings Account for its monthly interest credit, the interest credit’s amount was much less than expected. The interest amount I received was 67 cents, but was expecting was closer to $6.70.
The amount I expected was based on a calculation where I divided the E-Premium’s 0.5% annual interest rate by 100, and then multiplied the result (0.005) by the money roughly in my account ($15,000). This gave me the total interest credit I would likely receive in a year ($80.4), so then I divided that number by 12 to determine the monthly interest credit I would likely receive ($6.70). I then double-checked your website, making sure I was using the right interest rate in my calculation, when I noticed a third savings account you offer, the High Interest Savings account. This account stood out, because its annual interest rate was 0.05%, which is the exact interest rate that would yield 67 cents per month. I am pleased to be earning more from my savings compared with my previous account, but I wonder if when my account was switched, it was unintentionally switched to the High Interest Savings account instead of the E-Premium one.
I understand account changes take time to properly appear in digital systems and financial records, but I wanted to ensure I am maximizing my savings with TD, as with greater savings I could more effectively explore other TD products like Direct Investing and mutual funds.
Considering this, I would highly appreciate it if one of your representatives could confirm my account was properly switched to the E-premium Savings version, and then further discuss the account’s terms with me, making sure I fully understand the product. Since I have already received 67 cents of my interest credit, in that discussion I also want to learn how I might claim the remaining $6.03 in interest credit I seem owed.
I appreciate your time, and am otherwise highly satisfied with all your products and services. I hope this issue can be resolved before the month’s end, so that I may get the best value from your excellent products.
Sincerely,
Leif Jack
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