TD Commercial Banking Review

When it comes to banking services, business owners opt for reliability, flexibility and accessibility. TD commercial banking is structured with the sole purpose of moving businesses forward. This is achieved through the provision of dedicated and knowledgeable products and services for business owners.

TD commercial banking offers savings and checking accounts in addition to a plethora of other customized solutions that will help you achieve your business goal. 

The Right Customer for TD Commercial Banking

TD bank offers financial services such as investment banking, personal banking and commercial banking and small business banking. Your financial service choice depends on your financial needs and goals. 

For instance, if you are conversant with online procedures, it is most probable that you will choose to set up and access TD Bank Online. Perhaps you are a large business owner with complex business requirements, then TD commercial banking might be just right for you. 

Business Segments Supported by TD Commercial Banking 

Having established who TD commercial banking is for, you need to know if your business segment is supported by TD bank. If your business can be found in the categories listed below then TD commercial banking is right for you. 

• Aboriginal
• Agriculture
• Automotive
• Equipment Finance
• Franchise
• Professional 
• Real Estate

TD Commercial Banking Products and Services

TD bank offers endless business solutions, services, products and expertise that are designed to suit individual business needs. Some of these solutions are exclusive to commercial banking.

From business loans to unique business accounts and business investment, TD commercial banking provides you with all. Let us look at some of the solutions to commercial banking. 

1. Business Banking Accounts

For enhanced flexibility, TD bank provides convenient banking plans in the U.S and Canadian dollars.  No matter how complex your business needs are, there are customized solutions that are designed to suit your unique needs. 

These solutions ensure that there is efficient cash flow by providing a wide range of cash management peculiar to your operating account. The business banking accounts available to clients who opt for the TD commercial banking services are:

Trust Account

If your business operations involve holding funds for clients, then a trust account is designed for you. It is a type of account that simplifies the accounting and administration of businesses that run trust fund operations. 

Some of the perks of the trust account are automatic tax receipts for each participant, interest calculated on the daily closing balance, monthly statements of each participant’s trust deposit contributions etc. 

This account is beneficial to your business because it earns interest on funds in trust and simplifies accounting operations for in trust deposits. 

TD Premium Business Savings Account

Based on a tiered rate structure, you can earn interest on spare funds with the premium business savings account. It is a business savings account that is linked to your business operating account. 

This type of account is designed for extra funds exceeding $100,000. It offers a high degree of liquidity and is also available in the U.S and Canadian dollars. 

One of the perks of this account is that it allows the transfer of funds to and fro your TD premium business savings account. Additionally, this transfer can be easily done through web business banking or your TD Canada Trust Branch.  

2. Business Investments

Exclusive to only commercial banking customers, TD Direct Trade Investment Team is made up of investment specialists. These specialists provide advice and expertise on investment products keeping your business agile in the ever-changing market. 

Investment specialists are available from Monday to Friday, from 7:30 am to 7:00 pm.  Make valuable business investments from anywhere over the phone. Supported investment options include:

• Canadian, U.S and Foreign Currency Term Deposits
• Canadian, the U.S. and Foreign Currency, Guaranteed Investment Certificates (GICs)
• Bankers’ Acceptances, Commercial Paper/Bonds, Federal and Provincial Treasury Bills
• Corporate and Government Bonds (including Strip Bonds)

3. Financing Services

As a TD commercial banking client, you have access to a wide range of financing options that match and support your business objectives. The financing solutions are listed as follows.

Operating Credit

This solution presents you with the U.S and Canadian dollar operating lines. It is a solution that provides finances to meet your company’s short term credit requirements. This finance solution also helps to facilitate local and international trade among businesses. 

You have access to Letters of Credit and Letters of Guarantees for proof of payment of goods and services between businesses. 

Term Loans

Your company credit needs such as growth, expansion or start-up capital can be met with the term loans solution. You have the option to choose from a floating or fixed rate U.S or Canadian dollar term loan. Term loans are also available for government-guaranteed programs and small businesses. 

Asset Based Lending

This is a commercial banking finance solution that uses collateral like inventory and account receivable to provide capital for companies. It provides Letters of Credit, integrated cash management, owner-occupied commercial real estate mortgages, equipment lines of credit and term loans etc. 

Capital Markets

This solution helps to explore the capital market. It provides financial plans for a private placement of debts and equity, public equity, management buyouts and/or succession planning, sale of a business, mergers and acquisition.

Financial Risk Management

With customized solutions made by risk management specialists, your business is provided with solutions that help to reduce risks. These specialists also provide advice on market strategy, execution of swaps and structure solutions. Its benefits include interest rate caps, interest rate collars and floating loan swaps.

Equipment Financing and Leasing

No matter your industry, you can maintain a competitive edge by having access to equipment leases and financing. 

These solutions help to increase the value of your business, improve your cash flow and modernize your capital asset by financing equipment and products that will help your company grow. 

Commercial banking equipment financing options include conditions sales contracts, loans, leases, sale-lease-backs etc.

4. Cash Management- Payables

TD commercial banking aids business banking flexibility by providing a wide range of payment and transaction methods from anywhere. Depending on what works for your business, there are several solutions that make it easy to make payments electronically.

Let us look at some of these solutions. 

Credit Card Solutions

For your everyday transaction and business financing, you have a wide range of business credit card solutions to give your business a seamless cash management system. 

The difference between the TD Visa Cards and the TD Business Credit Cards is that the business cards offer commercial banking solutions that suit your business needs. 

From reducing payment costs to streamlining your entire payment process and enhancing control over spending, your business needs are greatly considered. Some of the business credit card options include:

• TD Aeroplane Visa Business Card
• TD Business Travel Visa Card
• TD Venture Line of Credit Visa Card
• TD Visa Card

Funds Transfer (EFT)- Credit

Payments such as payroll, annuities, dividends, investments and pension plan payments can be made without incurring extra costs. You save more time with EFT by releasing funds to your receiver’s account (to any financial institution in Canada) on the pre-selected due date.

EFT for commercial banking customers helps to enhance cash flow forecasting, reduce staff administration time, reduce cheque production and reconciliation cost, reduce postage and distribution expenses and provide quicker access to funds. 

Wire Payments

With the TD commercial banking wire transfer, you can transfer money virtually and securely to any part of the world. It is safe for your business because funds are transferred using authentication and encryption technology in addition to other levels of security. 

History and audit trail is also available for more security. Financial reports can be printed or downloaded for documentation and review purposes. 

Tax Payment and Filing

Commercial banking enables you to pay and file federal and provincial business taxes online. This solution helps you to meet up with your tax deadlines and avoid late payment charges. It also helps to speed up GST/HST refunds and reduces paperwork. 

Payroll Services

Meet Ceridian; a solution that helps you manage your payroll effectively. No matter the size of your organization or the complexity of your payroll requirements, Ceridian provides services such as Powerpay Phone, Powerpay Web and Insync (service by PC). 

This business solution will help you save costs on payroll outsourcing, provide Records of Employment on your request and automatically reconcile your payroll. 

Other business solutions of TD commercial banking include cash management-receivables, US banking services, global services, wealth advisory services, business credit life insurance and cash information, consolidation and reporting. 

How to Use TD Commercial Banking 

Every business is unique and operates differently. This is why the TD commercial banking system presents different banking solutions. With a single TD commercial banking login, you can access a variety of business banking solutions. The commercial banking online solutions include,

1. Web Business Banking

Web business banking allows you to manage your business online. Whether, at the office or home, you can manage cash flow, account balances and transaction information. Based on your business requirements, you can control user access and administrative rights, flexibly and on multiple levels. 

Also, initiate transfers, access payment options and detailed financial reports online with the web business banking. 

2. EasyWeb Internet Banking

To manage your business banking in real-time from anywhere in the world, you need EasyWeb Internet Banking. With a single login, you can access your personal and business account information and transaction. Also, you can transfer money to and from your personal and business account. 

3. CorrespondentWeb Service

CorrespondentWeb helps you obtain daily and historical, as well as transactional activities, on your foreign accounts. You can effectively manage your daily cash flow through timely investments. CorrespondentWeb allows you to have real-time information on foreign currency account to effectively manage cash flow. 

4. ATM

TD commercial banking customers have access to over 4,000 TD Green Machine ATMs. With your TD Visa Cards, you can carry out and complete any business transaction including cheque and cash deposits. 

5. Express Deposits

Deposits are made easier with TD Express Deposits. Put your deposits in a sealed deposit bag and drop it at your branch secure depository by 9 pm, your deposit will be processed the next day.

This helps to avoid keeping large amounts of cash on your premises overnight. It also helps to eliminate joining long queues at your branch. 

Alternatively, you can use the Direct Delivered Deposit. Simply arrange with an armoured car service to pick up your deposit and drop at the centralized processing unit by 2 pm.

Your deposit will be processed the same day. This will remove the need to visit the branch and will enable you to make deposits at a convenient time. 

6. Remote Deposit Capture

Make deposits easily with your computer and compatible scanner. This is an easy and convenient way to deposit items without worrying about meeting up with the bank closing time. 

TD Commercial Banking Rates

The TD Canadian Premium Business Savings Account Base Rate is 0.010%. This is a reference interest rate set from time to time by the TD bank. It is exclusive to premium business bank accounts.

The rates for non-cash accounts are subject to change at different times of the day. Asides from the sale and purchase of currency notes, rates apply to foreign exchange transactions. 

FAQ

If my business is a non-profit organization, do I still have access to these commercial banking solutions?

TD Bank has financing and treasury management solutions customized for the needs of not-for-profit organizations.

You will have in-depth industry expertise by working with experienced bankers who specialize in not-for-profit organizations. You will also enjoy the benefits of having a strong bank on your team. 

What is the base rate for the TD US dollar premium savings account?

Effective fro, March 18, 2020, the rate for TD US Dollar Premium Savings Account is 0.010%. However, it is important to note that this rate is subject to change by the TD bank from time to time.

This rate is also a reference interest rate exclusive to the TD US dollar premium savings account. 

Who do I contact for TD commercial banking in Edmonton, Alberta, Canada?

For TD commercial banking, Edmonton, you can contact Curtis Neumann, (780) 448-8155, Curtis.neumann@td.com