TD Bank, N.A. (USA)

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TD Bank, N.A. (USA)

TD Bank is among the five largest banks of USA and has been providing banking services for more than 150 years. The bank began its history in 1852 as Portland Savings Bank. At the beginning of the last century, the bank changed its name to Banknorth. In 2004, the largest group of Canadian financial companies TD Bank Group of Toronto became the majority shareholder in Banknorth. The next step was the acquisition of Commerce Bank (USA) in 2008. After such a significant expansion, the TD Bank Group changed its name to the current TD Bank and established the slogan “America's Most Convenient Bank”. This success of the bank is due to financial stability, a flexible approach to cleints, a variety of online services and a fairly good representation in the United States.

OPEN AN ACCOUNT IN TD BANK NA

Types of bank accounts

Corporate (solely for the resident companies in the US.)

Currency of accounts: USD.

The bank is interested in customers with a turnover of 1 million USD per year.

The cost of opening of the account

(bank tariff)

Corporate account is open for free.

 

Minimum balance -  within 5 banking days from the moment of opening an account, a minimum deposit of $ 1,500 must be transferred to the account. This amount serves as a minimum balance. The bank has the right to close the account if there is zero balance in the account during a month.

It is impossible to restore such an account and it is necessary to apply for opening a new account.

Representative offices 

Bank representative offices are located on the east coast of the United States.

Management of the account

Internet-banking.

Bank's tariffs

In the presence of the account minimum balance bank does not charge a monthly fee for account maintenance. If the client does not adhere to this requirement, the commission for servicing the account is from 15 to 50 USD per month, depending on the type of account.

Money transfers:

- within one banking day, a maximum of 25 000 USD can be transferred to another account with a US bank;

- USD transfers from an account abroad are prohibited;

- in order to transfer funds from a client’s USD account to a foreign bank account in another currency, it is necessary to: receive a confirmation for the transfer and conversion of funds from a private banker in online banking; transfer foreign currency in the equivalent of 10 000 USD minimum (one-time transfer) and 120 000 USD minimum (within one calendar year);

- To transfer funds from a corporate account to another account outside the United States, a compulsory personal visit of the signatory to the bank branch is required;

- the bank's commission for incoming and outgoing payments depends on the type of account. In general, the commission is from 35 cents to 10 USD regardless of the urgency and amount of the transfer.

Terms of opening the account 

The procedure of opening the account starts with the preliminary stage, which includes the process of gathering and submitting documents required for opening an account. Term of the preliminary stage will depend precisely on you.

The decision to open an account is made within 14 banking days from the date of submission to the bank of the signed banking forms and all necessary documents for the company, signatory, attorney and beneficial owner.

The client is informed about the decision that has been made by the bank in a way selected in advance (by phone, e-mail, bank message).

TD Bank follows the «know your client» principle and therefore you may be requested to provide any additional information or documents concerning the procedure of opening the account that may take additional time. Bank also may refuse to open the account without any explanations.

Staff

English speaking.

Credit/debit cards

Visa.

Other bank’s products

Financing: trade, corporate, structured.

Private banking, risk management, investing, deposits, loans, mortgages, loans, etc.

Documents for opening an account

Signing forms are provided at the Campio Group office after the bank carries out the initial verification of documents online.

 

Documents for the company:

- originals of all statutory documents;

-  letter from the American Tax Service on the assignment of a company tax number (EIN Tax ID number);

- mailing address of the company;

- company phone number (the bank will definitely check this number);

- electronic address (e-mail) of the company;

- original audit report for the last reporting period (if any);

- detailed description of the company;

- description of the origin of the funds.

Documents for the account holder:

- original of national passport;

- original of foreign passport;

- utility payment (receipts for the last 3 months at the time of contacting the bank);

- curriculum vitae;

- letter of recommendation from the bank;

- description of the origin of the funds;

and one of the documents from the list below:

- employment card with signature and identification number;

- driver's license with signature;

- college student card with identification number;

- residence permit certificate with a photograph.

The set of documents must be translated into English. Notary certification and apostille are not needed.

- if the holder owns a resident company - its registration certificate and charter are required.

Documents for the beneficiary of the company:

- the same set of documents as for the account holder;

- internal documents of the company confirming the share of the beneficiary in the authorized capital (trust declaration, etc.);

- if the beneficiary owns a resident company, its registration certificate and charter are required.

 

Documents for the company attorney:

- the same set of documents as for the account holder;

- original power of attorney under the apostille. The power of attorney is preferably apostilled separately from all documents. The text of the power of attorney must be agreed upon before opening an account.

- if the attorney owns a resident company, its registration certificate and charter are required.

General requirements for documents for opening an account:

- documents must be in the original, notarized, or notarized as true copy;

- documents are accepted in English.

The procedure of opening an account

To begin the procedure, it necessary to visit the Campio Group office to check the package of documents for the company, attorney and beneficiary, as well as to fill in a questionnaire and sign bank forms. After the bank has given a prior consent to open an account, Campio Group will prepare the necessary set of documents for the company for submission to the bank. As soon as a decision to open an account is made, the details of the account will be sent to the client via the Internet banking system. It is also possible to open a corporate account remotely.

Bank site

www.tdbank.com

For further consultation concerning the terms of account opening in TD Bank NA (USA) please contact our office. We will respond to any questions you may have and will help you open an account in American TD Bank or any other bank out of 70 foreign banks you may choose from.