Small Business Banking
Private Client Group
Personal Financial Services
For the quickest answer, search previously asked questions below. Chances are, others have asked a similar question and there's already an answer waiting for you. If you can't find a match, ask a new question and our team members will answer.
So I applied for a secured credit card and was told that I had to place a deposit as collateral. So I set aside $500 for this and they created a savings account and deposited the money in there. During the application process the $500 was removed from the savings account which I think meant it was being used as the collateral. I was approved and got my card not too long ago and the money is back in my savings account. Can I now use the money in my savings account or is it tied to the secured credit card in some way? Like do I have to keep a minimum of 500 in my savings to act as collateral for the secured credit card or can I use it for other things?
Mohammed, Jackson Heights
July 23, 2015 02:13:49 PM
In reply to Mohammed, Jackson Heights
It's great to have you join us on TD Helps, Mohammed.
Generally speaking, when a Savings account is being used for Collateral for a Secured Credit Card the funds are not to be accessed by the owner unless their account has been promoted to an unsecured credit card or if the account is being closed. Please take a look here for the Personal Credit Card Agreement for both the TD Easy Rewards Secured and TD Cash Rewards Secured: http://bit.ly/1wtjCwy.
If you have any other questions regarding your Secured Credit Card, we suggest contacting us 24/7 at 888-561-8861 to speak with a TD Credit Card Specialist. You may also visit your local TD Bank Store for further assistance. To locate a TD Store location near you, please visit, http://bit.ly/TDStores.
Hope this helps answer your question and have a nice day.
Brian M., Mount Laurel
July 23, 2015 02:14:21 PM