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Does a chequing account affect your credit score?

A recent reader made this comment:

ps said…
If you have already closed your TD chequing account, then well, end of story. If you haven’t, then don’t, if you possibly can. The reason is that since you have had the TD account for so long, it is reflected in your credit score. If you close down your older financial association, you might hurt your credit score or so I’ve heard. You can find a lot more info on

Is this true? I thought the only way a chequing account would impact my credit negatively is if I had a bunch of overdraft on the account, or if I had bounced a cheque … at least that’s what I’ve been reading after Googling the heck out of it before I came to post on my blog. But after reading the comment, now I’m scared that I’ve closed an account that I’ve had open for over 20 years. Because anyone can open a chequing account, right? My mom opened it for me when I was just a baby.

It’s not like I can do anything about it now since the account is definitely closed, but for future reference, I should probably know for certain what the answer is.

Thanks TD, but I don’t need your free iPod!

Ugg, this is getting so frustrating. At home, the new layout looked great in Firefox, but now that I’m at work and viewing it through IE, it looks like crap on a stick. Most of the text looks smushed, and isn’t going the full width of the sidebar … but some things (like my progress bars) do utilize the full width. I’m not sure what’s wrong, and I don’t want to fiddle around with the layout because it looks perfect in Firefox. At least, from what I can remember, it looked perfect. And I haven’t even tested it in Safari yet. Sigh. At least I got the whole “Published on” date stuff corrected … even though I had to get rid of the Time Stamp, and just go with a Date Stamp. But no one really cares what time of the day I posted at anyway.

*** EDIT 11:15am — The sidebar text isn’t smushed anymore! Hoorah!!! Now it looks normal in IE … but I did have to tweak two things in the code to get it to work. Does it look okay in Firefox still? I guess I’ll have to check it out when I get home this afternoon, unless any of you are using FF to view this site.

In PF news, my first PPP post got approved, so all I have to do now is wait for PayPal to confirm the new chequing account I added to my profile. I originally had my chequing and savings accounts with TD Canada Trust, along with both my registered and non-registered mutual fund accounts, a Line of Credit, and a Visa card. But last year, I discovered the wonders of no-fee/unlimited transaction banking from PC Financial (plus high interest rates on their savings accounts!), so I opened up a chequing/savings account with them, and had my pay cheques deposited at PC Financial instead.

I’ve kept my TD Canada Trust chequing account opened (and have been paying $3.95 in monthly fees) so I could finish paying off my LOC and my student loans … but now that I’m done, why should I pay $3.95 a month for 20 transactions, when I can get unlimited transactions for free?! So I went into TD last week to close my chequing/savings account, and they tried to get me to come back to TD by offering me a free iPod (depending on what you did, you could get a shuffle, nano or video).

I didn’t really get any more information passed that. I was sure I would have come out on top if I had decided to re-open my accounts with them, pay the $3.95 monthly fee and whatever else I had to do, get the free iPod and sell it, and then close the accounts again as soon as the required time passed … but that just seemed like way too much effort. And I’m glad I didn’t take the offer, because Canadian Capitalist just wrote a post about what the stipulations are to get the iPod video, and you have to sign up for a Visa with a $99 annual fee! The nano offer is a bit better, but it requires transferring money, opening up $5,000 worth of GICs, and setting up pre-authorized debit payments. It doesn’t seem worth it for the low interest rates they offer. Besides, I already own an iPod video.

So thanks, but no thanks, TD.

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