# TD Wealth Private Banking: private banking at Canada's second-largest bank > Official minimums C$1m (Canada) and US$1m liquid or US$3m net worth (US); 2024 US AML settlement US$3.1bn; CDIC deposit cover C$100k. Author: Alena Peteneva — Lawyer, Family Office (https://wiki.private.law/en/authors/dunaeva) Last modified: 2026-10-20T13:36:00.000Z Canonical: https://wiki.private.law/en/td-private-banking Publisher: wiki.private.law (https://wiki.private.law) Version: 3783aba4cd50515c03b59b5fd233903e1862a6ea0cab7ee6fdc3256eeb8366a2 Cite as: TD Wealth Private Banking: private banking at Canada's second-largest bank. wiki.private.law. https://wiki.private.law/en/td-private-banking. Version 3783aba4cd50515c03b59b5fd233903e1862a6ea0cab7ee6fdc3256eeb8366a2. Topics: banking Jurisdictions: canada, usa Functional tags: private-banking Product tags: bank, wealth-planning, investment, lombard-credit, trust, estate-planning, family-office Semantic tags: private-banking, bank, wealth-planning, investment, lombard-credit, trust, estate-planning, family-office --- ## Concept TD Wealth Private Banking is the private bank inside the Toronto-Dominion (TD) group, Canada's second-largest bank by assets (C$2.1 tn as of 31 October 2025). In Canada the services sit under the TD Wealth Private Wealth Management umbrella; in the United States under TD Wealth Private Client Group. The model is strictly North American: there are no offshore booking centres — the franchise operates in Canada and the US only (the Luxembourg expat brokerage Internaxx was sold to Swissquote in 2019). The official entry threshold in Canada is C$1,000,000 of investable assets for Private Wealth Management; in the US it is US$1m of liquid assets or US$3m of total net worth (excluding primary residence). Reportedly, the Canadian private banking fee is about C$100 per month, waived at roughly C$3–5m. ## History and evolution - **1855 / 1869** — Bank of Toronto and Dominion Bank founded. - **1955** — merger creates The Toronto-Dominion Bank. - **1984** — Green Line discount brokerage launched. - **October 1996** — acquisition of Waterhouse Investor Services (~US$525m) creates TD Waterhouse. - **1 February 2000** — Canada Trust acquisition completed (~C$8bn), bringing Canada's largest trust company into the group. - **2004–2008** — US build-out (Banknorth, Commerce Bancorp → TD Bank, N.A.). - **January 2006** — TD Waterhouse US sold to Ameritrade; TD took a stake. - **October 2020** — Schwab–TD Ameritrade merger closed; TD held ~13.5% of Schwab. - **May 2023** — First Horizon deal terminated. - **February 2025** — TD sold its entire remaining Schwab stake for C$21.0bn (pre-tax gain ~C$9bn). > 🍓 Deposit protection: in Canada, CDIC covers C$100,000 per depositor per insured category per member institution (9 categories); The Toronto-Dominion Bank and The Canada Trust Company are separate CDIC members. Brokerage assets held through CIRO members are covered by CIPF up to C$1m per account category. In the US, deposits at TD Bank, N.A. are FDIC-insured up to US$250,000 per depositor; advisory and brokerage assets are not FDIC-insured (securities fall under SIPC). ## Regulation Canadian structure: The Toronto-Dominion Bank — OSFI-supervised bank, CDIC member; TD Waterhouse Canada Inc. — CIRO investment dealer (Private Investment Advice); TD Waterhouse Private Investment Counsel Inc. — portfolio manager supervised by provincial commissions; The Canada Trust Company — federal trust company (OSFI, separate CDIC member). US structure: TD Bank, N.A. — OCC charter, FDIC, Federal Reserve; TD Private Client Wealth LLC — dual SEC RIA + FINRA broker-dealer; regulatory AUM US$8.57bn, ~25,700 accounts. Key compliance episode: 10 October 2024 — the US AML "Global Resolution" totalling US$3.088bn (DOJ ~US$1.8bn; FinCEN US$1.3bn — the largest FinCEN penalty ever imposed on a depository institution; OCC US$450m; Federal Reserve US$123.5m). TD Bank, N.A. pleaded guilty — the first bank ever to plead guilty to conspiracy to commit money laundering; findings covered 2018–2024 (~92% of transaction volume unmonitored). The OCC imposed an asset cap: combined US banking subsidiaries are capped at US$434bn; independent compliance monitors were appointed (DOJ 3 years, FinCEN 4 years). In Canada: FINTRAC administrative monetary penalty of C$9.185m (announced 2 May 2024, a record at the time; administrative violations, no criminal offences). Wealth units: OSC 2014 no-contest settlement with >C$13.5m client compensation (excess fees 2000–2014, self-reported); IIROC 2020 C$4m fine (CRM2 reporting). Remediation: 700+ AML professionals hired; ~US$22bn of non-core US loan portfolios sold or run off in FY2025 to fit under the cap. ## Source of wealth A typical [source of funds](https://wiki.private.law/source-of-funds) profile: business owners and entrepreneurs, professionals (physicians, lawyers), executives, cross-border Canada–US families, and multi-generational wealth; the family-office segment is served by the award-winning TD Wealth Family Office. > 💡 Thresholds: Canada — C$1,000,000 investable assets (official, Private Wealth Management); US — US$1m liquid assets or US$3m total net worth excluding primary residence (official). The Canadian fee of ~C$100/month, waived at roughly C$3–5m, is reported, not official. ## Who it serves The private bank targets clients with at least C$1m (US$1–3m in the US) who need credit, planning and trust services bundled with banking. It is particularly convenient for cross-border Canada–US families and for UHNW households: TD Wealth Family Office won "Multi-Family Office Team of the Year" at the 2026 STEP Private Client Awards. ## Services Private banking and liquidity management; credit, including cross-border Canada↔US banking; in the US, securities-backed lines of credit (SBLOC — in substance [lombard lending](https://wiki.private.law/lombard-lending)) via TD Bank, N.A. against TDPCW advisory assets; discretionary portfolio management (Private Investment Counsel); full-service advisory (Private Investment Advice); trust and estate services (Private Trust via The Canada Trust Company); family office; philanthropy (Private Giving); insurance-based solutions. ## Entities | Jurisdiction | Legal entity | Form and supervision | Role | | --- | --- | --- | --- | | Canada | The Toronto-Dominion Bank | Bank, OSFI; CDIC member | Private banking, deposits, credit | | Canada | TD Waterhouse Canada Inc. | Investment dealer, CIRO | Private Investment Advice (full-service advisory) | | Canada | TD Waterhouse Private Investment Counsel Inc. | Portfolio manager, provincial commissions | Private Investment Counsel (DPM) | | Canada | The Canada Trust Company | Federal trust company, OSFI; separate CDIC member | Private Trust | | USA | TD Bank, N.A. | National bank, OCC; FDIC, Federal Reserve | Private Client Group: banking, lending, trust | | USA | TD Private Client Wealth LLC | SEC RIA + FINRA broker-dealer | Advisory, AUM US$8.57bn | ## Strengths - Scale and capital: Wealth Management & Insurance segment AUA C$759bn / AUM C$601bn (31 Oct 2025); group total assets C$2.1tn; FY2025 adjusted net income C$15.03bn (reported C$20.54bn including the Schwab gain). - Full shelf: banking, credit, DPM, advisory, trust and family office inside one group. - Cross-border Canada–US platform. - Separate CDIC coverage: the bank and the trust company are distinct members. ## Where it falls short - No offshore booking centres: clients needing Europe, Asia or Switzerland are not served. - The entry threshold and fees make it excessive below C$1m. - After the 2024 AML resolution, US compliance procedures are noticeably stricter — expect longer reviews and more documentation requests. TD Wealth Private Banking is a natural choice for capital anchored in Canada and the US: the balance sheet of the country's second-largest bank, a complete wealth offering and rare cross-border expertise. Its geographic limits and the legacy of the 2024 AML case are factors to weigh when comparing it with global private banks. ## Q/A ### What is the minimum to get in? Officially C$1,000,000 of investable assets in Canada (Private Wealth Management); in the US, US$1m of liquid assets or US$3m of total net worth excluding the primary residence. ### Are deposits insured? In Canada, CDIC covers up to C$100,000 per depositor per insured category per member (the bank and Canada Trust are separate members); brokerage assets are covered by CIPF up to C$1m. In the US, FDIC covers up to US$250,000 per depositor at TD Bank, N.A. ### Is lombard lending available? In the US, TD Bank, N.A. offers securities-backed lines of credit (SBLOC) against assets held at TD Private Client Wealth — the practical equivalent of lombard lending. In Canada, investment lending is available within private banking. ### What happened with TD in 2024? On 10 October 2024 TD settled US AML charges for a total of US$3.088bn; TD Bank, N.A. pleaded guilty, an OCC asset cap of US$434bn was imposed and independent monitors were appointed. The bank has hired 700+ AML professionals and is shedding non-core portfolios. ### Does TD have offshore booking centres? No. The franchise operates only in Canada and the US; the Luxembourg platform Internaxx was sold to Swissquote in 2019. --- ## Similar articles - [British Atlantic Bank (NodaBank): Accounts, Deposits and Lending](https://wiki.private.law/en/nodabank) - [CIBC Private Wealth: private banking across Canada and the US](https://wiki.private.law/en/cibc-private-wealth) - [BMO Private Wealth: private banking at Canada's oldest bank](https://wiki.private.law/en/bmo-private-wealth) - [Scotia Wealth Management: private banking at Canada's international bank](https://wiki.private.law/en/scotia-wealth-management) - [RBC Wealth Management: the transatlantic private bank from Canada](https://wiki.private.law/en/rbc-wealth-management) - [Wells Fargo Private Bank: trusts across 50 states after the Fed cap was lifted](https://wiki.private.law/en/wells-fargo-private-bank) --- Source: wiki.private.law — the private.law legal knowledge base. When quoting, cite the canonical page URL. 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