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TD Canada Trust has recently released an update to its mobile app that now allows clients to place trade orders from their smartphone. The TD Canada Mobile App previously provided features such as viewing bank and brokerage account balances, bill payment, Interac e-Transfer, fund transfer between TD accounts, stock quotes etc.
TD Waterhouse has now added mobile trading to the feature list. The trading feature allows clients to place orders to buy or sell Canadian and US stocks and change or cancel orders.
It appears that adequate security measures are in place to prevent unauthorized access if the mobile phone gets stolen or is lost. First, the app offers to store the access card number or connect id but the password is not stored. Second, the app does not allow adding a new payee for bill payment or adding a new recipient for email transfer.
Third, TD Canada Trust extends its security guarantee that reimburses losses due to unauthorized or fraudulent transactions to mobile banking. However, the app includes a couple of features that will come in quite handy in certain situations.
For example, if you are visiting an unfamiliar place and would like to access the nearest bank machine, the app automatically detects your current location and displays the nearest TD Bank branches. Another example is an accident toolkit that will allow motorists to document the details of a collision they are involved in. More convenience for bill paying, account transfers, etc.
I also thought that locations could be very useful when travelling. Hopefully Scotia iTrade will offer something like this soon as well. Perhaps they could tempt me back if their app and trading platform are up to snuff. I previously had the TD app and deleted due to lack of functionality.
Now with with trading it is far more complete. What I would REALLY like to see from TD from a security perspective is form them to support long passwords long than the measly 8 they have today and 2-factor authentication for clients that want the extra security e.
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