What does it mean by "value account fee"?

Question

I don't know why I keep being deducted $3.95 every month for value account fee. I'm 19 and there is more than $1000 (the minimum limit) in my account. My transaction is less than 10 times in a month and I never use any other bank machines other than TD Canada Trust's (my bank).What is happening?

Thank you in advance.

Answer 1

The link below seems to offer a good explanation of the $3.95 monthly value account fee.

This might be the problem:  The $1,000 minimum balance must be maintained at all times throughout the month.  If it would fall below $1,000 at ANY TIME during the month, their policy says you will be charged the monthly fee.

Hope this helps.