TD Bank Business Checking: 2022 Review

TD Bank offers four business checking accounts, including an interest-bearing option and a premium account best suited for larger businesses with complex banking needs. This level of choice may be appealing for small-business owners looking to grow with their bank.

Also appealing: TD Bank’s extended branch hours — some locations are open on Sundays — and 24/7 live telephone customer service. While convenient, those features may not outweigh the bank’s small ATM network and lack of free business checking.

TD Bank business checking is best for small-business owners who:

• Operate a business in TD Bank’s service area and want a brick-and-mortar bank.

• Can maintain a high enough minimum balance to avoid the monthly service fee.

• Want access to live customer service, 24/7.

Pros and cons

Pros

• 24/7 live customer service.

• Some branches are open late and on weekends, including Sundays.

• Interest-bearing checking account with no minimum balance requirement.

• Accounts can be opened online.

Cons

• No free business checking account.

• Using an out-of-network ATM costs $3 per transaction.

• Cash deposit allowance cut.

TD Bank business checking at a glance

How TD Bank business checking works

Account options: TD Bank has four business checking accounts with monthly service fees ranging from $10 to $30. All accounts include free online and mobile banking, including mobile deposit, online bill pay and ACH transfers.

TD Business Simple is $10 per month and requires a minimum opening deposit of $25. Unlike other TD Bank business accounts, there is no way to skirt the monthly maintenance fee.

TD Business Interest Checking Plus carries a $15 monthly maintenance fee, which is waived if you maintain a minimum daily balance of $2,500. You’ll earn interest (currently 0.05%) on any balance.

TD Business Convenience Checking Plus is $25 per month, but the fee is waived if you maintain a combined minimum daily balance of $1,500 between your business account and one TD Bank personal checking account.

TD Business Premier Checking has the highest monthly fee ($30) but it also comes with the most benefits. Business Premier Checking customers are not charged fees by TD Bank when they use out-of-network ATMs (other accounts are charged $3 per transaction) and can open a TD Bank Money Market Plus account and up to two additional TD Bank Business Simple accounts for no monthly charge.

The $30 monthly fee is waived for the first three statement cycles. After that, you need to maintain a combined balance of at least $40,000 across your Business Premier Checking account and one of the following TD Bank accounts: personal checking, merchant services or digital express. The balance of a TD Bank small-business loan or open business line of credit can also be combined with your business checking balance to waive the fee.

The top-tier business checking option also allows up to $30,000 in fee-free cash deposits. With TD Bank’s other business checking accounts, you can deposit up to $5,000 in cash or currency for no additional charges. Deposits beyond the account limit are 25 cents per $100.

TD Bank limits free transactions on each of its business accounts. TD Business Simple and TD Business Interest Checking Plus get up to 200 fee-free transactions, while TD Business Convenience Plus and TD Business Premier Checking accounts are capped at 500. Additional transactions range from 35 cents to 75 cents each, depending on the account. Transactions include any item paid from or deposited to your account.

Location availability: TD Bank operates around 1,100 branches across 15 states and Washington, D.C. Your business must be located in TD Bank’s service area to open a business account.

TD Bank’s service area includes Connecticut, Delaware, Florida, Massachusetts, Maryland, Maine, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Virginia, Vermont and Washington, D.C.

» MORE: What you need to open a business bank account

How to apply: You can apply for a TD Bank business account online, provided you have four or fewer signers on the account. Business owners can also open an account in person at a TD Bank branch.

Required information:

• Legal name.

• Valid Social Security number.

• Address.

Required documentation:

• Valid photo ID (driver’s license, state-issued ID or passport).

• Relevant business documents, such as partnership agreement, DBA certificate, articles of incorporation, bylaws or LLC operating agreement.

Where TD Bank business checking stands out

24/7 customer service: TD Bank business customers can reach a live customer service representative 24 hours a day, seven days a week.

Extended branch hours: Select TD Bank retail locations stay open late (6 p.m.) and are open on the weekends, including Sundays at select locations. This makes it easier for small-business owners to complete in-person transactions and get face time with their banker.

Interest-bearing checking: Earning money on your money is always a good thing. TD Bank’s Business Interest Checking Plus account earns 0.05% APY no matter your balance. That’s a win over other interest-bearing checking accounts that earn interest only on balances of $20,000 or higher. Want a business account that does a little more with your money, though? Consider Bluevine Business Checking, which earns 2.00% on balances up to and including $250,000 (terms apply).

Where TD Bank business checking falls short

Monthly fees: TD Bank does not offer a free business checking account, or even an easy way to avoid the monthly maintenance fees. In fact, there is no way to waive the monthly fee on TD Business Simple Checking accounts. You can sidestep the monthly fee on TD Bank’s other business checking accounts, but the burden is pretty high. On TD Business Convenience Checking Plus, for example, you need to maintain a minimum daily balance of $1,500 (can be a combined balance with a TD personal checking account) to avoid the fee.

» MORE: Best free business checking accounts

Cuts to cash deposit limits: TD Bank cut the cash deposit allowance on its business checking accounts. Previously, customers with a TD Business Convenience Checking Plus account could deposit up to $10,000 in cash per statement cycle with no additional charge. That amount was slashed to $5,000 per statement cycle in October 2019.

Cash deposit limits are standard practice for business checking accounts and TD Bank’s deposit allowance meets or beats its competitors. But cutting that benefit in half is a move in the wrong direction.

ATM fees and access: TD Bank operates 700 ATMs throughout its service area, a fraction of what its competitors provide. PNC Bank, for example, has 18,000 ATMs and serves many of the same areas. TD Bank charges $3 per transaction when you use an out-of-network ATM. The one exception: TD Business Premier Checking customers do not pay a fee to use non-TD Bank ATMs.

Compare business checking accounts