TD Bank checking accounts:
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TD Bank checking accounts
|TD Simple||TD Convenience||TD Premier|
|Minimum opening deposit||$0||$0||$0|
|Monthly fee||$5.99||$15; waived if you maintain a minimum daily balance of $100||$25; waived if you maintain a minimum daily balance of $2,500|
|Interest on balances||No||No||0.05% APY if you maintain a minimum daily balance of $2,500|
|Non-TD ATM fees|
(Charged for each withdrawal, transfer or balance inquiry at non-TD ATMs)
|$3, not including any additional fee from non-TD ATM owners||$3, not including any additional fee from non-TD ATM owners||$0; non-TD ATM fees reimbursed with minimum daily balance of $2,500|
|Sign-up bonus||No||$150; see how to qualify||$300; see how to qualify|
» Want to see other options? Check out NerdWallet’s list of best checking accounts
How TD Bank fees compare
There’s a mandatory monthly fee: It’s more difficult to avoid checking account service fees at TD Bank than at other banks in the region, such as M&T Bank. The TD Simple account’s $5.99 monthly fee is mandatory, and TD Convenience and TD Premier account holders must maintain a daily minimum balance — $100 and $2,500, respectively — to avoid the monthly fees.
And there’s a $35 overdraft fee: Overdrafts and returned items cost $35 apiece, up to five per day. The fee is at or slightly above the national median, depending on the data source. You can link a savings account or line of credit to your checking account for overdraft protection, but you’ll still pay a $10 transfer fee. You won’t be charged these fees if you overdraw your account by $5 or less.
But there’s no foreign debit card transaction fee: Withdrawals from non-TD ATMs, including those overseas, cost $3. That’s a little high for domestic ATMs, but if you travel out of the country, it’s better than the $5 or more many other banks charge, and TD waives the fee if you have a Premier account with a $2,500 balance. And TD doesn’t charge foreign debit card transaction fees. Some other banks charge up to 3% per transaction. (See a list of foreign transaction fees by bank.)
And there’s no fee in Canada at TD ATMs: Unlike other U.S. banks, TD Bank has a Canadian connection, giving its customers free access to the TD Canada Trust ATM network. TD Bank is the U.S. retail banking arm of Canada-based Toronto-Dominion Bank.
TD Bank key features
Extensive network of locations, but they’re not everywhere: As one of the 10 biggest U.S. banks, TD Bank has more than 1,200 locations from Maine to Florida, but coverage is often spotty if you don’t live in a large city. The bank also has more than 1,900 ATMs in the U.S.
Long customer service hours: Live phone service is available 24/7, and if you are close to a branch, you can take advantage of their longer-than-typical hours. Many locations are open seven days a week, and some have weekday drive-up service until 6 or 7 p.m.
Checking sign-up bonus: Few banks offer these, and TD Bank has two, but you’ll need to satisfy minimum deposit requirements to avoid monthly fees on the accounts.
Margarette Burnette is a staff writer at NerdWallet, a personal finance website. Email: email@example.com. Twitter: @margarette. NerdWallet writer Spencer Tierney contributed to this article.
Updated Nov. 29, 2017.