TD Bank Business Checking: More Human, More Fees
TD Bank earns points for daily phone support and a $50 overdraft cushion. But you can’t avoid the $10 monthly fee.
The bottom line:
TD Bank’s entry-level business checking account features invoicing and a generous overdraft cushion. You also get seven-day phone support and in-person help at branch locations. But the account has a mandatory $10 monthly fee and tight transaction cap. Pay up only if you’ll use the people.
Bank account details
Monthly fee
$10.00
APY
N/A
Bonus
$500
Earn a $500 bonus when you open a new TD Bank Business Checking account and meet eligibility requirements. Terms apply. Offer expires 1/31/2027.
Requirements to qualify
Pros & Cons
Pros
Some branches are open late and on weekends, including Sundays.
No overdraft fee unless account is overdrawn by more than $50; Grace period until 11pm ET the next business day applies to overdrafts beyond that amount.
No fees at 2,600 TD Bank ATMs and access to 1,100 branches.
Receive and send payments via Zelle.
Cons
No free business checking account option.
Accounts only available in 15 states and the District of Columbia.
Compare to other bank accounts
TD Business Simple Checking℠Member FDIC
4.1
NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each business account, including fees, perks and accessibility.
4.5
NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each business account, including fees, perks and accessibility.
5.0
NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each business account, including fees, perks and accessibility.
Monthly fee
$10.00
Monthly fee
$0
Monthly fee
$0
APY
N/A
APY
N/A
APY
1.30%
With $0 min. balance for APYEarn 1.30% interest on account balances up to and including $250,000. Terms apply.
Need more options? Check our picks for best business bank accounts of 2026
Not a fit? Consider these alternatives
U.S. Bank Business Essentials matches or beats TD Bank in almost every way. The account has no monthly fee. Electronic transactions don’t count toward your monthly limit. And you get a free card reader to accept in-person payments on the go, with next-day access to most funds (even on the weekend). This account caps fee-free cash deposits at just $2,500 per month, though. Weigh that against TD Bank’s monthly fee when comparing the two.
Don’t need a branch? Bluevine charges no monthly fee and doesn’t cap fee-free transactions. There’s no charge for incoming wires, and you won’t pay more than $25 to send a wire. Bluevine Business Checking also earns 1.30% APY on balances up to $250,000 (terms apply). TD Business Simple Checking℠ pays no interest. With Bluevine, you’ll also get built-in invoicing, bill pay and payment processing. The trade-offs: no branches, fees for all cash deposits and no live support on the weekend.
Full review
TD Bank business checking is easy to like, but hard to love. TD Business Simple Checking℠ comes with built-in invoicing, tap-to-pay on iPhones and a generous overdraft cushion.
But the account also has a $10 monthly fee that’s impossible to shake (a current promo offer gives new customers a six-month reprieve). Wire transfer fees are high. And digital transactions count against your monthly limit — something other traditional banks are moving away from.
While TD Bank advertises making banking “more human,” it closed 144 U.S. branches in recent years and reduced hours at many other locations. That’s a rather inconvenient move for America’s (self-proclaimed) most convenient bank. At least you still get live phone support seven days a week.
If you value a real person on the other end of the line, TD may be worth $10 a month. Just make sure you can stay within the account limits. If not, plenty of free business checking accounts do more for less.
TD Business Simple Checking℠ is best for small-business owners who:
- Prefer face-to-face services at traditional branch locations.
- Operate a business in TD Bank’s service area.
- Don’t rely on wire transfers.
- Need to accept card payments on the go.
TD Bank’s business account details
TD Business Simple Checking℠ | |
|---|---|
Monthly fee: | $10 |
Minimum opening deposit requirement: | $25. |
APY: | None. |
Transactions: | 200 transactions per statement cycle, then 75 cents for each additional transaction. |
Cash deposits: | Up to $5,000 per month, then 30 cents per $100 deposited. |
Wire transfer fees: | Incoming: $15. Outgoing: $30 domestic, $50 international. |
Bonus: | Monthly fee waived for the first six months. |
TD Bank offers four business checking accounts and two business savings accounts.
For business checking, we rate the entry-level account. That allows us to fairly compare accounts, apples-to-apples.
Other accounts from TD Bank include:
- TD Business Interest Checking Plus.
- TD Business Convenience Checking Plus.
- TD Business Premier Checking℠.
- TD Business Savings.
- TD Small Business Premium Money Market Account.
Where TD Business Simple Checking℠ stands out
Accessible customer support
TD Bank business customers can reach a live customer service representative Monday through Friday, 7 a.m. to 9 p.m. ET, and on weekends, 8 a.m. to 8 p.m. ET.
Select TD Bank retail locations stay open late (6 p.m. ET) and are open on the weekends, including Sundays. This makes it easier for small-business owners to complete in-person transactions and get face time with their banker.
Built-in invoicing, tap-to-pay card payments
Getting paid quickly and efficiently is a top priority for business owners. TD Business Simple Checking℠ can help make that a reality. You can create and send custom invoices, send payment reminders and track outstanding requests.
Customers can pay by credit card, debit card or ACH. TD typically deposits the money into your checking account within one to two business days. You can also set up recurring payments and sales tax rates.
Have an iPhone? You can accept tap-to-pay credit card payments in the TD Bank mobile app. No terminal or card reader required. TD Bank’s payment processing fees for tap-to-pay are 2.75% per transaction. That’s a bit higher than many competitors, but TD Bank skips adding the flat fee that alternatives often do. This can save you money if your business makes lots of small transactions.
For instance, Chase Business Complete Banking® also offers tap-to-pay via its mobile app. Its in-person transactions cost 2.6% plus 10 cents each. For a $50 transaction, you’d pay less with TD Bank ($1.38) than Chase ($1.40). The math flips in Chase’s favor for purchases above roughly $66.
These tools are part of TD Online accounting, which is powered by Autobooks. There is no monthly fee for invoicing or tap-to-pay. Access to the broader Autobooks suite of tools is $10 per month.
Generous overdraft grace period
TD Bank gives you a pass on small overdrafts. If your account has a negative balance of $50 or less, TD Bank waives the fee.
In the red by more than $50? You’re on the clock. You have until 11 p.m. ET the following business day to bring your balance to $0. Do that and TD Bank automatically refunds your overdraft fee.
I compared overdraft policies across more than 50 business checking accounts. Only three banks give you a $50 cushion: TD Bank, Chase and Huntington Bank.
Blow past that cushion with those banks and you’ll face steep overdraft fees. TD Bank charges $35 for each item, up to five per day. Chase charges $34 per item, up to six per day.
Bank of America, on the other hand, has a tiny cushion but tiny fees by comparison. It charges $10 per item over $1 if you overdraw your account and won’t hit you with more than two fees per day.
Most online banks skip the cushion and decline any transaction that would overdraw your account.
Where TD Business Simple Checking℠ falls short
High wire transfer fees
TD Bank’s wire transfer fees are largely in line with other traditional banks. But plenty of online accounts offer free or inexpensive wires.
Relay Business Checking, for example, includes free incoming wires. You can send a wire for less than $10 too, including some international wires.
Mercury Business Account is another great option for wire-heavy operations. All wires are free with this online account. The only thing you’ll pay is a currency exchange fee for transfers that aren’t in USD.
Prefer to stick with a brick-and-mortar bank? Check out Wells Fargo business checking. You get free incoming wires and cheaper outgoing wires than with TD Bank.
See how wire fees compare across business accounts.
Incoming domestic | Incoming international (USD) | Outgoing domestic | Outgoing international (USD) | |
|---|---|---|---|---|
TD Bank | $15 | $15 | $30 | $50 |
Chase | $15 (free from Chase) | $15 (free from Chase) | $25 digital / $35 in-branch | $40 digital / $50 in-branch |
PNC | $15 | $21 | $50 | $65 |
U.S. Bank | $14-$16 | $20 | $30 digital / $40 in-branch | $45 digital / $75 in-branch |
Wells Fargo | Free | Free | $25 digital / $40 in-branch | $25 digital / $40 in-branch |
Relay (Starter) | Free | Free | $8 | $5 (Local Network) / $25 (SWIFT) |
Mercury | Free | Free | Free | Free |
No way to waive the monthly fee
TD Bank does not offer a free business checking account. Its entry-level option, TD Business Simple Checking℠, costs $10 per month. A promotion waives the fee for the first six months. After that, there is no way to avoid it.
In fact, TD Bank is the only account we track that doesn’t offer a built-in way to side-step the monthly fee. Similar accounts from Chase, Bank of America and PNC waive the monthly fee if you hit certain balance or spending requirements.
U.S. Bank goes a step further. Its Business Essentials checking account has no monthly service fee — ever. And you get many of the same perks and tools that TD Bank offers, including payment processing and Zelle for Business.
Strict transaction and cash deposit rules
Traditional banks typically limit transactions and cash deposits. Exceed your quota and you’ll get hit with extra fees. TD Bank is no different in that regard. TD Business Simple Checking℠ includes 200 transactions and $5,000 in cash deposits before additional fees start to accrue.
Where TD Bank differs from its competitors: Every item paid from or deposited to your account counts toward your transaction limit.
Chase, Bank of America and U.S. Bank don’t count electronic transactions against your monthly limit. Instead, the ceiling only applies to paper checks and in-person transactions — things that require a teller. These accounts are a better fit if your business transactions are largely ACH transfers, mobile deposits and debit card purchases.
Capital One Business Basic Checking® doesn’t cap monthly fee-free transactions, digital or otherwise. This account is also worth considering if you make regular cash deposits. It has the same $5,000 monthly cap as TD Bank, but deposits at Capital One ATMs don’t count toward that total. The same is true for Chase Business Complete Banking®.
Don’t want to worry about transaction limits at all? Look for an online business checking account. Most include unlimited transactions (other limits may apply).
How we evaluated TD Business Simple Checking℠
NerdWallet’s writers and editors consider more than 20 data points for each business checking account we rate, scoring each on fees, perks and software tools, among other factors (view our complete ratings methodology). We gathered this information from TD Bank’s website and company representatives.
Our editorial team scores accounts from one to five stars overall, and in individual areas that are important for business banking. We only rate entry-level accounts because that's the easiest way to standardize comparisons — plus, we know business owners can get a great account without paying a high monthly fee.
Here's how TD Business Simple Checking℠ stacks up:
- Transactions: 200 free transactions per statement cycle; 75 cents for each additional transaction. Transactions include any item paid from or deposited to your account.
- Domestic ATM access: No fee at more than 2,300 TD Bank ATMs. Withdrawal limit: $1,250 per card, per day.
- Cash deposits: Up to $5,000 in fee-free cash deposits per month.
- Wire transfers: International and domestic wire transfers available (incoming and outgoing).
- Minimum opening deposit: $25.
- Checks: Available.
- Human support phone hours: Monday through Friday, 7 a.m. to 9 p.m. ET; Saturday and Sunday, 8 a.m. to 8 p.m. ET.
- App store rating: 4.62 (weighted average of the Apple and Google Play app stores).
- Ease of website use: Easy to navigate.
- Branch access: 1,051 branches in 15 states and Washington, D.C.
- Account availability: 15 states and Washington, D.C. Your business must be located in TD Bank’s service area.
- Account opening options: Online or in person.
- Live chat support: None.
- Monthly maintenance fee: $10.
- ATM withdrawal fee: $3 per transaction at out-of-network ATMs.
- Cash deposit fee: 30 cents per $100, after $5,000 per month.
- Wire transfer fees: Incoming: $15. Outgoing: $30 domestic; $50 international.
- Overdraft fee: $35 per item. No fee if overdrawn by $50 or less. If overdrawn by more than $50, you have until 11 p.m. EST the next business day to bring the balance to at least $0 to have overdraft fees refunded.
- APY: None.
- Sign-up bonus: None.
Business checking accounts can earn points if they include the software features listed below as part of their entry-level business checking account. TD Bank earned additional points for the following features:
- Built-in invoicing (via Autobooks).
- Accept tap-to-pay in the TD Bank app (iPhone only).
- Zelle for Business.
We also look at public forums (like Reddit, myFICO and Quora) and online reviews (via sites like Trustpilot and the App Store/Google Play) to understand business owner sentiment about banking with TD Bank. We use AI tools to help gather some of this information for evaluation.
People post anonymously in these spaces, so we cannot confirm their individual experiences or circumstances. This data does not influence our star ratings. However, NerdWallet does contact financial institutions regarding negative feedback that we consistently observe.
How to open a TD Bank business bank account
Your business must be located in TD Bank’s service area to open a business account. TD Bank operates 1,051 branches across 15 states and Washington, D.C.
TD Bank's service area includes the following:
- Connecticut
- Delaware
- Florida
- Massachusetts
- Maryland
- Maine
- North Carolina
- New Hampshire
- New Jersey
- New York
- Pennsylvania
- Rhode Island
- South Carolina
- Virginia
- Vermont
- Washington, D.C.
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.
Here’s what you need to apply:
- Legal name.
- Valid Social Security number.
- Address.
- 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.
The online application will also ask about:
- Number of employees.
- Annual revenue.
- Target market/typical customer.
- Expected average balance.
- Funding sources for the business (original and ongoing).
- Business reach (local, regional, nationwide, international).