TD Bank Review: Checking Accounts

NerdWallet’s rating for checking accounts: 3.5 / 5.0 

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TD Bank offers three main checking accounts with clear terms, but you’ll generally have to maintain a minimum balance to avoid a monthly service fee. And there’s no way to avoid the fee on the bank’s most basic checking account, TD Simple.

The bank has nearly 1,300 branches from Maine to Florida, but coverage is often spotty if you don’t live in a large city.

A TD Bank checking account may be right for you if:

• You live on the East Coast and want to take advantage of branch banking on Saturdays and Sundays.
• You can avoid monthly fees by meeting the bank’s minimum balance requirements.
• You frequently travel to Canada, where there’s a strong TD Bank presence.
• You’re planning international travel and want an account without foreign debit card transaction fees.

» MORE: NerdWallet’s other bank and credit union reviews

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
ATM fees (Not including fees assessed by owners of non-TD ATMs)	$3 for each withdrawal, transfer or balance inquiry at non-TD ATMs	$3 for each withdrawal, transfer or balance inquiry at non-TD ATMs	$0 for each withdrawal, transfer or balance inquiry at non-TD ATMs
Features	Potential 0.25-point rate discount on TD Bank home loans and equity lines of credit. Free online banking, including bill pay. Free live customer service 24/7. Full-service mobile banking app with free mobile deposit.
Overdraft fees	$35 for each overdrawn amount paid or returned, up to five charges per business day. No charge if your account is overdrawn by $5 or less.
Other fees	Returned item: $15. Stop payment: $30 per item. Incoming wire transfers: $15. Outgoing domestic wire transfers: $25. Outgoing international wire transfers: $40.

Analysis

Features:  If you’re close to a branch, you can take advantage of TD Bank’s longer-than-typical hours. Many branches are open seven days a week and have weekday drive-up service until 7 p.m.

If you aren’t near a branch or ATM, you can do much of your banking — including monitoring balances, transferring money and paying bills — on TD Bank’s website or free, custom mobile app.

The bank offers checking account customers discounted rates on home refinancing or home equity lines of credit.

If you travel to Canada, you won’t pay fees at TD Canada Trust ATMs. TD Bank is the U.S. retail banking arm of the Canada-based TD Bank Group, and the bank has a strong Canadian presence.

Fees: TD Bank’s checking account service fees can be more difficult to avoid than those 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 accountholders must maintain daily minimum balances to avoid the monthly fees.

TD Bank charges $35 for each overdraft transaction, which is at or slightly above the national median, depending on the data source. On top of that, you can be charged up to five overdraft fees in a day, and if your account is overdrawn for 10 consecutive days, you’ll be dinged an additional $20. You can link a savings account or line of credit to your checking account for overdraft protection, but there’s still a transfer fee of $10.

TD Bank won’t charge you these fees if your account is overdrawn by $5 or less.

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However, TD Bank’s foreign transaction fees are much lower than most. It charges $3 for withdrawals at non-TD Bank ATMs, including those overseas. But unlike most banks, it doesn’t charge 3% for other foreign transactions.

If you like TD Bank’s straightforward options, different avenues for customer support and longer banking hours, it’s worth considering a checking account with the bank.

Margarette Burnette is a staff writer at NerdWallet, a personal finance website. Email: mburnette@nerdwallet.com. Twitter: @margarette. NerdWallet writer Spencer Tierney contributed to this article.

This article was updated on May 19, 2016. It was originally published in November 2015.