TD Bank's checking accounts all carry monthly maintenance fees, but you can waive them

TD Bank does not offer a checking account with zero monthly fees. Every standard checking account at TD Bank charges a monthly maintenance fee—currently $15 for most accounts—but the bank provides multiple ways to eliminate that charge entirely. The most common method is maintaining a minimum daily balance, usually $500 to $2,500 depending on the account type.

If a minimum balance is not realistic for your situation, you can also waive the fee by setting up direct deposit, maintaining a linked savings account with a certain balance, or meeting other account activity requirements. The specific waiver options depend on which TD Bank checking account you open.

Key Takeaways

  • TD Bank's standard checking accounts charge $15 per month in maintenance fees, but this fee can be waived by maintaining a minimum daily balance of $500 to $2,500.
  • Direct deposit, linking a savings account, or other account activity can also eliminate the monthly fee depending on your account type.
  • TD Bank's Checking Plus account and other premium tiers have higher monthly fees ($25 and up) but offer additional benefits like higher balance thresholds or fee waivers.
  • If you cannot meet any fee waiver requirement, you will pay the monthly maintenance charge every month the account remains open.
  • Other banks, including some online-only institutions, offer checking accounts with no monthly fees and no minimum balance requirements.

How TD Bank's fee waiver options work

TD Bank offers several paths to eliminate the $15 monthly fee on its standard checking account. The most straightforward is maintaining a minimum daily balance—typically $500 for the basic account, though some accounts require $2,500. This means your account balance must stay at or above that threshold every day of the month. If your balance dips below it even once, you will owe the full monthly fee for that statement period.

Direct deposit is another common waiver. If you have your paycheck or other regular income deposited directly into the account, TD Bank will waive the monthly fee. You do not need to maintain any minimum balance if direct deposit is active. This option works well if your employer or benefit provider offers direct deposit.

A third option involves linking a TD Bank savings account. If you maintain a minimum balance in a linked savings account—usually $300 to $500—the checking account fee is waived. Some accounts also waive the fee if you maintain a combined balance across both accounts.

TD Bank's different checking account types and their fees

TD Bank offers several checking account tiers, each with different fee structures and waiver requirements. The TD Bank Checking account is the entry-level option at $15 per month. The TD Bank Checking Plus account costs $25 per month and includes additional features like higher ATM reimbursements and priority customer service. A premium tier, TD Bank Premium Checking, carries a higher monthly fee and requires a larger minimum balance to waive.

Each account type has its own set of fee waiver options. A higher-tier account may waive its fee with a $2,500 minimum balance, while the basic account waives at $500. Before opening an account, confirm which waiver method works best for your situation—minimum balance, direct deposit, or linked savings account.

What happens if you do not meet a fee waiver requirement

If your account balance falls below the minimum, your direct deposit stops, or you do not maintain the linked savings account, the monthly maintenance fee will be charged. TD Bank will deduct the fee from your checking account balance on your statement closing date. This happens automatically each month until you meet one of the waiver requirements again.

If your account balance is very low when the fee is charged, the deduction could trigger an overdraft. TD Bank charges overdraft fees separately from the monthly maintenance fee, so you could end up paying both in a single month. Monitoring your balance and setting up alerts can help you avoid this situation.

Other TD Bank fees you should know about

Beyond the monthly maintenance fee, TD Bank charges fees for specific transactions and services. Overdraft fees typically run $35 per transaction if you spend more than your available balance. ATM fees apply if you use an out-of-network ATM—TD Bank reimburses some of these fees depending on your account tier, but not all.

Wire transfer fees, stop payment requests, and expedited card replacement also carry charges. Bounced check fees and returned deposit fees are additional costs that can add up quickly if your account is frequently overdrawn. Review TD Bank's fee schedule on their website or ask at a branch for the complete current list, as fees change periodically.

Comparing TD Bank to banks with no monthly fees

If you want to avoid monthly checking account fees entirely without meeting any requirements, other banks offer that option. Many online banks and credit unions provide checking accounts with no monthly maintenance fees and no minimum balance. These accounts typically have the same core features as TD Bank's standard account—debit card, online banking, bill pay—but without the monthly charge.

The trade-off is usually fewer physical branch locations. If you value in-person banking at a TD Bank branch, the $15 monthly fee may be worth it to you. If you primarily bank online or via ATM, a no-fee account elsewhere could save you $180 per year. Compare the full feature set, including ATM access, customer service hours, and mobile app functionality, before deciding.

How to open a TD Bank checking account and choose your fee waiver

You can open a TD Bank checking account online, by phone, or at a branch. When you open the account, you will choose which fee waiver method works for you. If you plan to use direct deposit, mention that during the application process so the bank can set it up immediately. If you are relying on a minimum balance, confirm the exact threshold and set up balance alerts on your phone so you do not accidentally fall below it.

If you already have a TD Bank account and are paying the monthly fee, you can contact the bank to switch to a different account type or activate a fee waiver you did not previously use. Some waivers can be set up retroactively, though the bank will not refund fees already charged. Act as soon as you realize you may have access to for a waiver to stop future charges.

Frequently Asked Questions

Can I waive the TD Bank checking fee with direct deposit if I only get paid once a month?

Yes. Direct deposit waives the fee regardless of how often you receive it. Even one direct deposit per month is enough to eliminate the $15 monthly maintenance charge, as long as the deposit posts to your TD Bank account during the statement period.

What is the minimum balance I need to waive the TD Bank checking fee?

The minimum daily balance is typically $500 for the basic TD Bank Checking account, though some account types require $2,500. The balance must stay at or above that threshold every single day of the month. Check your account terms or call TD Bank to confirm the exact requirement for your specific account.

If I close my linked savings account, will I start paying the checking fee again?

Yes. If you were using a linked savings account balance to waive the checking fee and you close that account, the fee waiver ends. You will be charged the monthly maintenance fee starting with your next statement period unless you activate a different waiver method, such as direct deposit or a minimum balance.

Does TD Bank charge fees for using their ATMs?

No, TD Bank does not charge fees for using their own ATMs. However, if you use an ATM from another bank, that bank may charge you a fee. TD Bank reimburses some out-of-network ATM fees depending on your account tier, but not all fees are covered. Check your account terms for the exact reimbursement amount.

Can I get the monthly fee refunded if I just opened the account?

TD Bank typically does not refund monthly maintenance fees that have already been charged. However, if you just opened the account and the fee has not yet posted, you may be able to close it before the charge is applied. Contact TD Bank immediately if you want to avoid the first month's fee.