TD Bank checking accounts do charge fees, but you can avoid most of them

TD Bank charges a monthly maintenance fee on most checking accounts, but the amount and whether you pay it depends on which account you open and how you use it. The most common account, TD Bank Checking, costs $6.99 per month, but that fee drops to zero if you maintain a minimum balance, set up direct deposit, or meet other conditions. Other accounts like TD Bank Premier Checking have higher fees but come with more features.

Beyond the monthly fee, TD Bank also charges for specific actions: overdrafts, out-of-network ATM use, wire transfers, and paper statements. These fees add up quickly if you are not watching them. The good news is that most of these charges are avoidable if you know which ones to watch for and how TD Bank's fee waiver rules work.

Key Takeaways

  • TD Bank Checking costs $6.99 per month but the fee is waived if you keep a $500 minimum balance, set up direct deposit, or maintain a linked savings account with $500.
  • Overdraft fees run $35 per transaction, and TD Bank allows multiple overdrafts per day, so one mistake can trigger several charges at once.
  • Out-of-network ATM withdrawals cost $3 per transaction, but TD Bank reimburses out-of-network fees charged by other banks.
  • Paper statements, wire transfers, and cashier's checks each carry separate fees that do not apply if you use digital statements and electronic transfers instead.
  • TD Bank's overdraft protection feature can link your checking to savings to prevent overdrafts, but you pay a small fee each time the transfer happens.

Monthly maintenance fees and how to waive them

TD Bank Checking carries a $6.99 monthly maintenance fee. You can eliminate this fee in four ways: keep a $500 minimum daily balance, set up at least one direct deposit per month, maintain a linked TD Bank savings account with a $500 minimum balance, or be a TD Bank customer aged 62 or older (seniors pay no monthly fee). If you meet any one of these conditions, the fee disappears.

TD Bank Premier Checking costs $15 per month and is aimed at customers who want higher account limits and additional perks. The fee waiver rules are the same: $2,500 minimum balance, direct deposit, or linked savings with $2,500. This account includes unlimited check writing and higher daily transaction limits, but most people do not need these features.

The easiest way to avoid the monthly fee is to set up direct deposit from your employer or another source like Social Security. Even one deposit per month counts, so if you receive any regular payment electronically, you are covered. If direct deposit is not an option, the $500 minimum balance is the next simplest route.

Overdraft fees and how they stack up

TD Bank charges $35 for each overdraft transaction — that is, each time you spend money you do not have. The critical detail is that TD Bank processes overdrafts throughout the day, which means multiple transactions can trigger multiple $35 fees in a single day. If you overdraw by $100 and make four separate purchases before the overdraft is caught, you could face four separate $35 charges on top of the original shortfall.

TD Bank does not charge overdraft fees on ATM withdrawals or debit card transactions under $1, but it does charge them on checks, ACH transfers, and regular debit card purchases. The bank also does not charge an overdraft fee if your account goes negative by less than $5, though this protection is narrow.

You can prevent overdrafts by linking your checking account to a TD Bank savings account through overdraft protection. When your checking account would go negative, TD Bank automatically transfers money from savings to cover it. Each transfer costs $1, which is far cheaper than a $35 overdraft fee. You can also simply opt out of overdraft coverage entirely, which means transactions will be declined rather than charged.

ATM fees and out-of-network charges

Using a TD Bank ATM is free. Using another bank's ATM costs $3 per withdrawal. However, TD Bank reimburses ATM fees charged by other banks, so if you withdraw $100 from a competitor's ATM and that bank charges you $2.50, TD Bank refunds that $2.50. You still pay the $3 TD Bank fee, but the reimbursement softens the blow.

The reimbursement appears as a credit to your account within one to three business days. This means you are not out the money permanently, but you do see a temporary charge. If you want to avoid ATM fees altogether, use TD Bank's network, which includes thousands of branches and ATMs across the Northeast and Mid-Atlantic.

Wire transfer, check, and statement fees

Sending a domestic wire transfer through TD Bank costs $15. International wires cost $25. These fees apply whether you initiate the wire in person, online, or by phone. If you need to send money regularly, electronic transfers through your bank's bill pay system are free and take one to three business days instead of the same day that wires offer.

Ordering a cashier's check costs $10 per check. Ordering duplicate statements or copies of cancelled checks costs $5 per request. Requesting a paper statement instead of using online statements costs $2 per month, though most customers do not pay this because they use digital statements by default.

The easiest way to avoid these fees is to use TD Bank's free online bill pay for regular payments and electronic transfers for moving money between accounts. Wire transfers are necessary only when speed is critical or the recipient does not accept ACH transfers.

Fees for inactive accounts and other charges

If your TD Bank checking account sits unused for 12 months or more, the bank may charge an inactivity fee. The amount varies, but TD Bank typically charges $5 to $10 per month once an account is deemed inactive. An account is considered inactive if there are no deposits, withdrawals, or transfers for a full year. Simply logging into online banking does not count as activity.

Other less common fees include a $25 charge for a returned deposit (if a check you deposited bounces), a $15 fee for stopping payment on a check, and a $10 fee if you request a copy of a paid check. Overdraft protection transfers cost $1 each, as mentioned earlier. Most of these fees are avoidable by monitoring your account and using electronic methods instead of paper checks.

How to compare TD Bank checking to other banks

TD Bank's $6.99 monthly fee is higher than many online banks, which often charge no monthly maintenance fee at all. However, online banks typically offer no physical branches or ATMs, which matters if you deposit cash regularly or need in-person service. TD Bank's fee waiver options — direct deposit, minimum balance, or linked savings — are standard across most traditional banks.

The overdraft fee of $35 is in line with what most large banks charge, though some banks cap the number of overdraft fees per day or offer overdraft protection by default. The $3 out-of-network ATM fee is also standard. If you want to avoid fees entirely, online banks like Ally, Charles Schwab, or Discover have no monthly fees and reimburse all ATM fees nationwide, but they have no physical locations.

The choice between TD Bank and a competitor depends on whether you value branch access and in-person service enough to pay the monthly fee, or whether you can manage your banking entirely online and through ATMs.

Frequently Asked Questions

Can I get the monthly fee waived without direct deposit?

Yes. You can waive the $6.99 monthly fee by keeping a $500 minimum daily balance in your checking account, by maintaining a linked TD Bank savings account with $500, or by being 62 or older. Direct deposit is one option, but not the only one.

What happens if I overdraft multiple times in one day?

TD Bank charges $35 for each overdraft transaction, and multiple transactions in a single day each trigger a separate fee. If you make four purchases while overdrawn, you could face four $35 charges. Linking overdraft protection to a savings account prevents this by automatically transferring funds for $1 per transfer instead.

Does TD Bank charge for debit card purchases?

No monthly fee applies to debit card use itself. However, if a debit card purchase overdrafts your account, you pay the $35 overdraft fee. Debit card transactions under $1 do not trigger overdraft fees.

Are there any TD Bank checking accounts with no monthly fee?

TD Bank does not offer a completely free checking account without conditions. However, the $6.99 fee is waived if you meet one of four conditions: $500 minimum balance, direct deposit, linked savings with $500, or age 62 or older. Customers who meet any of these criteria pay nothing.

Do I have to pay for online bill pay?

No. TD Bank's online bill pay service is free and takes one to three business days. Wire transfers, which are faster, cost $15 for domestic transfers and $25 for international ones. For most regular payments, bill pay is the cheaper option.