TD Bank checking accounts have no monthly maintenance fee and no minimum opening deposit

You can open a TD Bank checking account with $0. TD Bank does not require a minimum deposit to start an account, and there is no monthly fee to keep it open. You will need a valid government-issued ID, a Social Security number or ITIN, and either an initial deposit or the ability to set up direct deposit within 30 days of opening.

The account itself costs nothing. What you pay depends on how you use it — whether you overdraft, use out-of-network ATMs, or maintain a low balance. Most people with direct deposit and regular deposits pay nothing beyond the cost of any optional services they add.

Key Takeaways

  • TD Bank checking accounts have no monthly maintenance fee and no minimum opening deposit required.
  • Overdraft fees are $35 per transaction if you spend more than your balance, though you can decline overdraft protection to avoid these charges.
  • Out-of-network ATM withdrawals cost $3 per transaction, but TD Bank has over 9,000 ATMs you can use for free.
  • You can open an account online, by phone, or in person at a TD Bank branch with just an ID and Social Security number.
  • Setting up direct deposit within 30 days of opening can help you avoid any balance requirements that may apply later.

Fees that apply after you open the account

Once your account is open, the main costs come from specific actions. An overdraft fee is $35 each time you spend more money than you have in your account. This happens per transaction — if you make three purchases that overdraft your account, you pay $35 three times. You can turn off overdraft protection in your account settings to prevent this, which means transactions will simply be declined instead.

Using an ATM outside the TD Bank network costs $3 per withdrawal. TD Bank operates over 9,000 ATMs across the United States, so most people can find a free one nearby. If you use a competitor's ATM regularly, those fees add up quickly.

Cashier's checks cost $10 each. Wire transfers sent domestically cost $15 to $20 depending on how you send them. These are not everyday charges for most people, but they matter if you need them.

How to open an account with no money upfront

You can open a TD Bank checking account online without visiting a branch. Go to the TD Bank website, select "Open an Account," and choose the checking product you want. You will enter your personal information, Social Security number, and initial deposit amount. If you have $0 to deposit, enter that amount — the system accepts it.

Alternatively, walk into any TD Bank branch with your ID and Social Security number. A banker can open the account on the spot and take your initial deposit if you have one. If you do not, ask whether you can set up direct deposit instead. Many branches will waive any temporary balance requirement if you commit to direct deposit within 30 days.

By phone, call TD Bank customer service at 1-800-937-8372 and ask to open a checking account. They will verify your identity and walk you through the process, though you will still need to provide your Social Security number and initial deposit information.

What documents and information you need

Bring or have ready a valid government-issued photo ID — a driver's license, passport, or state ID card. You will also need your Social Security number or ITIN (Individual Taxpayer Identification Number). If you are opening the account online, you may need to upload a photo of your ID or verify it through your phone camera.

Have your initial deposit method ready. This can be a check you want to deposit, a debit card number to transfer from another bank, or cash if you are opening in person. If you plan to use direct deposit instead, have your employer's routing and account information, or wait to set it up after the account opens.

Timeline for account activation

Online accounts typically activate within one business day. You can use your debit card and online banking immediately in most cases, though some transactions may take longer to process. If you deposit a check, it follows standard check-clearing timelines — usually two to five business days depending on the check amount and your bank's policies.

In-person accounts at a branch open the same day. You walk out with a debit card or can request one be mailed to you. If you order a card by mail, it arrives within 7 to 10 business days.

Direct deposit setup takes one to two pay cycles to begin. If you set it up on day one, your first direct deposit may not arrive until your next scheduled payday, which could be two to four weeks away depending on your employer's pay schedule.

Choosing between TD Bank checking products

TD Bank offers several checking accounts, and they all have the same $0 monthly fee and $0 minimum deposit. The main differences are in rewards and features. TD Bank's basic checking account has no perks but no requirements either. Their rewards checking account offers a small cash-back rate on debit card purchases, but requires a minimum number of transactions per month to earn it.

If you are under 25, TD Bank's student checking account has the same structure with no monthly fee. If you are over 62, their senior checking account is identical in cost but may include additional services like free notary or safe deposit box discounts.

The choice between them does not affect your opening cost — all start at $0. Pick based on whether you want to earn cash back or whether you may have access to for a specialized account.

What happens if you close the account soon after opening

TD Bank does not charge a fee to close a checking account, even if you close it days after opening. There is no early closure penalty. If you deposited money and then close the account, you get that money back minus any fees you incurred (overdrafts, ATM charges, etc.).

If you opened with $0 and never deposited anything, closing costs nothing. The account simply closes and you move on. This matters if you are testing the account or opened it by mistake.

Frequently Asked Questions

Do I need a minimum balance to keep the account open?

No. TD Bank checking accounts have no minimum balance requirement. You can keep a $0 balance indefinitely without fees or penalties. However, if you do not make any deposits or set up direct deposit within 30 days, some branches may close inactive accounts, so confirm this with your branch if you plan to leave the account empty.

Can I open an account if I have a bad banking history?

TD Bank uses ChexSystems to check your banking history. If you have unpaid overdrafts, fraud, or other serious issues on record, you may be denied. You can request your ChexSystems report for free at www.chexsystems.com to see what is on file. If you are denied, ask the banker why and whether you can reapply after addressing the issue.

What if I want to deposit cash but do not have a check or direct deposit?

Walk into a TD Bank branch with your cash and ID. The banker will deposit it into your new account on the spot. You can also use TD Bank ATMs to deposit cash after your account opens. Online or phone opening requires an initial electronic transfer or check deposit, but once the account is active, you can add cash anytime.

Is there a fee if I keep a very low balance?

No. TD Bank charges no fee based on balance size. You can maintain $1, $10, or $100 indefinitely with no monthly charge. The only fees come from specific actions like overdrafting or using out-of-network ATMs.

How long does it take to receive my debit card?

If you open in person at a branch, you can request an instant card or have one mailed. Mailed cards arrive in 7 to 10 business days. If you open online, your card ships automatically and arrives within the same timeframe. You can use your account for online transfers and bill pay before the physical card arrives.