The main fees TD Bank charges and how to stop paying them

TD Bank charges a monthly maintenance fee on most checking accounts unless you meet one of their balance or deposit requirements. The TD Checking account costs $15 per month if you don't keep a $500 minimum balance or have a direct deposit of at least $250 per month. The TD Convenience Checking account costs $6 per month under the same conditions. Beyond the monthly fee, TD also charges $3 for each out-of-network ATM withdrawal, $35 for overdrafts, and $5 for each returned check.

The simplest way to avoid the monthly fee is to pick the account type that matches your habits, then meet one condition: either maintain the minimum balance or set up direct deposit. If neither is realistic for you, a different bank may cost less. TD also charges fees for things you might not expect—like using another bank's ATM or bouncing a check—so knowing which actions trigger charges helps you avoid them entirely.

Key Takeaways

  • TD Checking costs $15 per month unless you keep $500 on hand or receive a direct deposit of $250 or more each month.
  • TD Convenience Checking costs $6 per month under the same balance or direct deposit requirement.
  • Out-of-network ATM withdrawals cost $3 each, so using TD's ATM network or a bank partner's ATM saves money.
  • Overdraft fees are $35 per transaction, and you can request to turn off overdraft protection to avoid surprise charges.
  • If you cannot meet the minimum balance or direct deposit requirement, switching to an online bank or credit union may cost you nothing per month.

Maintain the minimum balance to waive the monthly fee

The easiest way to avoid TD's monthly maintenance fee is to keep $500 in your TD Checking account at all times. This balance must be there on the day the fee would normally post—usually the last day of the month. If your balance drops below $500 even for one day, you may still be charged the fee that month, depending on when the bank calculates it.

If $500 feels like too much to keep sitting idle, consider whether a direct deposit would work instead. Many employers offer direct deposit at no cost to you, and it counts toward the fee waiver even if the amount is small. If you receive a paycheck, pension, Social Security, or any regular payment by direct deposit, that route may be easier than maintaining a large balance.

Set up direct deposit to waive the monthly fee

A direct deposit of at least $250 per month also waives the $15 monthly fee on TD Checking. This does not have to be your paycheck—it can be a pension, Social Security, disability payment, or any regular deposit that hits your account electronically from an employer or government agency. Once the direct deposit is set up, the fee disappears as long as the deposit keeps coming.

To set up direct deposit, you will need your TD account number and routing number (which TD can provide). Give these to your employer's payroll department or to the agency sending the payment. It usually takes one or two pay cycles for the direct deposit to start, so set it up before your next payment is due. Once it is active, you do not need to do anything else—the fee waiver continues automatically.

Avoid out-of-network ATM fees by using TD's network

TD charges $3 for each withdrawal from an ATM that is not part of the TD network. If you withdraw cash twice a week from an out-of-network ATM, that is $24 per month in fees alone. The solution is to use TD's own ATM network or partner networks whenever possible.

TD operates thousands of ATMs across the United States. You can find the nearest one using TD's mobile app or website. TD also partners with Allpoint, a network of over 55,000 ATMs worldwide, so withdrawals from Allpoint machines are free. If you travel frequently or live far from a TD branch, check whether Allpoint coverage is good in your area before opening an account. If neither TD nor Allpoint ATMs are convenient, the $3 fee per withdrawal will add up quickly.

Prevent overdraft fees by monitoring your balance

An overdraft fee of $35 hits your account each time you spend more money than you have. If you overdraw by $50 and the bank covers it, you lose $35 to the fee—a 70% penalty on top of the overage. The most direct way to avoid this is to check your balance before spending and set up account alerts.

TD's mobile app and online banking let you see your current balance instantly. You can also set up a low-balance alert—for example, an email or text when your balance drops below $100. This gives you time to transfer money in before you accidentally overdraw. If overdrafts happen often, you can also request that TD turn off overdraft protection, which means transactions will be declined instead of charged. This prevents the fee but may be inconvenient if you need the purchase to go through.

Avoid returned check fees by verifying account details

A returned check fee of $5 is charged when a check you write bounces because you do not have enough money in the account. This fee is separate from the overdraft fee—you may be charged both if the check bounces and the bank covers the overdraft. To avoid this, verify that you have enough money before writing a check, and keep a running total of pending checks in your register.

If you rarely write checks, consider switching to digital payments like bill pay or transfers instead. TD's bill pay service is free and lets you schedule payments to arrive on a specific date, which gives you more control over your cash flow. If you do write checks, the same low-balance alerts that prevent overdrafts will help prevent returned checks too.

Compare TD to other banks if you cannot meet the requirements

If you cannot maintain a $500 balance and do not have direct deposit, the $15 monthly fee on TD Checking adds up to $180 per year. Many online banks and credit unions offer checking accounts with no monthly fee, no minimum balance, and no direct deposit requirement. Examples include Ally Bank, Charles Schwab, and many local credit unions, though you should verify current terms before opening an account.

The trade-off is usually that online banks have fewer physical branches and ATMs. If you need to deposit cash frequently or prefer in-person service, a local credit union may be a better fit than an online bank. If you rarely use branches and mostly manage money on your phone, an online bank's lack of physical locations may not matter. Spend a few minutes comparing the total cost—monthly fees, ATM fees, overdraft fees—across banks you are considering, because the cheapest option depends on how you actually use your account.

Frequently Asked Questions

Can I switch from TD Checking to TD Convenience Checking to pay less?

Yes. TD Convenience Checking costs $6 per month instead of $15, and it has the same $500 balance or $250 direct deposit waiver. The main difference is that Convenience Checking has fewer features and lower ATM limits. If you do not use checks or advanced features, switching saves you $9 per month ($108 per year) as long as you still meet one waiver requirement.

What happens if my direct deposit stops?

If your direct deposit stops coming, you lose the fee waiver and the $15 monthly fee will start again the next month. If your job ends or your benefits change, contact TD as soon as you know the direct deposit will stop. You can switch to maintaining the $500 balance instead, or move to a different bank before the fee kicks in.

Does TD charge a fee to close my account?

TD does not charge a fee to close a checking account. If you decide to switch banks, you can close your TD account at any branch or by calling customer service. Make sure to transfer any remaining money out first and cancel any automatic payments or direct deposits tied to the account.

Can I get a refund for fees I already paid?

TD may refund one or two fees if you call and ask, especially if you have been a customer for a long time or if the fee was charged in error. There is no may provide, but it costs nothing to ask. Call the number on the back of your card or visit a branch with your account statement showing the fee.

Are there other TD account types that cost less?

TD offers a few account types beyond Checking and Convenience Checking, but most have monthly fees unless you meet balance or deposit requirements. If you are under 25, TD may offer a student checking account with lower or no fees—ask at a branch. If you are over 62, TD may have a senior checking account with different terms. Check TD's website or call to see what accounts are available to you.