TD Bank charges a monthly maintenance fee on most checking accounts, but you can waive it by meeting one simple requirement

TD Bank's standard checking account carries a $15 monthly maintenance fee, but you can eliminate it entirely by keeping a minimum daily balance of $500 or more. If your balance drops below $500 on any day of the month, the fee posts to your account. The fee applies to their basic TD Bank Checking account; other account types have different structures and different waiver paths.

The maintenance fee is not automatic punishment—it is a charge that only appears if you do not meet the waiver condition. Many people never pay it because they keep the required balance. If you cannot maintain $500, you have other options: switching to a different TD account type, using direct deposit, or setting up automatic transfers to keep your balance above the threshold.

Key Takeaways

  • TD Bank's standard checking account has a $15 monthly maintenance fee that disappears if you maintain a $500 minimum daily balance.
  • The balance requirement is checked every day, so a single day below $500 triggers the fee for that month.
  • TD Bank offers other checking account types with different fee structures and different waiver requirements.
  • Direct deposit, automatic transfers, or switching to a no-fee account are practical ways to avoid the charge.

How the $500 minimum balance requirement works

The $500 is a minimum daily balance, not an average. This means your account must hold at least $500 every single day of the month. If you drop to $499 on one day—even briefly—the $15 fee posts at the end of the month. The balance is checked at the end of each business day, so weekend and holiday transactions can affect whether you cross the threshold.

If you are paid weekly or biweekly, you may find it easier to stay above $500 than if you are paid monthly. The longer the gap between deposits, the more likely your balance will dip below the minimum. Some people set up a small automatic transfer from savings to checking on the same day their paycheck arrives, which keeps the balance stable and avoids the fee entirely.

Other TD Bank checking accounts and their fees

TD Bank offers several checking account types beyond the standard account. The TD Bank Checking Plus account also carries a $15 monthly maintenance fee with the same $500 minimum balance waiver. The TD Bank Student Checking account has no monthly maintenance fee and is open to students under 24 years old with a valid student ID.

TD Bank also offers the TD Bank Premier Checking account, which is designed for customers who maintain higher balances or use more services. This account has a higher monthly fee but may waive it at a higher balance threshold or through other means like direct deposit or maintaining a linked savings account. You should review the current terms for each account type, as TD Bank updates fee structures periodically.

Ways to waive the maintenance fee without keeping $500

If maintaining a $500 balance is not realistic for your situation, TD Bank may waive the fee through other methods depending on the account type. Some accounts waive the fee if you set up direct deposit of your paycheck, pension, or government benefits. Others waive it if you maintain a linked savings account with a certain balance or if you use TD Bank's credit card for a minimum number of transactions per month.

The specific waiver methods vary by account type and change over time. Contact TD Bank directly or visit a branch to ask which waivers apply to your account. If you have been paying the fee for months and meet one of the waiver conditions, you may be able to request a refund of past fees, though this is not may provide.

What happens if the fee posts to your account

When the $15 maintenance fee posts, it simply deducts from your checking account balance like any other charge. It does not affect your credit score or show up on your credit report—it is an internal bank fee, not a debt. However, if the fee causes your balance to drop below zero, you may face an overdraft fee on top of the maintenance fee.

If you notice the fee has posted and you believe it was an error, contact TD Bank within a reasonable time frame. They may reverse one or two fees as a courtesy, especially if you have been a customer for a long time or if you can show you met the balance requirement. Do not assume the fee is permanent; it is worth asking.

Comparing TD Bank checking to other banks

Many online banks and credit unions offer checking accounts with no monthly maintenance fee and no minimum balance requirement. Banks like Ally, Charles Schwab, and Discover have zero-fee checking accounts. Local credit unions often have no-fee checking as well. If you use TD Bank primarily for branch access and in-person deposits, the $15 fee may be worth it to you. If you rarely visit a branch, a no-fee account elsewhere might save you $180 per year.

TD Bank's advantage is its physical branch network, especially in the Northeast and Mid-Atlantic. If you value walking into a branch to deposit cash or speak with a banker, that convenience may justify the fee. If you are comfortable with mobile deposits and ATM transfers, you have more options that cost nothing.

Setting up automatic transfers to stay above the minimum

One practical way to avoid the fee is to set up an automatic transfer from savings to checking on payday. If you are paid on the 15th and the last day of the month, you could schedule two small transfers—say, $250 each—that land on those dates. This keeps your checking balance above $500 without requiring you to manually move money.

The transfer takes one or two business days, so schedule it for the day your paycheck arrives or the day after. If you use direct deposit, the money lands in your account automatically, so you may not need the transfer at all. The goal is to make staying above $500 automatic and effortless, so the fee never becomes an issue.

Frequently Asked Questions

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

TD Bank may reverse the fee if you contact them within a short time after it posts, especially if you are a new customer. Call the number on the back of your debit card or visit a branch. There is no may provide, but asking costs nothing, and banks sometimes waive fees for new accounts as a courtesy.

Does the $500 minimum include money in my savings account?

No. The $500 minimum applies only to your checking account balance. Money in savings, money market accounts, or other linked accounts does not count toward the checking minimum. Each account is tracked separately for fee purposes.

What if my balance is exactly $500—does the fee still apply?

No. The requirement is a minimum daily balance of $500 or more, so $500 exactly meets the threshold. The fee only applies if your balance drops below $500 at any point during the month.

Can I switch to a different TD Bank account to avoid the fee?

Yes. TD Bank's Student Checking account has no monthly maintenance fee if you are under 24 and a student. Other account types have different fee structures. Visit a TD Bank branch or call customer service to learn which accounts are open to you and what their fee waivers are.

Does direct deposit automatically waive the fee on all TD checking accounts?

Direct deposit waives the fee on some TD Bank accounts but not all. It depends on which checking account type you have. Ask TD Bank which waiver methods apply to your specific account, or check your account agreement online.