Rating:   4.5-star brokerage firm rating

2019 TD Bank checking accounts review (TD Simple Checking, TD Convenience Checking, TD Premier Checking, TD Ameritrade Checking): annual and monthly maintenance fees, ATM fee, interest rates, required minimum daily balance, benefits/pros, drawbacks/cons.

Overview

As "America's Most Convenient Bank", TD Bank has become well known for its extended bank hours, 24/7 live customer support, and robust online banking. Consumers who value convenience and excellent customer support may view TD Bank as an ideal option for their banking needs.

Four Main Checking Accounts: TD Simple Checking, TD Convenience Checking, TD Premier Checking and TD Ameritrade

TD Bank offers four main checking options: TD Simple Checking, TD Convenience Checking, TD Premier Checking and TD Ameritrade with checking features. Each checking account is designed to meet a consumer’s checking needs, budget, and desired perks.

TD Simple Checking is the most basic checking account offered at TD Bank which doesn’t impose a required minimum daily balance. However, there is a monthly maintenance fee of $5.99 which cannot be waived. In addition to the monthly maintenance fee, there is an ATM fee of $3 charged to account holders who use non-TD Bank ATMs (plus any fees charged by the other bank).

TD Convenience Checking is the next up from TD Simple Checking. A $150 bonus is offered to eligible new personal checking customers of TD Bank. While there is a monthly maintenance fee of $15, it can be waived if the account holder maintains the daily minimum balance of $100. Similar to TD Simple Checking, account holders are charged $3 for using non-TD Bank ATMs (plus any fees charged by the other bank).

The third tier is the TD Premier Checking from which account holders can enjoy extra perks which include a $300 bonus offered to eligible new personal checking customers of TD Bank, a standard APY interest rate of 0.05% earned on accounts with a minimum balance of $2,500, zero ATM fees even if account holders who use non-TD Bank ATMs, and free bank products and services such as a free first order of standard checks, free money orders, free bank checks, stop payments, and more. The $25 monthly maintenance is waived for account holders who maintain a daily minimum balance of $2,500.

The final option is a TD Bank's investment account called TD Ameritrade that has checking features. This option is free of charge and earns interest. More about it at the bottom of the article.


TD Bank Checking review


Account Features

All of the checking account options listed above do not require a minimum opening deposit and offer the following free features:

Send Money with Zelle: Zelle has become one of the most popular ways to send and receive money in minutes. If receiving money from an outside bank that doesn’t participate in Zelle, then the money is usually received by next business day.

Mobile Deposit: TD bank offers a free mobile deposit to all account holders and an option to view their mobile deposit history. Like most banks, TD Bank places the following limits to mobile deposit:

  • Maximum Check Amount: $5,000
  • Daily Deposit Maximum: $5,000
  • 30-Day Maximum Deposit: $10,000

Bill Pay: TD Bank’s Bill Pay feature allows account holders to easily pay bills online, schedule payments and reminders, and view activity. Users can use Bill Pay to setup payments to anyone in the United States. Account holders can also receive bills electronically if the company is able to send electronic bills.

Online Banking: One of TD Bank’s most popular features is its comprehensive and user-friendly online banking. Account holders can use the online banking to manage all of their TD bank accounts, including mobile banking and deposit, Bill Pay, Send Money with Zelle, transfers, view statements and notices, and setup personalized, email banking alerts.

TD Bank Checking/Investing Promotion

Trade free for 60 days + get up to $600.

TD Bank Fees

The following fees do not apply to TD Ameritrade account. Aside from the $3 ATM fees and monthly maintenance fees as explained above, TD Bank charges its customers the following fees:

  • Overdraft fee: $35 per transaction
  • Overdraft return fee: $35 per transaction
  • Overdraft protection transfer fee: $10 (for each day TD Bank transfers available funds from an overdraft protection source such as a savings account)
  • Incoming wires (free for TD Premier Checking customers): $15 (domestic and international)
  • Outgoing wires: $25 (domestic), $40 (international, plus exchange rate, taxes and correspondent fees)
  • Money orders (free for TD Premier Checking customers): $5
  • Official bank checks (free for TD Premier Checking customers): $8
  • Monthly paper statement fee (free for TD Premier Checking customers): $1
  • Check and ACH Stop Payment Fee (free for TD Premier Checking customers): $30 (per item)
  • Foreign bank drafts, purchased: $25
  • Foreign currency bank notes: $7.50 (orders of $250 and above), $17.50 (orders less than $7.50)


TD Bank Checking account review


TD Checking Pros

  • No minimum opening deposit or daily balance required
  • Prominent presence along the east coast with nearly 1,300 locations
  • Waived monthly fees for TD Convenience Checking and TD Premier Checking
  • Accessible customer service 24/7
  • Convenient local branch hours (between 8:00 AM and 6:30 PM in most locations) which are open every day of the year except for the major holidays
  • 24/7 Mobile banking app with Bill Pay
  • Free Visa debit card
  • User-friendly online banking which makes it easy to manage multiple TD bank products: deposit accounts, credit accounts and investments accounts
  • Use TD Wallet on your smart phone where smart payments are accepted. TD Wallet is compatible with Apple Pay, Samsung Pay, Google Play, Microsoft Wallet, and Visa Checkout

TD Checking Cons

  • Weak 0.05% interest rate earned by TD Premier Checking. Consumers interested in interest checking can find banks that offer higher rates - Open a CIT Savings Builder account and get a 2.30% rate.
  • High monthly maintenance fees if you are unable to maintain the daily minimum balance for TD Convenience Checking and TD Premier Checking. TD bank will not waive fees if using direct deposit
  • Few physical branch locations in the West Coast, making in-person banking difficult
  • Debits transactions are always posted first, even if deposits were made first. This can cause confusion at times, leading to overdraft fees

TD Ameritrade: Investment Account + Checking Account

Checks and a Visa debit card can be added to a free TD Bank brokerage account called TD Ameritrade at no charge. This does not create a separate account. It is simply the investment account with checking tools added.

Unlike checking accounts described above, there are no monthly or annual fees to pay or minimum balances to maintain. TD Ameritrade account is completely free.

Even better than free checks and a debit card is TD Ameritrade’s generous policy to reimburse all ATM fees incurred while using its card anywhere in the U.S.

Free cash balances at TD Ameritrade are swept into FDIC-insured bank accounts that pay interest. The current APY varies between 0.05% and 0.45%, depending on the account’s balance.

TD Bank Checking Accounts Review Conclusion

With its wide-range of products and services, TD Bank makes it easy for anyone who prefers to manage multiple accounts under a single umbrella, especially for Ameritrade customers. TD Bank’s physical presence along the East Coast, (1,300 physical branch locations) makes it accessible for consumers who prefer to conduct their banking in person. For those who do not live in the East Coast can still enjoy TD Bank’s products and services through its all-encompassing online banking services nationwide.

If travelling outside of the United States, TD Bank does not charge fees for foreign debit card transactions or for account holders who visit Canada and use TD Canada Trust ATMs.

TD Ameritrade Promotional Offer

Trade free for 60 days + get up to $600.

Open TD Ameritrade Account

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TD Bank Checking reviewed by TopRatedFirms.com. Rating: 4.5