TD Bank does charge monthly fees on most checking accounts, but you can avoid them

TD Bank's standard checking account, called the TD Bank Checking, costs $6.99 per month. However, you can waive this fee by keeping a minimum balance of $500 in the account, or by setting up direct deposit of your paycheck. If you do neither, the monthly fee will be deducted from your account automatically.

TD Bank also offers a TD Bank Checking with Interest account, which costs $12.99 per month but pays you a small amount of interest on your balance. This account also waives the fee if you maintain $2,500 in the account or set up direct deposit.

If you are under 18 or a student, TD Bank offers a TD Bank Student Checking account with no monthly fee. This account is free as long as you remain in school or under the age limit set by the bank.

Key Takeaways

  • TD Bank Checking costs $6.99 per month unless you keep $500 in the account or receive direct deposit.
  • The interest-bearing checking account costs $12.99 monthly and requires either $2,500 in the account or direct deposit to waive the fee.
  • Student and youth accounts have no monthly fee, but may be able to access ends when you graduate or reach a certain age.
  • Direct deposit is one of the easiest ways to waive monthly fees on any TD Bank checking account.

What counts as a minimum balance

When TD Bank says you need to maintain a $500 or $2,500 minimum balance, they mean the money must be in the account on the last day of each statement period. If your balance drops below the minimum on that day, you will be charged the monthly fee for that month, even if you had enough money earlier in the month.

The balance requirement applies to the checking account itself, not to your savings account or other accounts at TD Bank. Money in a separate savings account does not count toward the checking account minimum.

How direct deposit waives the fee

Direct deposit means your employer or a government agency (like Social Security) sends your paycheck or benefit payment directly into your TD Bank account. You do not have to do anything once it is set up — the money arrives automatically on payday.

To set up direct deposit, you give your employer or benefit provider your TD Bank account number and routing number. TD Bank can provide both of these numbers. Once direct deposit is active, the monthly fee is waived automatically, regardless of how much money is in your account. You do not need to maintain any minimum balance.

Other fees you should know about

Beyond the monthly account fee, TD Bank charges for certain transactions and services. Overdraft fees explore when you spend more money than you have in the account — this fee is typically around $35 per overdraft, though the exact amount can vary. ATM fees explore if you use an ATM that is not owned by TD Bank; using a TD Bank ATM is free.

Wire transfers, cashier's checks, and stop payments on checks all carry separate fees. If you need these services, ask a TD Bank representative for the current cost, as fees change periodically. Some accounts may waive certain fees if you meet other requirements, so it is worth asking when you open your account.

Comparing TD Bank checking to other banks

Many banks offer checking accounts with no monthly fee at all. Some online banks and credit unions do not charge a monthly fee and do not require a minimum balance or direct deposit. However, these banks may have fewer physical locations or ATMs, which matters if you prefer to do your banking in person.

TD Bank has branches and ATMs throughout the Northeast and Mid-Atlantic, which is useful if you live or work in those areas. The trade-off is that you pay a monthly fee unless you meet one of the waiver conditions. If you rarely visit a branch and do not mind banking online, a no-fee bank might save you money over time.

How to waive your TD Bank checking fee

You have two main options: keep $500 (or $2,500 for the interest account) in your checking account at all times, or set up direct deposit. Direct deposit is usually the easier path because it requires no ongoing effort — once it is set up, the fee stays waived automatically.

If you receive a paycheck from an employer, ask your HR or payroll department to set up direct deposit. If you receive Social Security, unemployment benefits, or a pension, you can set up direct deposit through the agency that sends the payment. If you do not have regular income, maintaining the minimum balance is your only option to avoid the fee.

What happens if you do not waive the fee

If you do not meet the minimum balance requirement and do not have direct deposit, TD Bank will charge you $6.99 (or $12.99 for the interest account) on the last day of each statement period. This fee comes out of your account automatically, so your balance will drop by that amount each month.

Over a year, the monthly fee adds up to about $84 for the standard checking account. If you use the account infrequently or keep a low balance, this cost might outweigh the benefit of having a TD Bank account. In that case, switching to a no-fee bank could save you money.

Frequently Asked Questions

Can I waive the fee with a savings account instead of a checking account?

No. The minimum balance requirement applies only to the checking account itself. Money in a TD Bank savings account does not count toward the checking account minimum. You must either keep the minimum in the checking account or set up direct deposit.

What if I set up direct deposit but it stops coming?

If your direct deposit stops, the fee waiver stops too. You will be charged the monthly fee starting the next statement period. Contact your employer or benefit provider to restart direct deposit, or switch to maintaining the minimum balance to avoid future fees.

Does TD Bank charge a fee to open a checking account?

No. Opening a TD Bank checking account is free. You only pay the monthly maintenance fee if you do not meet the waiver conditions. There is no upfront cost to open the account.

Can I switch from the standard checking to the interest checking account?

Yes. You can contact TD Bank and ask to change your account type. Keep in mind that the interest account has a higher monthly fee ($12.99 instead of $6.99) and a higher minimum balance requirement ($2,500 instead of $500) to waive the fee. The interest rate paid is usually very small, so compare the cost of the higher fee against the interest you would earn.

What if my balance drops below the minimum for just one day?

If your balance is below the minimum on the last day of your statement period, you will be charged the monthly fee. A temporary dip earlier in the month does not matter, but the balance on the final day is what counts.