TD Bank charges monthly fees on most checking accounts, but you can waive them

TD Bank's standard checking account, called the TD Bank Checking, carries a $15 monthly maintenance fee. However, you can eliminate this fee by meeting one of two conditions: maintain a minimum daily balance of $500 or set up direct deposit of at least $250 per month. If you do neither, the $15 charge posts to your account each month.

TD Bank also offers the TD Bank Premier Checking, which costs $25 per month but waives the fee if you keep a $2,500 minimum daily balance or receive $1,000 or more in monthly direct deposits. This account includes additional perks like higher interest rates and priority customer service, but the fee structure is steeper.

A third option is the TD Bank Student Checking, which has no monthly fee and is available to students under 24 years old. Once you turn 24 or graduate, the account converts to a standard TD Bank Checking account and the $15 fee applies unless you meet the waiver conditions.

Key Takeaways

  • TD Bank Checking costs $15 per month unless you maintain a $500 daily balance or set up direct deposit of $250 or more monthly.
  • TD Bank Premier Checking costs $25 per month and requires either a $2,500 daily balance or $1,000 in monthly direct deposits to waive the fee.
  • Student accounts have no monthly fee but convert to a standard account with fees once you turn 24 or graduate.
  • Other charges apply separately: overdraft fees, ATM fees outside the TD network, and wire transfer fees are not waived by the monthly fee structure.

Other fees that apply beyond the monthly charge

The monthly maintenance fee is only one cost. TD Bank also charges an overdraft fee of $35 per transaction if you spend more than your available balance, and you can incur multiple overdraft fees in a single day. The bank does offer overdraft protection, which links your checking account to a savings account or credit line and transfers funds automatically to cover shortfalls, but this service may carry its own fees depending on the type of protection you choose.

Out-of-network ATM withdrawals cost $3 per transaction at TD Bank ATMs outside the United States, and some third-party ATM networks charge additional fees on top of that. Wire transfers sent from your account cost $15 for domestic wires and $45 for international wires. Cashier's checks cost $10 each, and stop-payment requests on checks cost $35.

If your account falls below zero and remains negative for an extended period, TD Bank may charge a fee for each day the account stays overdrawn. Returned deposit items and bounced checks also trigger fees. Review your account agreement or call TD Bank directly to confirm current fee amounts, as these can change.

How to confirm your account type and current fees

Log into your TD Bank online account or mobile app and look at your account summary. The account name appears near the top—it will say "TD Bank Checking," "TD Bank Premier Checking," or "TD Bank Student Checking." Your monthly statement also lists the account type and shows any fees charged that month.

If you are unsure whether you meet the waiver conditions, check your direct deposit history in the online portal or call TD Bank customer service at 1-800-937-8372. A representative can tell you whether your current direct deposit amount qualifies and what your daily balance average has been over the past month. If you are close to meeting a waiver threshold, adjusting your direct deposit or balance may eliminate the fee going forward.

Switching to a different account type

If the $15 monthly fee is a burden, you have options. You can request to convert your TD Bank Checking to a Student Checking account if you still meet the age or enrollment requirements. Otherwise, you can open a new account type—such as a savings account paired with overdraft protection—or explore whether a different bank's checking account better fits your financial situation.

Before switching banks, compare the full fee structure, not just the monthly maintenance charge. Some banks charge higher overdraft fees or ATM fees, which may cost more over time than TD Bank's $15 monthly charge. If you use TD Bank's ATM network frequently or value their branch locations, the monthly fee might be worth the convenience.

What happens if you do not pay the monthly fee

The monthly maintenance fee is deducted automatically from your account balance. You do not need to pay it separately—it simply appears as a line item on your statement. If your account balance is too low to cover the fee, your account may go negative, and you will then owe both the monthly fee and an overdraft fee.

Repeated overdrafts can lead to your account being closed by the bank. If this happens, TD Bank may report the closure to ChexSystems, a banking history database that other banks use to decide whether to open accounts for you. A ChexSystems record can make it harder to open a checking account elsewhere for several years.

Frequently Asked Questions

Can I waive the TD Bank checking fee with a savings account?

No. The fee waiver requires either a minimum daily balance in the checking account itself or direct deposit into the checking account. Holding a savings account at TD Bank does not waive the checking account fee, though you may earn interest on the savings balance.

Does TD Bank charge for transfers between my accounts?

No. Transfers between your own TD Bank accounts—checking to savings, for example—are free. However, transfers to accounts at other banks may incur a fee depending on the method. Wire transfers to other banks cost $15 domestic or $45 international.

What is the difference between the $500 and $2,500 balance requirements?

The $500 minimum applies to TD Bank Checking and waives the $15 monthly fee. The $2,500 minimum applies to TD Bank Premier Checking and waives the $25 monthly fee. Premier Checking offers higher interest rates and other benefits, but requires a higher balance to avoid the fee.

If I set up direct deposit, when does the fee waiver take effect?

The fee waiver typically takes effect in the month after you meet the direct deposit requirement. If you set up a $250 direct deposit in January, the $15 fee may still post in January, but February's fee should be waived if the deposit posts on time.

Can I get a refund for fees I already paid?

TD Bank may refund one or two months of fees if you contact customer service and explain your situation, especially if you recently met the waiver conditions. Refunds are not may provide, but it is worth asking. Call 1-800-937-8372 to request a review.