TD Bank's Free Checking Options

TD Bank offers two checking accounts with no monthly maintenance fee: TD Bank Checking and TD Bank Checking Plus. Both carry zero monthly charges regardless of your balance or deposit activity. The difference lies in what features come with each one and what perks you get access to.

TD Bank Checking is the basic option. It comes with a debit card, online banking, mobile banking, and the ability to make transfers between your own accounts. You can deposit checks through their mobile app or at any TD Bank branch. There are no minimum balance requirements to open or maintain the account.

TD Bank Checking Plus adds a few extras: overdraft protection (which links to another account to cover shortfalls), higher ATM limits, and access to their rewards program. This account also has no monthly fee and no minimum balance requirement. Both accounts let you make unlimited debit card transactions and unlimited transfers to other accounts you own.

Key Takeaways

  • TD Bank Checking and TD Bank Checking Plus both have zero monthly maintenance fees with no minimum balance requirement.
  • TD Bank Checking Plus includes overdraft protection and higher ATM withdrawal limits compared to the basic Checking account.
  • Both accounts come with a debit card, online banking, mobile check deposit, and unlimited transfers between your own accounts.
  • You can open either account online, by phone, or at a TD Bank branch with just an ID and Social Security number.
  • Out-of-network ATM fees apply if you use ATMs outside the TD Bank network, though TD has a large network of branches and ATMs across the Northeast and Mid-Atlantic.

What Costs Money and What Doesn't

The monthly maintenance fee is free on both accounts. However, other transactions do carry fees. Overdrafts cost $35 per item if you don't have overdraft protection linked. Wire transfers (sending money outside the bank) cost $15 to $25 depending on whether it's domestic or international. Cashier's checks are $10 each.

ATM withdrawals at TD Bank machines are free. If you use an out-of-network ATM, TD charges $3 per withdrawal. Some out-of-network ATMs also charge their own fee on top of that. Stop payments on checks cost $30. Expedited delivery of a debit card is $15 if you need it faster than standard mail.

Returned check fees (when a check bounces) are $35. If you link overdraft protection to a savings account or line of credit, transfers to cover overdrafts are free, but you may pay interest on the borrowed amount if it's a line of credit.

How to Open a TD Bank Free Checking Account

You can open either account online through TD Bank's website, by calling their customer service line, or by walking into a branch. Online opening takes about 10 minutes. You'll need a valid government-issued ID, your Social Security number, and an initial deposit (which can be as little as $1 for most accounts, though this can vary by location).

If you open online, TD will mail you a debit card within 7 to 10 business days. You can use your account and make transfers immediately, but you won't be able to use the debit card until it arrives. If you open in a branch, you can sometimes get a temporary card the same day or a card within a few days.

You'll choose a username and password for online banking during setup. TD will also ask whether you want paperless statements (email delivery) or paper statements mailed to you. Paperless is the default and saves processing time.

Overdraft Protection and Linked Accounts

Overdraft protection is included with TD Bank Checking Plus but not with basic TD Bank Checking. If you have overdraft protection turned on, TD will automatically transfer money from a linked savings account or line of credit to cover a shortfall when you make a debit card purchase or withdrawal that would otherwise bounce.

The transfer itself is free, but if you're pulling from a line of credit, you'll pay interest on the borrowed amount. If you're pulling from a savings account, there's no interest charge. Without overdraft protection, a transaction that exceeds your balance will be declined at the point of sale (for debit card purchases) or will result in a $35 overdraft fee (for checks or ACH transfers).

You can turn overdraft protection on or off anytime through online banking or by calling customer service. TD also offers overdraft alerts via email or text message, which notify you when your balance drops below a threshold you set.

ATM Access and Branch Network

TD Bank has over 1,200 branches and 1,700 ATMs across the Northeast, Mid-Atlantic, and parts of the Midwest. If you live or work near a TD location, you'll have free ATM access. If you travel or live outside their footprint, out-of-network ATM fees ($3 per withdrawal) add up quickly.

TD does not participate in shared branching networks or surcharge-free ATM alliances like Allpoint or MoneyPass, so you won't have access to those free ATM networks. Some online banks and credit unions offer nationwide ATM networks at no cost, which may be worth comparing if ATM access is important to you.

You can also withdraw cash at any TD Bank branch during business hours, even if you don't have a debit card yet. Branches are typically open Monday through Friday, with limited Saturday hours at many locations.

Mobile Banking and Online Features

Both accounts come with TD Bank's mobile app and online banking portal. You can check your balance, view transactions, transfer money between your own accounts, and pay bills online at no charge. Mobile check deposit lets you photograph the front and back of a check and deposit it without visiting a branch.

You can set up automatic bill pay to schedule recurring payments to utilities, rent, insurance, or other regular bills. Transfers to other people's accounts (outside your own) require a separate service called Zelle (which is free) or an external transfer, which takes 1 to 3 business days to complete.

TD also offers account alerts for low balance, large transactions, or unusual activity. You can customize these alerts and receive them via email, text, or push notification through the app.

Comparing TD Bank Checking to Other Banks

Many online banks offer free checking with no monthly fee and no minimum balance, just like TD. The main trade-off is branch access: online banks have no physical locations, so you can't deposit cash or speak to someone in person. If you value in-person service and local branches, TD's free checking is competitive. If you rarely visit a branch, an online bank may offer better ATM networks or higher interest rates on savings.

Traditional banks like Bank of America, Chase, and Wells Fargo also offer free checking, but many require a minimum balance or direct deposit to waive the monthly fee. TD's free checking has no such strings attached. Credit unions often have free checking as well, but membership is restricted to certain groups (employees of a company, members of an organization, or people who live in a specific area).

Frequently Asked Questions

Is there a minimum balance to keep a TD Bank free checking account open?

No. Both TD Bank Checking and TD Bank Checking Plus have zero minimum balance requirements. You can keep the account open with $0 in it indefinitely. However, you do need to make an initial deposit to open the account, which is typically $1 or more depending on your location.

Can I get a debit card the same day I open the account?

If you open the account online, your debit card will arrive by mail in 7 to 10 business days. If you open in a branch, some locations can issue a temporary card or expedited card the same day, but this varies. Call your local branch to ask about same-day card options before you visit.

What happens if I overdraft my account without overdraft protection?

A debit card purchase will be declined at the register. A check or ACH transfer will go through, but you'll be charged a $35 overdraft fee. If you make multiple overdrafts in one day, you may be charged multiple fees. Overdraft protection prevents this by automatically transferring money from a linked account.

Can I use my TD debit card at ATMs outside the TD network?

Yes, but TD charges you $3 per withdrawal at out-of-network ATMs. The ATM operator may also charge an additional fee. If you use out-of-network ATMs frequently, these fees can add up to $30 or more per month, which would offset the benefit of free checking.

Do I have to set up direct deposit to keep the account free?

No. Direct deposit is not required for either TD Bank Checking or TD Bank Checking Plus. You can deposit money by mobile check deposit, at a branch, or through transfers from another bank account.