TD Checking Account Opening Costs

TD Bank does not charge a fee to open a checking account. You can open an account in person at a branch, online, or by phone without paying an opening fee. However, the account itself may have a monthly maintenance fee depending on which type of account you choose, and you may face fees later for specific actions like overdrafts or out-of-network ATM use.

The cost to open is zero. The cost to keep the account running depends on the account type and how you use it.

Key Takeaways

  • TD Bank charges no fee to open a checking account, whether you open it online, by phone, or in a branch.
  • Monthly maintenance fees range from $0 to $15 depending on the account type, with some accounts waiving the fee if you meet balance or deposit requirements.
  • TD's most common account for everyday use is the TD Checking, which has a $0 monthly fee with no minimum balance requirement.
  • Overdraft fees, out-of-network ATM fees, and wire transfer fees apply after the account is open and may add up depending on how you use the account.
  • You will need a government-issued ID, Social Security number, and initial deposit (as little as $1 in some cases) to complete the opening process.

TD Checking Account Types and Their Monthly Fees

TD offers several checking accounts, and the monthly fee varies by account. TD Checking has no monthly maintenance fee and no minimum balance requirement. This is the account most people open. TD Premium Checking charges $15 per month but waives the fee if you maintain a $2,500 minimum daily balance or have $2,500 in combined deposits each month. TD Convenience Checking is designed for seniors and has no monthly fee.

If you do not meet the balance or deposit requirement for an account that has a fee, you will be charged the monthly maintenance fee. Some accounts also offer fee waivers if you set up direct deposit of your paycheck, though the specific requirements change by location and account type. Contact TD directly or check the account disclosure document before opening to confirm which fees apply to the account you want.

What You Need to Bring or Provide

To open a TD checking account, you will need a government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit. The initial deposit can be as small as $1 for most accounts, though some branches or online offers may require more. You can fund the account with a debit card, transfer from another bank account, or cash if you open in person.

If you open online or by phone, you will also need to verify your identity through TD's security process, which may include answering questions about your credit history or confirming recent transactions. This process usually takes a few minutes. If you open in a branch, bring your ID and be ready to sign documents.

Fees That Apply After You Open

Opening the account is free, but using it may not be. Overdraft fees apply if you spend more than your balance; TD charges $35 per overdraft transaction. Out-of-network ATM fees are $3 per withdrawal if you use an ATM that is not part of the TD network. Wire transfer fees are $15 for outgoing domestic wires and $25 for outgoing international wires. Returned deposit fees, stop payment requests, and expedited card replacement also carry charges.

You can avoid most of these fees by staying within your balance, using TD ATMs (which are free), and not requesting wire transfers. TD's overdraft protection feature allows you to link a savings account or credit line to cover overdrafts, though this may carry its own fees depending on the product you link.

How to Open Online, by Phone, or In Person

Opening online takes about 10 minutes. Go to TD Bank's website, select "Open an Account," choose the account type, and enter your personal information, Social Security number, and ID details. You will verify your identity through TD's system, then fund the account with your initial deposit using a debit card or bank transfer. Your account number and routing number are usually available immediately, though the physical debit card arrives by mail in 7 to 10 business days.

Opening by phone requires calling TD's customer service line. A representative will walk you through the same information and can answer questions about account types and fees in real time. Opening in a branch is the fastest way to get a debit card the same day, though you will need to visit during business hours. Bring your ID, Social Security number, and initial deposit.

Minimum Balance Requirements

TD Checking has no minimum balance requirement. You can open it and keep it open with $0 in the account if you choose. TD Premium Checking requires a $2,500 minimum daily balance to waive the $15 monthly fee; if your balance drops below that, you are charged the fee for that month. TD Convenience Checking also has no minimum balance.

If you cannot maintain a minimum balance, TD Checking is the right choice because it costs nothing per month regardless of how much money you have in the account. If you want the benefits of Premium Checking but do not always have $2,500 available, ask whether direct deposit or combined account balances can waive the fee instead.

Comparing TD to Other Banks

Most major banks charge no fee to open a checking account, so TD is not unusual in that respect. Where banks differ is in monthly maintenance fees and overdraft charges. Some banks like Ally and Charles Schwab offer checking accounts with no monthly fee and no overdraft fees. Others, like Bank of America, charge $12 per month for basic checking but waive it with direct deposit or a minimum balance.

TD's strength is its large branch network and free checking with no strings attached. If you value in-person banking and do not want to worry about minimum balances or direct deposit requirements, TD Checking is competitive. If you primarily bank online and want to avoid overdraft fees entirely, a bank that does not charge overdraft fees may be a better fit.

Frequently Asked Questions

Do I need an initial deposit to open a TD checking account?

Yes, you need to make an initial deposit to open the account, but it can be as small as $1. You can fund it with a debit card, transfer from another bank, or cash if you open in a branch.

Can I open a TD checking account online without going to a branch?

Yes. You can open online at TD Bank's website in about 10 minutes. You will verify your identity electronically, and your account number is available immediately. Your physical debit card arrives by mail in 7 to 10 business days.

What happens if my account balance goes negative?

TD charges a $35 overdraft fee for each transaction that overdraws your account. You can link overdraft protection to a savings account or credit line to cover overdrafts automatically, though that product may have its own fees.

Is there a fee to close a TD checking account?

No. TD does not charge a fee to close a checking account. You can close it online, by phone, or in person at any time.

Can I waive the monthly fee on TD Premium Checking?

Yes. The $15 monthly fee is waived if you maintain a $2,500 minimum daily balance or have $2,500 in combined deposits each month. Some locations also waive the fee with direct deposit; contact TD to confirm what applies at your branch.