TD Bank's minimum balance rules for checking accounts

TD Bank does not require a minimum balance to open most of its checking accounts, but some accounts charge a monthly fee if your balance falls below a certain threshold. The TD Checking account has no minimum balance requirement and no monthly maintenance fee. The TD Premium Checking account requires you to maintain a $2,500 average daily balance to avoid a $15 monthly fee. The TD Convenience Checking account, available in select states, also has no minimum balance requirement.

Which account you have matters because the fee structure is different for each one. If you opened your account years ago, TD may have changed the product you're in or retired it entirely—so checking your account statements or calling TD directly will tell you exactly what you're signed up for and what the current rules are.

Key Takeaways

  • TD Checking has no minimum balance requirement and no monthly fee, making it the lowest-barrier option.
  • TD Premium Checking charges $15 per month if your average daily balance drops below $2,500.
  • The average daily balance is calculated by adding up your balance at the end of each day in the billing cycle and dividing by the number of days—not a single snapshot on one day.
  • You can avoid the fee by setting up direct deposit, maintaining the minimum, or switching to a no-fee account.

How TD calculates your average daily balance

TD adds up your account balance at the end of each calendar day during your billing cycle, then divides that total by the number of days in the cycle. This means a single large deposit or withdrawal on one day does not protect you for the whole month—your balance has to stay above the threshold most days to avoid the fee.

For example, if you have $1,000 in your account for 25 days and $3,500 for 6 days in a 31-day month, your average daily balance is roughly $1,387—below the $2,500 threshold, so you would owe the $15 fee. Timing matters: deposits made late in the month have less time to count toward your average.

Ways to avoid the minimum balance fee

If you have TD Premium Checking, you can skip the $15 monthly fee without maintaining $2,500 if you set up a direct deposit of any amount to your account each month. Some employers, government benefit programs, and payroll services offer direct deposit, so check whether yours does.

You can also switch to TD Checking, which has no minimum balance and no monthly fee. This is the simplest move if you do not need the perks that come with Premium Checking. If you prefer to stay with Premium Checking but cannot maintain the balance, ask TD whether you may have access to for a fee waiver based on your account history or relationship with the bank.

What happens if you fall below the minimum

TD charges the $15 fee once per month if your average daily balance stays below $2,500 throughout your billing cycle. The fee posts to your account automatically—you do not have to do anything to trigger it. If you fall below the minimum for multiple months in a row, you will be charged $15 each month.

The fee does not overdraft your account or prevent you from using it. If your balance is $100 and the fee posts, your balance becomes $85. If you do not have enough money to cover the fee, your account may go negative, which can trigger overdraft fees on top of the minimum balance fee.

Checking your account type and current fees

Log into your TD online banking portal or mobile app and look at your account summary. It will show your account type (Checking, Premium Checking, or Convenience Checking) and list any monthly fees. You can also call TD customer service at the number on the back of your debit card or visit a branch in person.

If you have been with TD for a long time, your account may be a legacy product that is no longer offered to new customers. Legacy accounts sometimes have different fee structures, so it is worth confirming what you actually have rather than assuming.

Comparing TD checking to other banks

Many banks offer checking accounts with no minimum balance and no monthly fee, including online banks like Ally, Charles Schwab, and Discover, as well as credit unions. If you are paying a $15 monthly fee and cannot meet the minimum balance, switching may save you $180 per year. Moving your direct deposit and automatic payments takes a few days but is straightforward.

Some banks waive fees for customers who maintain a certain balance in savings, have a mortgage with them, or meet other conditions. If you bank with TD for other products—a savings account, credit card, or loan—ask whether bundling accounts can lower or eliminate your checking fee.

Frequently Asked Questions

Does a single large deposit count toward the $2,500 minimum?

Only for the days it sits in your account. If you deposit $5,000 on the last day of your billing cycle, it raises your balance that day but does not retroactively increase your average for the whole month. Your average is based on all 31 days, so one day of high balance has minimal impact.

Can I get the fee refunded if I did not know about it?

TD may refund one or two months of fees if you call and explain you were unaware of the requirement, especially if you are a long-time customer. There is no may provide, but it is worth asking. After that, you will need to maintain the balance, set up direct deposit, or switch accounts to avoid future fees.

What if I have direct deposit but still get charged the fee?

Direct deposit must post to your account during the billing cycle to waive the fee. If your paycheck deposits on the last day of the month or after your billing cycle closes, it may not count for that month. Check your billing cycle dates and your payroll schedule to confirm they align.

Is there a way to lower the $2,500 minimum?

TD does not adjust the minimum balance requirement for individual customers. Your options are to maintain the balance, set up direct deposit, or switch to TD Checking. Some banks offer tiered minimums based on account age or relationship, but TD Premium Checking does not.