How to Avoid TD Bank’s Monthly Maintenance Fees

TD Bank offers a range of checking and savings accounts tailored to different customer needs. While most of these accounts come with a monthly maintenance fee, there are various ways to avoid paying them. In this article, we will explore the different TD Bank account fees, discuss strategies to avoid them, and compare TD Bank’s fees to those of other banks.

TD Bank Checking Account Fees

TD Bank offers several checking account options, each with its own monthly service fee. The fees range from $5.99 to $25 per month, depending on the account type. The only exception is the Student Checking account, which is fee-free. Here is a breakdown of TD Bank’s checking account fees:

TD Bank Savings Account Fees

TD Bank’s savings accounts also come with monthly service fees, which range from $5 to $15. However, by meeting certain criteria, you can have these fees waived or even earn higher interest rates. Here are the fees for TD Bank’s savings accounts:

How to Avoid TD Bank Monthly Maintenance Fees

There are several strategies you can employ to avoid TD Bank’s monthly maintenance fees. The specific methods vary depending on the type of account you hold. Here’s a breakdown of how to waive fees on qualifying accounts:

1. Maintain a Minimum Account Balance

One way to avoid monthly maintenance fees is by maintaining a minimum daily balance in your TD Bank account. The required minimum balances are as follows:

• Checking Accounts:

  • TD Beyond Checking: $2,500 or a combined balance of $25,000 in eligible TD accounts
  • TD Convenience Checking: $100
• Savings Accounts:

  • TD Beyond Savings: $20,000
  • TD Growth Money Market: $2,000
  • TD Simple Savings: $300

2. Schedule Qualifying Direct Deposits

Another way to waive monthly maintenance fees is by scheduling qualifying direct deposits into your TD Bank account. The TD Beyond Checking account offers this option, and you’ll need to have at least $5,000 in direct deposits each month to qualify.

3. Link Your TD Bank Accounts

Linking your TD Bank accounts and scheduling recurring transfers can also help you save money on monthly maintenance fees. Here are two examples:

• TD Simple Savings: Set up a $25 recurring transfer from your linked TD Bank checking account to have your TD Simple Savings monthly fee waived for the first year.
• TD Student Checking: No monthly maintenance fee for young adults ages 17 to 23 who link a Simple Savings account to their TD Student Checking account.

4. Take Advantage of Student and Senior Waivers

TD Bank offers special waivers for students and senior citizens with qualifying accounts. Here are the details:

• Checking Accounts:

  • TD Convenience Checking: No monthly maintenance fees for customers ages 17 to 23
  • TD Student Checking: No maintenance fees for customers ages 17 to 23
• Savings Accounts:

  • TD Simple Savings: No monthly maintenance fees for customers 18 or younger and customers 62 or older
  • TD Growth Money Market: No monthly maintenance fee for customers 62 or older

How to Avoid TD Bank Overdraft Fees

Overdraft fees can add up quickly if you spend more than you have in your TD Bank checking account. However, there are ways to avoid or minimize these fees. Here are three strategies:

1. Opt Into Overdraft Protection

Overdraft protection allows you to link a TD savings account to your checking account. In the event of an overdraft, the amount you’re short will be transferred from the linked savings account to cover the withdrawal. While there is a $10 transfer fee for a Student Checking account and a $3 per day fee for other checking accounts, this service can help you avoid hefty overdraft fees.

2. Stick With Standard Overdraft Service

TD Bank offers the Standard Overdraft Service, which declines one-time debit transactions if your account balance can’t cover them. By sticking with this service, you can avoid the $35 fee per occurrence (up to five occurrences per day) associated with TD Debit Card Advance, an optional program that overrides the Standard Overdraft Service.

3. Subscribe to Low Balance Alerts

TD Bank provides account alerts, including one that notifies you when your balance drops below a certain amount. By setting up low balance alerts, you can stay informed about your account balance and avoid unexpected overdrafts.

How to Avoid TD Bank ATM Fees

Using TD Bank ATMs in the U.S. and Canada is free of charge, regardless of the type of checking or savings account you have. However, using a non-TD Bank ATM incurs a $3 fee for most accounts. To avoid this fee, TD Beyond checking and savings customers can use non-TD Bank ATMs for free by maintaining a minimum daily balance of $2,500 in their Beyond account. Additionally, TD Bank reimburses fees charged by non-TD Bank ATM terminals or networks if you meet this minimum balance requirement.

Comparing TD Bank’s Account Fees to Other Banks

TD Bank’s fees are comparable to those of other banks. When comparing their fees to those of Citibank, U.S. Bank, PNC, and Wells Fargo, TD Bank’s monthly maintenance fees range from $5 to $25, similar to the fees of its competitors. However, it’s essential to consider other factors such as ATM fees, overdraft fees, and international debit purchase fees when choosing a bank.

Getting the Most Out of Your TD Bank Account

In addition to avoiding monthly maintenance fees, TD Bank offers various perks and rewards that can enhance your banking experience. Here are a few ways to maximize the benefits of your TD Bank account:

• Get a “rate bump” by depositing at least $50 per month into your TD Growth Money Market account or linking a qualifying account to your TD Beyond Savings account.
• Simplify saving by scheduling automatic transfers to your TD Simple Savings account from other TD Bank accounts.
• Earn interest-rate discounts on personal and home-equity loans with a qualifying TD Bank checking account.
• Keep your accounts secure with contactless debit card payments and transaction alerts.

To further assist customers, TD Bank provides a student services page and a Learning Center on its website. These resources offer helpful information about banking, credit management, and home financing.

For more details about TD Bank’s products and services, you can visit the TD Bank website or visit a local branch to speak with a bank representative.

Conclusion

By understanding TD Bank’s account fees and implementing the strategies outlined in this article, you can avoid monthly maintenance fees and make the most of your TD Bank accounts. Whether it’s maintaining a minimum balance, scheduling direct deposits, linking accounts, or taking advantage of student and senior waivers, these methods can help you save money and enjoy a hassle-free banking experience with TD Bank. Remember to compare the fees and features of different banks to ensure you’re choosing the best option for your financial needs.