TD Bank's checking accounts all carry monthly maintenance fees, though you can reduce or waive them under specific conditions

TD Bank does not offer a checking account with zero monthly fees. Every TD checking product—whether it's the TD Convenience Checking, TD Preferred Checking, or TD Premium Checking—carries a monthly maintenance fee. The fee ranges from $6.95 to $25 per month depending on the account type, but you can waive it by meeting one of several requirements.

The most common way to avoid the fee is to maintain a minimum balance. For TD Convenience Checking, you need $100 in your account at all times. For TD Preferred Checking, the threshold is $500. If you drop below that balance even once during the month, the fee posts to your account. Some accounts also waive the fee if you set up direct deposit of your paycheck, though TD's current terms vary by account type and region.

If you're looking for a truly free checking account with no balance requirement and no direct deposit requirement, TD Bank is not the right fit. Credit unions and online banks like Ally, Charles Schwab, and Discover often offer checking with no monthly fee and no minimum balance.

Key Takeaways

  • TD Bank's three main checking accounts charge $6.95 to $25 per month, but the fee can be waived by maintaining a minimum balance or setting up direct deposit.
  • TD Convenience Checking requires a $100 minimum balance to avoid the $6.95 monthly fee, making it the lowest-cost option if you can meet that threshold.
  • TD Preferred Checking and TD Premium Checking have higher monthly fees and higher balance requirements, so they are better suited to customers who maintain larger account balances.
  • If you cannot or do not want to maintain a minimum balance, online banks and credit unions offer checking accounts with no monthly fees and no balance requirements.

TD Convenience Checking: The lowest-cost option with a $100 minimum

TD Convenience Checking carries a $6.95 monthly maintenance fee, but you can waive it by keeping $100 or more in your account at the end of each business day. This is the entry-level checking product at TD Bank and is designed for customers who want basic checking features without the higher balance requirements of premium accounts.

The account includes a debit card, online banking, and bill pay at no extra cost. You get access to TD's ATM network, which includes over 9,000 ATMs nationwide. If you use ATMs outside the TD network, you will pay a fee per transaction—typically $2.50 to $3.00 depending on the ATM operator.

The $100 minimum is straightforward: if your balance falls below $100 on any business day, the $6.95 fee will post at the end of that statement cycle. This means you need to keep at least $100 in the account at all times, even if you are waiting for a paycheck to clear or expecting a transfer.

TD Preferred Checking and Premium Checking: Higher fees, higher balances

TD Preferred Checking charges $12.95 per month and requires a $500 minimum balance to waive the fee. TD Premium Checking charges $25 per month and requires a $2,500 minimum balance. Both accounts offer additional perks like higher interest rates on savings, fee waivers on certain services, and priority customer service, but these benefits only matter if you maintain the required balance.

Unless you regularly carry a balance above $500 or $2,500, these accounts will cost you more than TD Convenience Checking. The added features—such as waived wire transfer fees or ATM fee reimbursement—are only valuable if you actually use them. For most people, TD Convenience Checking is the better choice.

How to waive TD checking fees without a minimum balance

TD Bank allows you to waive the monthly maintenance fee on some accounts by setting up direct deposit of your paycheck, though the terms vary by account type and by region. Direct deposit means your employer deposits your pay directly into your TD account instead of issuing a paper check.

To find out whether your specific account qualifies for fee waiver through direct deposit, contact TD Bank directly or log into your online account and check the account terms. The bank's website does not always list this option clearly, so a phone call to customer service is often the fastest way to confirm.

If you receive Social Security, pension payments, or other regular deposits, ask TD whether those count as "direct deposit" for fee-waiver purposes. Some banks accept them; others do not. Getting a clear answer before you rely on it will save you from unexpected fees.

Comparing TD checking to free options elsewhere

If you want to avoid monthly fees entirely, several banks and credit unions offer checking with no monthly maintenance charge and no minimum balance requirement. Ally Bank, Charles Schwab Bank, and Discover Bank all offer free checking with no strings attached. Many local credit unions also offer free checking to members.

The trade-off is that online banks may not have physical branches or ATM networks as large as TD's. If you need to deposit cash or speak to someone in person regularly, a local credit union or a bank with branches in your area may be more convenient, even if it charges a small monthly fee.

If you already have a TD account and want to keep it, the $6.95 monthly fee on TD Convenience Checking is reasonable if you can maintain the $100 minimum balance. But if you cannot or do not want to maintain that balance, switching to an online bank will save you money over time.

What happens if your balance drops below the minimum

If your balance falls below the required minimum on any business day, TD will charge the monthly maintenance fee at the end of your statement cycle. The fee posts automatically; you do not have to do anything to trigger it. Once the fee posts, your balance drops further, which can create a cycle where you fall further behind.

If you overdraw your account (spend more than you have), you will also face overdraft fees on top of the monthly maintenance fee. TD's overdraft fees are typically $35 per transaction. These fees can add up quickly if you are not careful, so keeping a buffer above the minimum balance is important.

If you have been charged a monthly fee and believe it was an error, contact TD customer service and ask them to review your account. If you maintained the minimum balance, they may reverse the fee as a courtesy. But do not count on this—it is better to avoid the fee in the first place by keeping your balance above the threshold.

Frequently Asked Questions

Can I waive the TD checking fee by using my debit card a certain number of times per month?

No. TD does not waive monthly fees based on debit card usage or the number of transactions. The only ways to waive the fee are to maintain the required minimum balance or to set up direct deposit (if your account qualifies). Using your debit card frequently will not reduce or eliminate the monthly charge.

Does TD offer a student checking account with no fees?

TD does not currently offer a dedicated student checking account. Students can open a TD Convenience Checking account and waive the $6.95 fee by maintaining a $100 minimum balance. Some credit unions and online banks offer student checking with no monthly fee and no minimum balance, which may be a better fit for students with limited funds.

If I close my TD account, will I owe any fees?

TD does not charge a fee to close a checking account. However, if you close the account within a short time of opening it (typically 90 days), some banks flag this as suspicious activity. If you have an outstanding balance or pending transactions, those will be processed before the account closes. Make sure you have no outstanding checks or automatic payments before you close.

Can I switch from TD Premium Checking to TD Convenience Checking to lower my fees?

Yes. You can downgrade to a lower-tier account at any time by contacting TD customer service or visiting a branch. There is no fee to downgrade. However, if you have features tied to your premium account (like a higher interest rate on linked savings), those may change when you downgrade. Ask about what you will lose before you make the switch.

What if I use TD's online banking but never visit a branch—can I get a fee waiver?

No. TD does not waive fees based on how you bank (online versus in-branch). The only ways to waive the monthly fee are to maintain the minimum balance or to set up direct deposit. Your banking method does not affect the fee.