What fees TD Bank charges on checking accounts, and how to stop paying them
TD Bank charges monthly maintenance fees on most checking accounts, but you can avoid them by meeting one of a few straightforward conditions: keep a minimum balance, set up direct deposit, or maintain a certain number of debit card transactions each month. The specific requirement depends on which TD checking account you hold. If you do not meet any of these conditions, the monthly fee ranges from $6.95 to $15, depending on the account type.
The key is knowing which account you have and which waiver option works best for your situation. Most people can hit at least one of these targets without changing their banking habits much. The ones who pay fees are usually the ones who do not realize the waiver exists.
Key Takeaways
- TD Bank's most common checking accounts waive their monthly fee if you maintain a minimum balance, typically $500 to $1,500 depending on the account.
- Direct deposit of any amount into your account each month will waive the fee on most TD checking products, even if the deposit is small.
- Some accounts waive fees if you make 10 or more debit card purchases in a month, which counts both in-store and online transactions.
- TD Bank's student and senior accounts have lower or no monthly fees and different waiver requirements than standard checking.
- Checking your specific account terms on TD's website or calling 1-800-788-7000 takes five minutes and tells you exactly which waiver applies to you.
The minimum balance waiver and how it works
The most common way to avoid TD checking fees is to keep a minimum balance in your account. For TD's standard checking product, that threshold is usually $500. For premium accounts like TD Preferred Checking, it rises to $1,500 or higher. The balance is measured on a specific day each month—typically the last business day—so you do not need to maintain it every single day, only on that one date.
This method works well if you have money sitting in checking anyway. You are not earning interest on it (TD checking accounts do not pay interest), but you are avoiding the fee. If you keep less than the minimum, the fee posts automatically at the end of the month. There is no grace period and no warning—the fee straightforward appears on your statement.
One detail matters: some TD accounts measure the balance as a daily average rather than a single-day snapshot. Read your account agreement or call TD to confirm which method applies to yours. The difference can matter if your balance fluctuates.
Direct deposit as a fee waiver
Setting up direct deposit from your employer or a government benefit program will waive the monthly fee on most TD checking accounts. The amount does not matter—even a $1 direct deposit counts. This is the easiest waiver for anyone who receives a paycheck or regular benefit payment.
To set up direct deposit, you need your TD account number and routing number. Your employer's payroll department or the benefits administrator can enter these details into their system. The deposit usually starts within one or two pay cycles. Once it is active, the fee waiver takes effect when ready on your next statement cycle.
If you change jobs or your benefits stop, you lose the waiver. You will need to switch to a different waiver method—minimum balance or debit card transactions—or the fee will resume. This is worth planning for if you know a job change is coming.
The debit card transaction waiver
Some TD checking accounts waive fees if you make 10 or more debit card transactions in a calendar month. A transaction is any purchase you make with your TD debit card, whether in person or online. This includes small purchases like a coffee or a gas station fill-up.
The transaction count resets on the first day of each month. If you hit 10 transactions by the 30th, the fee is waived for that month. If you only make 8, the fee posts. This waiver works best for people who use their debit card regularly anyway and do not want to maintain a balance or set up direct deposit.
One catch: some TD accounts do not offer this waiver at all. Older accounts or accounts opened in certain states may not have this option. Check your account agreement or call TD to confirm whether this waiver is available on your specific account.
Student and senior checking accounts with lower or no fees
TD Bank offers checking accounts specifically for students and people age 62 and older. These accounts have different fee structures than standard checking. TD's Student Checking typically has no monthly fee and no minimum balance requirement, though you must be enrolled in school and under age 24. The account is free as long as you meet the age and enrollment criteria.
TD's Senior Checking (for customers 62 and older) also has no monthly maintenance fee. Like the student account, it requires no minimum balance and no direct deposit. If you fall into either category, switching to one of these accounts is the simplest way to avoid fees entirely.
These accounts do have limits—for example, student accounts may have restrictions on the number of withdrawals per month—so read the full terms before opening. But if you may have access to, they are usually the cheapest option TD offers.
What happens if you do not meet any waiver requirement
If you do not maintain the minimum balance, do not have direct deposit set up, and do not make 10 debit card transactions in a month, the monthly fee will post to your account. On most TD checking accounts, this fee is $6.95 to $9.95 per month. On premium accounts, it can be $15 or higher.
The fee posts automatically on a set date each month—usually the last business day. It appears as a line item on your statement. There is no notification before it posts, and TD does not reverse it automatically if you later meet a waiver requirement that month. If you realize mid-month that you are going to miss the debit card transaction target, you cannot catch up and avoid the fee for that month.
If fees have been posting for months and you did not realize you could avoid them, contact TD. Some branches will reverse a few months of fees as a courtesy if you explain the situation and set up a waiver method going forward. There is no may provide, but it is worth asking.
How to confirm which account you have and which waiver applies
TD Bank offers several checking products, and the fee structure and waiver requirements differ between them. The fastest way to know exactly which rules explore to your account is to log into your online banking, look at your account details, or call TD at 1-800-788-7000.
When you call, have your account number ready and ask: "What is my monthly maintenance fee, and what are the ways I can waive it?" Write down the answer. The representative will tell you the specific minimum balance, whether direct deposit qualifies, whether debit card transactions count, and any other options available on your account.
You can also find this information in your account agreement, which TD sent when you opened the account. If you no longer have it, you can request a copy from your branch or read it from your online banking portal under "Account Documents" or "Statements and Documents."
Frequently Asked Questions
Can I waive the fee by using my TD credit card instead of my debit card?
No. The debit card transaction waiver counts only debit card purchases, not credit card purchases. Credit card transactions do not count toward the 10-transaction threshold. If you want to use this waiver method, you need to make the purchases with your TD debit card.
Does a transfer between my own TD accounts count as a debit card transaction?
No. Only purchases made with your debit card at merchants count. Transfers between your own accounts, ATM withdrawals, and bill payments do not count toward the transaction total.
What if my direct deposit stops—do I have to pay back the months I did not pay fees?
No. The fee waiver applies only to the months when direct deposit was active. Once direct deposit stops, the waiver ends and the fee resumes the following month. You do not owe back fees for the months you had the waiver. You straightforward need to switch to a different waiver method to avoid future fees.
If I keep exactly $500 in my account, will the fee be waived?
It depends on how TD measures the balance for your specific account. Some accounts require the balance to be $500 or more; others require it to exceed $500. Check your account agreement or call TD to confirm the exact threshold and whether it is measured as a daily average or a single-day snapshot.
Can I open a TD checking account with no fees?
TD's Student Checking and Senior Checking accounts have no monthly maintenance fee. If you do not may have access to for either, you will need to meet one of the waiver requirements on a standard account. TD does not offer a no-fee standard checking account without conditions.