TD Bank Checking Accounts Review

TD Bank Checking Accounts Review

TD Bank Checking Accounts: A Comprehensive Review

At Personal Finance Insider, we take pride in providing unbiased product reviews and answering readers’ banking questions. In this article, we will explore TD Bank’s checking accounts in detail. Whether you prefer face-to-face banking or online convenience, TD Bank offers a range of options to suit different needs.

TD Bank Checking Accounts Overview

TD Bank offers three primary checking accounts: Simple Checking, Convenience Checking, and Beyond Checking. Each account has its own features and requirements, so let’s dive into the details.

TD Bank Simple Checking Account Review

The TD Bank Simple Checking Account is a great choice for those who want a hassle-free banking experience without worrying about minimum balance requirements. However, it’s important to note that this account does come with a monthly service fee that cannot be waived. If you prefer the option to waive monthly service fees, then one of TD Bank’s other checking accounts might be a better fit for you.

TD Bank Convenience Checking Account Review

The TD Bank Convenience Checking Account is the most popular option among TD Bank customers. It offers a $15 monthly service fee, which can be waived by maintaining a daily balance of at least $100 or if you’re between the ages of 17 and 23. Additionally, this account comes with a cash bonus of $200 when you have $500 in qualifying direct deposits within 60 days, valid until August 31, 2023.

TD Bank Beyond Checking Account Review

If you regularly maintain a minimum daily balance of at least $2,500 or receive monthly direct deposits of $5,000 or more, the TD Bank Beyond Checking Account might be the right choice for you. By meeting these requirements, you can waive the $25 monthly service fee. This account also offers perks such as no ATM fees and two free overdraft fee reimbursements per year. Additionally, TD Bank offers a cash bonus of $300 when you have $2,500 in qualifying direct deposits within 60 days, also valid until August 31, 2023.

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About TD Bank

TD Bank operates over 1,100 branches and 2,600 ATMs along the East Coast, making it easily accessible for customers in the region. The bank has received recognition as one of Insider’s best national banks. TD Bank provides several overdraft protection services to help customers avoid fees, including Grace Period, which refunds overdraft fees when the account balance is restored to at least $0 by 11 p.m. ET the next business day. The bank eliminated the fee for overdraft account transfers in 2022.

Customer support is available 24/7, both through live representatives and at branch locations that are open seven days a week. The TD Bank mobile app has garnered positive reviews, earning 4.8 out of 5 stars in the Apple store and 4.3 out of 5 stars in the Google Play store. Deposits at TD Bank are FDIC-insured up to $250,000, or $500,000 for joint accounts.

While TD Bank has had some recent controversies, it has also taken steps to address them. The bank holds an A+ rating from the Better Business Bureau. In 2020, TD Bank faced a settlement that required it to pay $122 million for charging customers a Debit Card Advance service without their permission. Additionally, the bank had to pay $1.2 billion in a settlement related to its involvement in a Ponzi scheme. Despite these issues, TD Bank has implemented measures to maintain customer trust and ensure ethical practices.

TD Bank Checking FAQs

Here are some frequently asked questions about TD Bank’s checking accounts:

How We Reviewed TD Bank Checking Accounts

To review TD Bank’s checking accounts, we utilized our comprehensive checking account methodology. This methodology considers various factors such as minimum opening deposit, monthly service fees, overdraft protection options, ATM network and fees, customer support availability, mobile app ratings, and the ethics of the company. By using this thorough approach, we aim to provide our readers with accurate and detailed information.

How TD Bank Checking Accounts Compare

Let’s compare TD Bank’s checking accounts with those offered by two other prominent East Coast banks: Bank of America and Citizens Bank.

TD Bank vs. Bank of America

If you don’t have money available to open a checking account, TD Bank may be the better choice for you. Bank of America requires an initial deposit ranging from $25 to $100, whereas TD Bank allows you to open an account with $0 minimum opening deposit. Furthermore, TD Bank offers 24/7 customer service, in contrast to Bank of America’s limited hours of telephone support.

TD Bank vs. Citizens Bank

Both TD Bank and Citizens Bank offer checking accounts with a low initial deposit requirement, making them suitable for those with limited funds. However, the decision between the two may depend on your geographical location. TD Bank has a presence in North Carolina and South Carolina but not in Michigan and Ohio. On the other hand, Citizens Bank operates in Michigan and Ohio, making it more convenient for residents in those states. Additionally, Citizens Bank has a larger ATM network of over 3,100 ATMs compared to TD Bank’s approximately 2,600 ATMs.

While both banks provide free overdraft services to minimize fees, there are other institutions that have completely eliminated overdraft fees. If avoiding overdraft fees is a priority, you may want to explore options in our best banks for avoiding overdraft fees guide.

TD Bank offers a range of checking accounts to cater to different needs and preferences. Whether you value face-to-face banking or prefer the convenience of online services, TD Bank has options for you. Consider the features and requirements of each account carefully to find the one that best suits your banking needs.

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