gabrielChoosing the right business checking account is crucial for any entrepreneur aiming to manage finances effectively. TD Bank offers various business checking accounts that cater to different business needs.
This review will explore the features, pros, and cons of TD Bank’s business checking options. From accessibility and fees to unique services tailored for businesses, we will provide a comprehensive overview to help you determine if TD Bank is the right financial partner for your business operations.
TD Bank offers four different business checking accounts for managing small business finances. Each account has a monthly maintenance fee that can be waived under specific conditions. Standard features for all accounts include free transactions at in-network ATMs, the ability to deposit checks via mobile, and bill payment options.
Pros:
Cons:
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Among TD Bank’s offerings, the Business Premier Checking account has the highest transaction limits and most benefits, requiring a $200 initial deposit. Features of this account include:
A $30 monthly maintenance fee applies but is waived for maintaining a $40,000 combined minimum balance across eligible TD Bank accounts. Excess transaction fees are $0.35 each, and cash deposits exceeding $30,000 per cycle incur a $0.25 charge per $100 deposited above the limit.
The TD Business Convenience Checking Plus account offers several tools and features beneficial for businesses and requires a $100 initial deposit.
Transaction limits for this account include:
The account carries a monthly fee of $25, which can be waived if a combined balance of $1,500 is maintained across this and a TD Bank personal checking account. Each transaction costs $0.50, and cash deposits over the limit are charged at $0.25 per $100. A $3 fee is applied for using out-of-network ATMs.
Designed for business owners with lower balances and fewer transaction needs, the TD Business Simple Checking account requires a $25 opening deposit and a non-refundable monthly fee of $10.
Transaction limits include:
Additional transactions cost $0.75 each, and extra cash deposits cost $0.25 per $100. This account also offers free professional invoice sending with online payment options, though fees are incurred for accepting payments via online credit, ACH, or lockbox. There is a $3 fee for using out-of-network ATMs.
The TD Business Interest Checking Plus account stands out as the only interest-bearing option the bank offers, requiring a $100 initial deposit. The interest rates are standard for traditional bank business accounts but lower than leading online banks.
The account offers the following transaction allowances:
Transactions exceeding these limits incur a fee of $0.50 each, and cash deposits over the limit are charged at $0.25 per $100. Using out-of-network ATMs incurs a fee of $3 per transaction. A monthly fee of $15 applies, which can be waived by maintaining a minimum daily balance of $2,500.
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TD Bank’s business checking accounts include a monthly maintenance fee like many traditional bank accounts. This fee accommodates a specific number of transactions per month.
Additional benefits may be available depending on the type of account you choose. It’s crucial to examine the details of each account since exceeding certain limits can cause extra charges. Conversely, some account types offer the advantage of waiving the monthly fee if your balance remains above a specified threshold.
We will explore the specific features and fees of each account shortly. First, here’s a quick overview table showing some essential details:
| Fee or Limit Type | TD Bank Business Account Costs |
| Minimum Deposit to Open | $25 to $200, depending on the account type |
| Monthly Maintenance Fee | $10 to $30, based on account type. Fees can be waived under certain conditions. |
| Included Monthly Cash Deposits | $5,000 to $30,000, depending on account type |
| Included Monthly Transactions | 200 to 500, depending on account type |
| Minimum Balance to Waive Monthly Fee | Not applicable with TD Business Simple Checking<br>$1,500 with TD Business Convenience Checking Plus<br>$40,000 with TD Business Premier Checking |
If you want to open a business checking account with TD Bank, you can initiate the process online or by visiting a local branch, whichever suits you better. It’s important to check the latest requirements beforehand, as they may vary.
To open a new account, you will need:
Your business might require:
For those opening an account in person, additional documents may be required:
For online applications, you can upload documents as PDFs or photos. If opening the account in person, you must bring physical copies.
Expect to answer questions about yourself and your business, as the bank will likely ask for details to understand your business better. The questions and required documents might differ based on your business type and state regulations, so check your local requirements before starting.
Service Area for TD Bank
TD Bank has approximately 1,100 branches in 15 states and Washington, D.C. Your business must be located within TD Bank’s coverage area to open a business account.
TD Bank’s service area includes the states of Connecticut, Delaware, Florida, Massachusetts, Maryland, Maine, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Virginia, Vermont, and Washington, D.C.
TD Bank offers comprehensive features for business checking accounts, including:
TD Bank’s business checking accounts cater to diverse business operations, providing tools to manage finances and streamline operations efficiently.
TD Bank provides 24/7 customer service, allowing business customers to speak with a live representative. Select branches feature extended hours, staying open until 6 p.m. and operating on weekends, which is convenient for small-business owners needing to handle banking in person.
TD Bank does not offer a free business checking account. Its entry-level option, TD Business Simple Checking, always carries a monthly fee. For other accounts like TD Business Convenience Checking Plus, avoiding the fee requires maintaining a minimum daily balance of $1,500, which can be combined with a personal checking account.
TD Bank’s ATM network is relatively small, with only 700 machines. Using an out-of-network ATM incurs a $3 fee, except for TD Business Premier Checking account holders, who are exempt from this fee at non-TD ATMs.
The interest rate for the Business Interest Checking Plus account is low at 0.05% APY despite a $15 monthly maintenance fee.
TD Bank ensures easy management of business accounts from anywhere, providing several access points:
TD Bank offers tailored solutions to support various business needs. For instance, TD Bank’s online accounting services allow for efficient tracking of invoices and payments, giving you a clear overview of your finances. Their merchant solutions also facilitate seamless payment transactions to vendors and customers, all with minimal fees.
Opinions on TD Bank vary widely between customers and industry evaluators. The bank holds a 5-star “Superior” rating from Bauer Financial, which assesses banks and credit unions. However, its customer ratings on Trustpilot could be more favorable, averaging just 1.5 out of 5 stars based on fewer than 200 reviews, with common complaints about fees, account closures, and lengthy waits for phone support.
Despite lacking accreditation, TD Bank maintains an A+ rating from the Better Business Bureau (BBB). Accreditation requires a business to resolve complaints actively through the BBB. In contrast to its mixed reviews, TD Bank’s mobile app receives positive feedback, with a 4.8 out of 5-star rating on Apple’s App Store and a 4.2 out of 5-star rating on Google Play.
For customer service, TD Bank offers 24/7 support via their general assistance line at 1-888-751-9000. For credit card support, call 1-888-561-8861. For mortgage loans, the contact number is 1-866-325-4516. For cross-border banking inquiries, call 1-877-700-2913. The TD Consumer Collections and Recovery Department can be reached at 1-800-742-2651, option 3. For TD Fit Loans, contact 1-877-300-4020.
TD Bank also has a virtual assistant to help with general questions and quick links to frequently asked questions. To open an account in person, you can visit a TD Bank branch and speak with a banking specialist.
Additionally, TD Bank provides support through its mobile app and social media platforms.
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TD Bank business checking accounts require a minimum deposit ranging from $25 to $200 to open.
To open a business checking account at TD Bank, you need a minimum opening deposit and a tax ID number. Additional required documentation includes your business license or DBA certificate, a copy of your operating agreement, and any other registration documents.
TD Bank can be a viable choice for a savings account, especially if you already have a checking account with them, which could qualify you for higher interest rates with a TD Signature Savings account. However, achieving the best savings rates requires maintaining a high account balance.
TD Bank offers an option for an interest-bearing business checking account. This type of account is suitable if you want to earn interest on your funds while still having full functionality to pay bills and receive customer payments.
In conclusion, TD Bank Business Checking offers a range of options tailored to the needs of small, to medium-sized businesses. It features competitive fees and flexible account management tools. With excellent customer service and a robust online banking platform, it stands out as a solid choice for businesses seeking reliable and accessible financial services.
However, potential users should carefully evaluate the fee structure and ensure it aligns with their transaction volumes and banking habits.
