TD Bank Small Business Checking Review – 2019

  • This business checking account is best for small companies that want low monthly maintenance fees for their checking account in the U.S. or Canada.
  • TD Bank is offering to waive monthly fees for upgraded small business checking accounts on the premise that you take out a small business loan.
  • $10 per month of a basic business checking account at TD Bank.
  • The TD Bank network has 1,250 branch locations and over 2,500 ATMs across the U.S. and in Canada.
  • Free online and mobile banking with branches open seven days per week.
  • The basic business checking account has a monthly fee that cannot be waived.
  • You can start your application online to open a business checking account.

Is TD Bank easy to use?

TD Bank is a branch-based bank with fantastic, easy-to-use web and mobile financial services. It is considered one of the most accessible banks as far as location hours and phone/web support. The setup process is relatively simple and there are many accounts to choose from giving businesses flexibility as they grow.

What are TD Bank’s checking account options?

To get started choose from one of the following three business checking accounts.

TD Business Simple Checking

This account is ideal for small businesses and startups with lower volume.

  • $10 per month
  • No minimum balance
  • 200 free transactions and a $.75 fee per every transaction above that limit
  • $5000 in free cash deposits and $.20 for every $100 deposited above that limit

TD Convenient Checking Plus

Great for growing and established small businesses that have a higher transaction volume.

  • $25 per month
  • Fee can be waved with a minimum $1,500 balance that can be reached by combining account balances
  • 500 free transactions and a $.50 fee per every transaction above that limit
  • $10,000 in free cash deposits and $.20 for every $100 deposited above that limit

TD Premier Checking

Best for bigger businesses located on the east coast.

  • $30 per month
  • $40,000 minimum balance combined across TD checking accounts
  • 500 free transactions per month and $.035 for every transaction over that limit
  • $30,000 in free cash deposits and $.20 for every $100 deposited above that limit
  • Free out-of-network ATM usage

Does TD Bank offer checking account bonuses?

TD Bank is offering to waive monthly fees for upgraded small business checking accounts on the premise that you take out a small business loan. This isn’t necessarily an introductory offer as much as it is incentive to sign up for an upgraded small business checking account and get your business loan from TD Bank.

What are TD Bank’s fees?

TD Bank has some of the higher fees when compared with other top ten banks. Here are some fees to be aware of:

  • Monthly fee: $10-30 depending on account type (you cannot waive the $10 fee for the simple checking account)
  • Charge after transaction limit has been met on checking accounts
  • Cash Deposit fee: $.20 for every $100 deposited after the limit
  • ATM fee: $3 for every out-of-network ATM visit unless you have a Premier checking account
  • Domestic incoming wire transfer fee: $15
  • Domestic outgoing wires transfer fee: $25
  • International incoming wires transfer fee: $15
  • International outgoing wires transfer fee: $40

How big is TD Bank?

TD Bank is the eighth largest bank in the United States and has a large presence in Canada as well. They have more than $380 billion in assets network-wide. TD Bank has a smaller physical network compared to the other top ten largest banks in the country with just 1,250 branches and 2,500 ATMs across the U.S. and Canada. TD customers can also access accounts using out-of-network ATMs for an additional fee. Their customer service availability is unparalleled as they give those businesses and customers who bank with them 24/7 live chat and phone service. Their branch locations are also open longer hours than most other banks, seven days per week.

What are TD Bank’s checking account features?

TD Bank offers the standard special features that come with most business checking accounts like mobile deposit apps, overdraft protection, and ACH transaction options.

Free mobile and Online Banking with Mobile Deposit

  • Bank from anywhere anytime for free
  • Make single-item deposits electronically via an app that scans paper checks and places the funds in your account

Live Customer Service 24/7

  • Receive customer support via live chat or phone call around the clock
  • Branches are open seven days a week for in-person assistance

Business Overdraft Protection

  • Set up custom alerts about your balance so you can avoid overdrafts altogether

BusinessDirect ACH Payments

  • Send money directly to any bank account
  • Set up templates for transfers
  • Use for payroll, vendor and tax payments

Bill Pay

  • Pay business bills online
  • Set up one-time or recurring payments

Quicken/QuickBooks Integration

  • Make payments straight from your financial accounting software

How do I open a TD Bank  account?

To open a business checking account at TD Bank, you’ll need to provide the following documentation to verify that your business is eligible and the individual applying is a beneficial owner:

  • Legal name of your business
  • Tax ID number
  • Legal address for your business
  • Documentation based on your business type
  • Authorized signers
  • Beneficial owner names and personal information
  • Individual’s information who will have significant control over the business

To begin, you can start the application process online. Once you fill out the initial “schedule an appointment” form a business banking representative will get in touch with you within 24 hours to begin signup at the nearest branch location.

Summary

TD Bank has a good variety of options for businesses of all sizes and shapes. There are fantastic affordable options for small businesses located on the East Coast. One of the biggest perks for those businesses near a branch location is that the bank is open seven days a week. TD has different accounts that allow for continued business growth. The TD Convenient Checking Plus account has one of the easiest fees to waive with the minimum balance only being $1500 monthly. If you meet the requirements for that account TD is an excellent choice.

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