TD Bank Checking Account Fees Increase Slightly

Due to major changes in the banking industry and a lack of profits, many banks have decided to introduce or increased banking fees. Unlike most other banks, which are hopping on the bandwagon of direct monthly maintenance fees that affect just about every customer, TD is taking another approach. While they are increasing their checking account fees slightly, there is a way for customers to avoid this, and the other fees are services that typically go unused.

Nearly every TD Bank customer has a checking account, so they are probably used to the $3 monthly maintenance fee that has been imposed upon them for years. However, TD Bank has upped this to $3.99 per month. While it is not a significant increase, having to pay more money for something that should be free or low-cost is always annoying.

While TD Bank is not going to remove this maintenance fee anytime soon, they do give customers a way to get a $1 discount on this fee, sending it back to its original amount—actually, you will be saving a whole $0.01. Instead of being mailed statements, anyone who opts in for online statements will receive this discount. You get the save paper, help the planet, stop getting that TD Bank junk mail, and save some money. It’s a win-win situation.

Savings accounts are also suffering, though many customers may not notice the charge. TD Bank has initiated a $9 charge on all savings accounts, but if you have not seen it yet, you may just think you are lucky. You’re not lucky, TD Bank is just charging under certain circumstances. If anyone does six or more withdrawals per month, they will be charged this amount.

But, personal checking and savings accounts are not the only ones suffering; in fact, this is the smallest price increase of them all. The other price hikes that TD Bank has initiated are on average about $4 to $5 more. Wire transfers, which used to be $10 are now $15; money orders that were $4 are now $5; certified checks have doubled from $4 to $8; and stop-payment fees shot up from $25 to $30.

This may not seem different from any other bank’s increases, but TD Bank has actually taken an approach that will be mostly painless. While there are the charges to checking and savings accounts, the primary fee increases, such as the wire transfer and stop-payment fees, are ancillary services. Very few customers, overall, use these features. By the time they do, they may not even realize that the fees are higher.

These fees have gone up so much because it is an effort to balance everything out. TD Bank, like most other banks, realizes that they cannot survive without tightening their grip and adding some extra fees. However, they are maintaining their position as a bank with customer service in mind.

Few people will agree with bank fee increases, because no one wants to pay more. However, TD Bank has made this as painless as possible for the average customer, and many will not even feel these increases.