Overview of the TD Every Day Chequing Account
The TD Every Day Chequing Account is ideal for customers that are looking for low monthly maintenance fees and that don’t expect to use their chequing accounts for many transactions each month. While the account has a $10.95 monthly maintenance fee, this fee is waived for account holders that maintain a daily balance of $3,000 or more. With the TD Every Day Chequing Account you are allowed to make 25 transactions each month. Transactions include withdrawals, cheques, bill payments and purchases made using your debit card. For each transaction beyond the 25 monthly transactions limit, account holders will be charged $1.25.
Other Account Features and Fees:
- Seniors (age 60 or older) monthly fee: $8.20
- Interac e-Transfers: Free
- Domestic ATM Fees (out of network): $2.00 per instance
- International ATM Fees (U.S. and Mexico): $3.00 per instance
- International ATM Fees (Rest of World): $5.00 per instance
- Overdraft Protection Service: $5.00 per month
- Non-Sufficient Funds Fees
- $48.00 if TD Bank does not approve the cheque or payment
- $5.00 plus 21% annual interest rate on the overdrawn amount if TD Bank approves the cheque or payment
- Wire Transfer Costs
- Recipient is another TD Bank Customer – $16.00
- Recipient is at another bank – $50.00
- Receive a wire payment – $17.50
TD Every Day Chequing Account vs. Other TD Chequing Accounts
TD Bank currently offers customers 3 other options for chequing accounts for consumers that are not students and one option for students (TD Student Chequing Account). If you are considering the TD Every Day Chequing Account, this is how it compares to each of the other 3 chequing account options.
- TD All-Inclusive Banking Plan
- This account has a $29.95 monthly fee which is waived if you maintain a $5,000 balance, so it requires a much higher daily balance or the potential for a monthly fee that is almost triple the cost of the TD Every Day Chequing Account.
- However, this chequing account has a lot of features that are not available with the TD Every Day Chequing Account including unlimited ATM rebates and monthly transactions, free safety deposit boxes, free certified cheques and rebates on TD credit cards.
- Bottom Line – if you have sufficient funds to maintain a $5,000 balance you are much better off going with the TD All-Inclusive Banking Plan over the TD Every Day Chequing Account. If you don’t have sufficient funds and do not expect to complete more than 25 transactions a month, then this account is not ideal.
- TD Unlimited Chequing Account
- As the name alludes to, the primary feature of this chequing account is the fact that account holders can get unlimited transactions per month. The monthly maintenance fee for this account is $16.95 and is only avoidable if you maintain $4,000 or more in the account.
- Currently, TD Bank is offering consumers that open the TD Unlimited Chequing Account up to a $300 Amazon.ca gift card. This is in addition to fee rebates for the first year’s annual fee on select credit cards and no ATM fees within Canada.
- Bottom Line – this chequing account is worth serious consideration for anyone interested in the TD Every Day Chequing Account. For just $6 more per month you get access to several benefits that more than justify the incremental cost. Further, if you plan to maintain $3,000 in your chequing account to avoid the Every Day Chequing account fee, with an additional $1,000 you can also qualify for rebates with the TD Unlimited Chequing Account.
- TD Minimum Chequing Account
- The TD Minimum Chequing Account is perfect for the super cost conscious consumer that expects to have minimal transactional use of their chequing account. The account takes minimalism to a further extent than the TD Every Day Chequing Account. This account has a low monthly fee of $3.95 that is not avoidable. Account holders can make up to 12 transactions, including 2 “full serve” transactions, which are transactions completed at a branch or using Telephone Banking.
- There’s not much in the way of additional features for this chequing account, by design it is meant to be minimalist.
- Bottom Line – if you expect to transact with your chequing account very infrequently and expect to store less than $3,000 in your chequing account then the TD minimum Chequing Account is a better choice than the TD Every Day Chequing Account.