Overview of the TD Minimum Chequing Account
The TD Minimum Chequing Account as the name indicates has the bare minimum of chequing account features and is among the lowest cost chequing accounts offered by banks in Canada. It is ideal for customers that are looking to pay the lowest possible monthly maintenance fee and do not plan to use their chequing accounts for many transactions each month. The account has a $3.95 monthly maintenance fee which is not avoidable (regardless of the account balance) unless you are a senior (age 60 or older) or a beneficiary of a Registered Disability Savings Plan. The TD Minimum Chequing Account allows account holders to make 12 transactions each month. Importantly, only 2 of these transactions can be done at a TD Bank branch or with an EasyLine Telephone banking representative. Transactions include activities such as withdrawals, depositing or writing cheques, bill payments and purchases made using your debit card. For each transaction beyond the monthly limit, account holders are charged $1.25.
Other Account Features and Fees:
- Interac e-Transfers
- For amounts less than $100: $0.50 per transfer
- For amounts greater than $100: $1.00 per transfer
- 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 Minimum Chequing Account vs. Other TD Chequing Accounts
The only chequing account currently offered by TD Bank that is similar in terms of its offerings to this account is the TD Every Day Chequing Account. The other chequing accounts offered by the bank have monthly maintenance fees that are substantially higher.
TD Minimum Chequing Account vs. TD Every Day Chequing Account
Both of these chequing accounts are focused on lower monthly maintenance fees in return for limits on transactions. However the TD Minimum Chequing Account takes it a step further than the TD Every Day Chequing Account in its absolute minimalism. Here is how the two accounts compare:
- Monthly Fees: $3.95 vs. $10.95. At face value the TD Minimum Chequing Account is clearly much cheaper however it will always cost $3.95 regardless of your account balance. With the TD Every Day Chequing account, if you maintain a balance of $3,000 or more then your monthly fee would fall to $0.
- Transaction Limits: 12 vs. 25. This account has half of the permitted transactions of the TD Every Day Chequing Account and as noted above has the added restriction of just two transactions allowed at a branch or with a TD Bank representative over the phone. This added restriction emphasizes the importance of carefully assessing your banking needs before opting for the Minimum Chequing Account.
- Money Transfers: with the TD Every Day Chequing Account, account holders can send or request money using Interac e-Transfers for no charge, which is a feature that is not available to TD Minimum Chequing Account customers.
Bottom Line – this is an account that is ideal for customers that are confident that they won’t need to conduct many transactions each month, have low or volatile account balances and want to minimize their monthly maintenance fees.