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New ATM Fees for TD Bank Checking Accounts - Tips to Avoid ATM Fees
One of the few large banks that had been offering free ATMs for their basic checking accounts is TD Bank, but this will be coming to an end. Blaming new regulations, many of the large banks are introducing new checking account fees. TD Bank's new ATM fees are the latest example.
For most large banks, you are charged twice when you use ATMs from other banks. First, your bank will charge you between $2 and $3 for using a foreign ATM. Second, you'll be hit with a fee by the owner of the ATM.
TD Bank still describes its free ATMs as of 2/19/2011 on their website.
All of our checking accounts include:
[...]
Free ATM access at over 5,400 TD Bank and TD Canada Trust ATMs, plus we'll reimburse other banks' ATM fees.
This no-fee ATM policy will be ending soon. A reader just emailed me a letter he received from TD Bank informing him of the new ATM fees that will take effect on March 9, 2011. I confirmed with a TD Bank CSR that this new policy will affect all TD Bank customers. In summary, they will face a $2.00 ATM fee when using a non-TD bank ATM. In addition, there will be no reimbursements of foreign ATM fees.
Here's an excerpt of the start of the letter:
At TD Bank, we appreciate your business, and want to keep you informed about upcoming changes to your Convenience Checking account. Beginning March 9, 2011, when you use your TD Bank ATM or Visa debit card to get cash at a non-TD Bank ATM, your account may be subject to ATM transaction fee from TD Bank and from the financial service provider who owns the ATM. As always, you may use your TD Bank ATM card or Visa debit card at any TD Bank ATM for free.
More details are listed on the second page of the letter.
TD Bank Fees When You Use non-TD Bank ATMs
Beginning March 9, 2011, we will begin to assess a $2 fee for transactions conducted at ATMs that we do not own or operate. These fees will be reflected in your April 2011 statement. Such transactions are referred to as "non-TD Bank ATM" transactions. For certain account types, we will waive the fee on some non-TD Bank transactions, as described in the chart below.
TD Bank's chart shows unlimited transactions fees waived for Premier, Relationship and Interest checking accounts. No fees are waived for all others.
No Reimbursements of Fees from Other Banks
For non-TD Bank ATM transactions, the institution that owns the ATM (or the network) may assess a surcharge fee at the time of your transaction, even if you are just checking your balance. As described in the following chart, for some checking account types, we will reimburse you for these surcharge fees at the end of each statement cycle. Beginning March 9, 2011, for all other account types, the surcharge fees will not be reimbursed.
TD Bank's chart shows a minimum $2,500 daily balance for the Premier, Relationship and Interest checking accounts is required for the reimbursement. There are no reimbursements for all other accounts.
Checking Accounts That Offer Free ATMs
There are still a few big banks that offer free ATMs for their basic checking accounts. However, you have to wonder how many will follow TD Bank.
PNC Bank still offers reimbursement of non-PNC Bank ATM fees with a $2,000 minimum average monthly balance. You can also get free ATM usage with BBVA Compass Build-to-Order Checking. However, Compass requires you to mail in ATM receipts to receive the ATM rebates. Also, Compass just recently announced new monthly service fees on its Build-to-Order Checking Account.
If you want to avoid both monthly service fees and ATM fees, you may want to consider reward checking accounts from community banks and credit unions. The vast majority of these are free checking accounts with no worries about monthly service fees. However, to get free ATMs, you do have to meet the reward checking monthly requirements. If you want free ATMs without any hassles, internet banks continue to be the best option. In my opinion, the best for free ATMs include Ally Bank, Incredible Bank, USAA Bank and Charles Schwab Bank.
For those who travel outside the U.S. a lot, Schwab is one of the better banks in that they don't charge their own fee for international ATM use, don't charge any foreign currency exchange fee, and they reimburse other banks' ATM fees, including those incurred abroad. Capital One is good in that they don't charge any foreign currency fee on any of their credit or debit cards, and have some accounts that reimburse foreign banks' ATM fees and other accounts that don't reimburse them.
Some accounts may have advantages that make them better for use in the U.S., while others have other advantages that definitely make them better for use when you're traveling abroad for work or pleasure.
The letter is personally addressed to my husband and me; and mentions we have a Convenience Checking account; yet still states "your account may be subject to ATM Transaction Fees from TDBank..." Customer Service clarified the position, you WILL BE CHARGED $2 for every Non TD-Bank ATM Transaction, no "may be" about it.
I find this letter deceptive, I told the Customer Service Rep, I will be looking for a new bank.
And I always laugh at the notion that TD Bank is "Canadian". Ok, maybe it is owned by a Canadian company. However, it provides jobs to Americans (Over 25,000 of them), serves American communities (And donates A LOT of money to them), and I'm sure has many, many American stockholders. They're also one of the leading SBA lenders on the East Coast, which helps provide businesses with much needed credit so they can give jobs to thousands, if not millions of more Americans.
So before you go criticizing TD Bank for being "Canadian", get your facts straight.
http://www.creditcardanddebt.com/blog/42-credit-blog/119-how-to-negotiate-fees-12-ways-to-save-money-on-phone-banking-and-other-service-bills.html
I never use any ATM except when traveling abroad when I use Schwab debit card. In USA I pay everything by credit card since every store accepts credit card.
It's frustrating to me that while TD shouts from the rooftops that it's customer-centric just like old Commerce, their decisions of late reflect something entirely different. Customers really aren't the top priority anymore, and that's a shame to see particularly in view of the brilliant customer-focused trail blazed by the former Commerce Bank, acquired by TD.
Dear Vernon Hill: any time you want to re-enter this market, South Jersey would welcome you back. In the meantime TD, what's in it for me to stay with you? You've successfully morphed something great (Commerce) into something average (TD). Congratulations I guess, but I'm heading over to PNC so that I can continue to enjoy the convenience of those Wawa ATMs without you dipping into my pocket to do so.
Capital One has and will continue to retain my business. Capital One is the most competitive bank offering for me with the highest local rate with Venture One credit card perks.
Capital One's model works quite well which I hope is here to stay permanently, unless of course they decide to make some improvements to the model.
I am a member of the Atlantic City Fireman’s Credit Union. Many years ago when I joined the CU they didn’t have online banking and other services banks had but now they do. They also have free checking and don’t charge ATM fees. I don’t like to do business with companies that deceive so I’m going to close all my accounts at TD and open a checking account at the CU.
http://consumerist.com/2011/03/chase-tests-out-5-atm-fees.html
You all watch...life is going to go back to simpicity because we will not be able to afford life as we know it for much longer......My husband wants to say goodbye to TD...too ....the only thing they have going for them is their hours.
For me, why should I go out of my way to track down one of their ATMs so I won't get charged, when there are more of other bank's ATMs, which are also easier to access? It's a no-brainer...close your account and switch to another bank. They don't care about you as a customer, so why support them?
The Sealy Posturpedic looks wonderful from here!
I did ask how when in States that are blessed not to have TD, they found it ethical to charge a $2 fee for my using any ATM other than their non existant ones. No answer really just the routinely red faces of one of their nicer employees. Yes, they aim to put you in the OD situation because that's where the big fee money is and fees are their middle name. I am now beginning to research banks and will file an FCC complaint for their illegal treatment of the deaf who last November in order to level the communications playing field for the deaf, laws were passed saying we should have equal access. Well email's will never catch up with voice phones which everyone else walks around with.
I was born in Canada and frankly ashamed of TD's lack of understanding of American laws and the very culture itself. They are acting like hogs in a time of depression.