About Ken Tumin

Ken Tumin founded the Bank Deals Blog in 2005 and has been passionately covering the best deposit deals ever since. He is frequently referenced by The New York Times, The Wall Street Journal, and other publications as a top expert, but he is first and foremost a fellow deal seeker and member of the wonderful community of savers that frequents DepositAccounts.

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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.

Related Pages: TD Bank

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  |     |   Comment #1
I think this is a very bad move, since it's obviously another revenue source for them. If you read it all even if they waive the 2.00 fee they would consider it a payout (see 1099)
  |     |   Comment #2
At the end of the blog post, Ken comments on the best alternatives for fee-free ATM use. Since the original blog talked about both TD starting to charge a fee for using others banks' ATMs and also now no longer reimbursing other banks' ATM fees, I think some clarification is in order.

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.

  |     |   Comment #3
Convenience Checking account regularly does not charge a fee and reimburses non-TD Bank fees only if you maintained a minimum daily balance of $2,500 in the account. It makes sense that if you keep that minimum daily balance of $2,500 in the account, you should have the Premier Checking. Just dont ever go below or else you face $25 monthly fee.
  |     |   Comment #4
Anonymous #3:  The Convenience Checking Account will not longer provide ATM refunds with a $2,500 minimum balance, and will charge the fee on all non-TD Bank ATM transactions.  Only the three highest-level checking accounts will still have the $2,500 refund feature.
  |     |   Comment #5
Anon#3 and shacklaw, Just convert the Convenience Checking into Premier Checking before Wednesday March 9, 2011 and enjoy the benefit of the $2,500 min balance to avoid fees.
  |     |   Comment #6
Not surprised by this move.  Never had funds in TDBank before and never will. 
  |     |   Comment #7
I banked at TD just for the no fee ATM useage.  We are moving our accounts to PNC since we a;lways use the Wawa ATM's.  Bye, Bye TD, keeping my money in the USA.  Commerce YOU ARE NOT !!!
Hate my bank
  |     |   Comment #8
Right about now, I HATE MY BANK.  I've been a member at Commerce/TD Bank since 1990, and I don't use the TD Bank ATM's because they are not convenient.  Plenty of locations, but they do not have any drive through ATM's.  Some neighborhoods, I would rather get out of my car at a Wawa and use the PNC ATM; instead of going into the TD Bank to get cash.  

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. 
  |     |   Comment #9
Gotta remember, when the government goes messing around with banks and how they generate fee revenue, they have to find other ways to make money. You can thank the bums in Congress for all of this.

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.
  |     |   Comment #10
Well wouldn't banking with a U.S. owned bank accomplish everything you mentioned plus return profits to a company headquartered in The USA? So get your facts straight, if someone wants to bank with a US owned bank we should encouage it.
Jonathan Roseland
  |     |   Comment #11
People need to not be afraid to fight back at the service companies that charge them ridiculous fees. These keep Americans in a financial hole. Here’s an article on how to negotiate fees and save money. Please let me know what you think of it.

  |     |   Comment #12
It's a publicly owned company that trades on the NYSE, there are plenty of Americans that profit from TD's success.
  |     |   Comment #13













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.



  |     |   Comment #14
I received a note in the mail this weekend from TD Bank that is proof positive the company no longer cares about being America's Most Convenient Bank. Beginning March 9, TD will charge its customers $2 every time a non-TD ATM is used to get cash.  This includes those convenient Wawa locations as well. 

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.
  |     |   Comment #15
I use Capital One which was always more competitive than TDBank.  It always had a $1.50 fee for NON Capital One surcharge free locations on the Mastercard network and always waved FOREX Fees plus gave a larger APY rate.

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. 

  |     |   Comment #16
Waiving fees for non bank branded ATMs is a loser for both consumer and the bank because it doesn't reinvest in banking infrastructure.  A bank should not be subsidizing the network of another institution.

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. 


  |     |   Comment #17
What they are noy saying is that the fee will be charged all at once on your statement in an effort to get you to OD on the account. This is the reason I'm changing to chase, at least they have more machines.
  |     |   Comment #18
I am in the process of making the switch to Charles Schwab Bank. I opened my TD Bank account back when it was less commonly known as TD Banknorth. It was great for both domestic and int'l travel in avoiding ATM fees. As soon as I receive my Schwab debit card, the TD Bank card goes in the shredder.
  |     |   Comment #19
Been a menber of TD bank since 2000, new charges, no longer free checking or savings unless you have a balance they want. ATM fees were the last straw. moving to USAA and TD is no longer going to be my bank once I get my direct deposits moved this week. they use our mony to make money then **** us... think about it savings is less than 1% they loan out your money to others at 13% charge fees for every little thing. well not with my money...
  |     |   Comment #21
Have been at Commerce/TD for a while. If I can't use WAWA ATMs for free I am looking for a new bank.
  |     |   Comment #22
TD Bank lies. I was a happy customer of Commerce bank for many years. I liked the free checking, free ATM use and 7 day service. Even though Commerce was a fairly decent size bank it felt more like a small home town bank with very friendly reps and customer oriented. TD bank took Commerce over a couple of years ago. They promised that they would keep all of the mentioned popular services that Commerce had. I knew it was probably a lie. I knew sooner or later they would get rid of the free services and sure enough on March 9th they ended. The only thing they still have is the 7 day week. TD Bank is convenient for me because there is a branch fairly close by. Even so the branch is out of the way from the routes I normally travel so it would be a hassle to go to the branch to save the $2 ATM fees. I mostly use the ATM at a Wawa about a mile from my home. TD Bank also doesn’t seem to be as customer friendly as Commerce was. It now has that mega-bank attitude which it is. New Federal regulations or not, you can’t convince me TD would be hurting if they continued free checking and ATM service.

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.

  |     |   Comment #23
I must say that I have been disappointed in the way things are going with TDBank ever since the Commerce Bank takeover.  My family and I have been Commerce/TDBank customers for approx. 12 years now.  The new ATM fees are the "straw that broke the camel's back" so to speak.  Everything that we've enjoyed about Commerce/TD has changed - hours, penny arcade fees, and most importantly, free ATM at Wawa.  Time for a new bank, and PNC is looking pretty good right now.
  |     |   Comment #24
If everyone just pulls their $$$ out then they will be forced to differentiate themselves from the other banks just as Commerce did.  Just like gasonline and every other injustice that happens in America nobody has the balls to do it.  I just said goodbye to TD BANK.  Make them hear your voice. 
  |     |   Comment #26
i had been a commerce bank customer since my first job at 16 - mostly because it was open 7 days a week.  that was 31 years ago!!!  i have never had another bank, but i refuse to be punished $2 at the free atm.  let's face it, sometimes you like to have cash in your pocket and the wawa is always right around another corner when you're on the road.  i'm a lot older now and have a lot more money than when i was 16.  maybe i'll return the favor and punish td bank by not allowing them to use it anymore to further their financial gains.  the inconvenience of changing accounts just might be worth it. 
  |     |   Comment #27
Was a loyal and happy Commerce Bank customer for 20 years.  No longer.   If TD notified us about the $2 ATM fees, it did not register.   I also use Wawa ATM to tap cash, and looks like I've incurred $20 worth of bank fees without knowing it!!!!!!    I may keep a (small) savings account at TD just to have something local, but I'm switching my checking over to USAA.  They are TRULY friendly -- free checking, free checks, they refund ATM fees.  Unfortunately (for most of you), you need to be military to be a USAA member.  I bet credit unions will see their business increase.  GOODBYE TD!
America the GREED
  |     |   Comment #28
I am not happy at all about a $2.00 ATM charge. I mean if they wanted to charge, why so high ? I guess it all comes down to greed again.....America the Beautiful has turned up to American the GREED.

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.
  |     |   Comment #29
TD should think about the reason why people became a customer in the first place, and if doing the exact opposite of that is a good idea in the long term.  They've become just the same as every other bank and their "word of mouth" reputation is broken now. 

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?
  |     |   Comment #30
I use TDBank. Just found out about this fee. I'm closing my account.
  |     |   Comment #31
just found this, i keep thousands in my checking to avoid fees, now there pulling this, i'm moving to credit union
  |     |   Comment #32
I am considering changing banks as well.  However, I heard that if you withdraw from the savings acct., instead of checking, no fee will be charged.  I didn't try it myself, but I will next time I go to ATM at a Wawa.
  |     |   Comment #33
The whole reason I moved to TD was that they didn't nickel and dime me with fees. I have already closed both of my TD bank accounts for this reason. I am also closing my Wachovia accounts (wells Fargo) for same reasons. The banks are supposed to be working for us not the other way around. If they want my money, they're going to have to earn it. $2500.00 for no fees? No way!! Greedy!
  |     |   Comment #34
This is the worst bank I have every banked at.   I am deaf and god forbit I need help:   it just isn't there.   TD has the lowest overhead of any bank in the nation as can be seen by all the part timers who often don't understand their jobs.    Money - TAKING YOURS - is what they are all about.  Fees for everything but convenience for none. $2 to use an ATM is beyond greedy and I am starting a search for a bank that has human beings at the other end of on-line banking.   I can't phone them so waste gas driving back and forth no matter whose mistake is involved.   No credit for me.    And track how long it takes to actually post a credit to your account  It sits in"pending" which is akin to the float while you cannot access your own funds.   And their open office hours are cut back monthlly so there is no way to communicate with those who do not want to hear.

The Sealy Posturpedic looks wonderful from here!
  |     |   Comment #35
Just returned from my auto trip to TD because I am deaf and can't phone them though can use email if I can wait 24-72 hours for some attention.

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.

  |     |   Comment #36
Looks as if it is time for a TD Sucks  website so all the complaints can be easy to find for someone thinking of banking there.
  |     |   Comment #37
So annoying. I rarely use the ATM, the TD bank is just a short distance and I make deposits, pay most bills online. Recently I found that my card didn't work. The bank issued a new card, and I was told that the card will be inactivated if it isn't used for 30 days. I can't see standing on line to use the TD ATM just to keep my card alive. I may move most of my money to a more convenient bank. The amount I keep in my account should be enough compensation for the little work they do for me.   
  |     |   Comment #38
after December , 99.9% of your customer will line up outside your TDbank.... get they money back or move they money. hope not because that cause you closed...
  |     |   Comment #39
  |     |   Comment #40
I have a line of credit with TD bank and have 2 checking accts. They charged me 10.00 to transfer 22.00 to my one account. When the other account had more than enough money. Why transfer from the line of credit when there was money in the other account. Banks are making a killing..
Fed up
  |     |   Comment #41
When are you going to allow LESS THAN $20 withdrawals, really?!

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