What Is the TD Beyond Checking Minimum Balance Requirement?
Explore the essentials of TD Beyond Checking's balance requirements and how to manage fees effectively.
TD Beyond Checking accounts offer a range of benefits, but understanding the financial obligations tied to these accounts is essential. One of the primary considerations is the minimum balance requirement, which directly impacts fees and account management. For both prospective and current account holders, being aware of how these requirements align with broader financial strategies is key.
Required Daily Balance
To avoid a $25 monthly maintenance fee, TD Beyond Checking accounts require a daily balance of $2,500. Maintaining this balance can save account holders up to $300 annually. This policy encourages customers to retain a substantial amount in their accounts, which banks use for lending and investment purposes. To stay on top of this requirement, customers can set up alerts or regularly review statements.
Monthly Fees
The $25 monthly maintenance fee can add up over time, but TD Bank offers ways to waive it. Customers can avoid the fee by meeting specific criteria, such as maintaining a combined balance across eligible accounts or setting up qualifying direct deposits. Understanding and utilizing these options allows customers to minimize costs and improve their banking experience.
Combined Balances With Other Accounts
Account holders can avoid fees by combining balances across eligible TD Bank accounts, such as savings or money market accounts. Meeting the $25,000 combined balance threshold not only waives the maintenance fee but also provides a clearer view of financial standing. This strategy can also lead to benefits like higher interest rates on savings accounts or improved borrowing terms.
Direct Deposit Factors
Recurring direct deposits of $5,000 or more during each statement cycle can help account holders bypass the monthly maintenance fee. This approach ensures funds are credited promptly, improving financial predictability and reducing the risk of overdrafts. Direct deposits are processed faster than checks, making funds readily accessible for bill payments and other needs.