TD Bank is an excellent traditional bank with a wide array of business checking products. It offers four business checking options:
- Business Simple CheckingSM is ideal for small businesses with 200 or fewer monthly transactions and has a nonwaivable $10 monthly maintenance fee.
- Business Interest Checking Plus offers interest and 200 fee-free monthly transactions. Its $15 monthly maintenance fee can be waived if you maintain at least a $2,500 daily balance.
- Business Convenience Checking Plus provides a generous 500 monthly transaction limit and has a waivable $25 monthly fee.
- Business Premier CheckingSM also gives out 500 fee-free monthly transactions, and its $30 monthly fee can be waived.
Accounts come with a free business debit card, online and mobile banking access, and access to the TD Online Accounting system.
Pros
- Waivable monthly fees except for Business Simple Checking
- Fee-free transaction limit up to 200 for Business Simple Checking
- Multiple small business checking products
Cons
- No free business checking account
- No welcome bonus and free wires
- Branches only in 15 states and Washington, D.C.
Features
- Free Visa® debit card (instant issue)
- Online and mobile banking
- Online invoices can be sent via TD Online Accounting
- Three additional accounts are free with TD Business Premier Checking
- Integration with Quicken and QuickBooks accounting software
- Small business overdraft protection
- Products include savings, money market, certificates of deposit (CDs), credit cards, business line of credit, Small Business Administration (SBA) loans, and commercial real estate (CRE) loans
- Merchant solutions
How TD Bank Stacks Up With Its Competitors
When TD Bank Is a Good Fit
- You have a low transaction volume and minimal monthly cash deposit: With Business Simple Checking, you get up to 200 free transactions and up to $5,000 in free cash deposits each month.
- Your business is in New York: TD Bank is among our best banks for small businesses in New York, especially for those based in the eastern part of the state. You can easily access TD Bank branches in New York City, Long Island, the Hudson Valley, the Capital District, and the North Country.
- You need to issue employee debit cards: TD lets you transfer financial responsibility to your employees by providing additional employee debit cards. You can set spending limits per card to protect your deposits.
When To Choose a TD Bank Alternative
- You need in-person banking but your business is based outside TD’s service areas: Although TD bank has more than 1,100 locations, it’s still limited to 15 states and Washington D.C. You can consider banks with a national presence, like Chase, which has branches in all 48 mainland states. See our review of Chase business checking to discover which account fits your needs.
- You have a high monthly cash deposit volume: TD Bank’s Business Simple CheckingSM, Business Interest Checking Plus, and Business Convenience Checking Plus all offer the same $5,000 fee-free cash deposit limit per month. A better alternative is Bank of America, which offers $7,500 for its basic checking product. Our Bank of America business checking review provides more detailed information on how it helps business owners save more.
- You’re looking for a good interest return on your checking account: TD Business Interest Checking Plus only gives out 0.01% annual percentage yield (APY). Bluevine’s standard business checking account is a great option for better interest rates, providing 2.00% for qualifying deposits up to $250,000. Learn more about its fee-free features from our review of Bluevine business checking.
TD Bank Business Checking Overview
TD Bank Business Checking Requirements
You can visit the TD Bank website or open a business checking account in person. Businesses with up to four signers can open a checking account online.
You’ll be asked to provide basic information, which includes your
- Legal business name and address
- Tax identification number (TIN), other business owners may provide their Social Security number
- Valid driver’s license, state-issued ID, or passport to validate identity
For additional authorized signers, beneficial owners, and/or individuals with control, each of their names, physical addresses, phone numbers, dates of birth, Social Security numbers, and valid IDs will be required. A job title is needed for an individual with control as applicable.
Beneficial owners are those who own, directly or indirectly, 25% or more of the equity interests of the business. An individual with control is someone with significant responsibility for managing the business.
Click on the text below for the additional TD Bank business checking requirements for account opening:
- Fictitious name/assumed name/doing-business-as (DBA)/trade name certificate or registration
- Chapter and by-laws of association or copy of minutes of last meeting with new elected officers
- Partnership banking agreement
Fewer documents are required when opening an account online since TD Bank collects documents on your behalf to confirm your business prior to account opening. TD recommends that you use your mobile phone’s camera to capture document images or upload a PDF for an online account application.
If you open at a TD Bank, you’re advised to bring copies of your documents:
- Fictitious name/assumed name/DBA/trade name certificate or registration
- Chapter and by-laws of association or copy of minutes of last meeting with new elected officers
- Partnership banking agreement
- Document used to form and register your business, such as articles of incorporation or organization and certificate of good standing
- Board of directors resolution and bylaws
- Limited liability company (LLC) operating agreement
For home-based businesses, you need at least four of the following documents:
- TD Bank Business deposit customer for more than six months
- Business open for more than six months
- License for trade business or sales tax usage document
- Commercial vehicle registration with an address that matches business/home address
- Business is listed on Home Advisor with matching contact information
- Invoice or bill mailed to address in business name or in the name of the business owner
- If property is rented, property rental agreement
- If property is owned, tax bill, mortgage statement, or other means of ownership verification
- Driver’s license matches business address
- Website exists and matches information given
- IRS TIN letter
- Personal paystub with home address
- Most recent personal tax return
- Vehicle registration with home address
- Verification from state website
- Bank statement from other bank with previous two months of activity
- W2s from employer or payroll provider with home address
TD Bank Business Checking Features
TD Bank’s business checking accounts offer a Visa debit card, online and mobile banking, merchant solutions, and TD Online Accounting.
Business Debit Card
The TD Bank Visa® Business Debit Card provides convenience, security, and control over your finances. You can easily keep track of your purchases and reduce the need for petty cash. Issuing up to 15 debit cards to your employees is free, with the option of setting the cash withdrawal and purchase limits per card. Visit a TD Bank branch to instantly get your free debit card.
Online & Mobile Banking
Small business owners can manage their business banking accounts and control user permissions online. They can also:
- Transfer funds
- View current balances and account statements up to seven years
- Integrate accounting software like QuickBooks and Quicken with their small business accounts
- Handle business payments through automated clearing house (ACH) services, BillPay, and wire transfers
- Set up personalized email alerts to be notified of any account activity
TD Bank offers mobile banking as well, allowing you to deposit checks, move funds, and pay your bills through your mobile device. The app received good reviews, earning a rating of 4.8 on the App Store[1] (based on 247,000-plus ratings) and 4.2 on Google Play[2] (based on more than 80,000 reviews). Reviewers liked the check-capture tool, ease of use, and excellent live customer service. However, a recent update made logging in difficult for many users.
Small Business Overdraft Protection
TD Bank’s small business checking accounts have:
- No fee when overdrawn by $50 or less
- A grace period of until 11 p.m. Eastern time the next business day to fix an overdraft and avoid fees
- A choice between a standard overdraft service and a discretionary overdraft service.
- A standard overdraft service is when ACH payments, recurring debit transactions, and checks are processed for a fee if you’re short on funds.
- A discretionary overdraft service is when the bank authorizes and pays one-time debit card or ATM transactions for a fee. All small business accounts have this default option.
To avoid overdrafts and know your account balance, you can sign up for Small Business Online Banking and set up custom alerts.
Free Additional Accounts & Perks
With the TD Business Premier Checking account, you can open up to two additional TD Simple Checking accounts without paying a monthly fee and a fee-free TD Small Business Premium Money Market account.
TD Business Premier Checking account holders also get free unlimited money orders and official bank checks, waived ATM fees when transacting at non-TD ATMs, and waived monthly fees for the first three months from opening the account.
Business Services
- TD Merchant solutions: Small business owners can take advantage of TD Bank’s varied payment solutions. You can accept payments in-person, online, or through e-commerce point-of-sale (POS) systems. Different Clover devices are also available for brick-and-mortar businesses and pop-up shops. Check out our Clover POS review to discover more about its features and pricing.
- TD Online Accounting: This is a useful tool for small business owners. It allows you to send online invoices, accept credit card payments, and streamline your accounting. You only need a small business checking account and Online Banking to maximize the benefits of TD Online Accounting.
- Payroll and human resources (HR) solutions: Paycor provides payroll and HR services suitable to the number of employees you have. You’ll get a dedicated payroll specialist, preferred pricing, tax management support, and more as your business scales.
Customer Service
TD Bank’s branches open early at 8:30 a.m. and close late at 6 p.m., but the hours may vary by branch. Some are also open on weekends and most holidays, while live customer service is available 24/7, making it convenient for its clients to do their banking. You can also reach out to TD Bank via its social media accounts, Facebook Messenger and Twitter.
Other TD Bank Business Products
TD Bank offers savings accounts, money market, CDs, credit card products, and lending services for small businesses.
Interest on Lawyer Trust Accounts (IOLTA)/Interest on Lawyer Account (IOLA)
This is an interest-earning trust account where law firms can hold the deposits of their clients. The interest is used for funding public service programs approved by the state bar.
TD Bank offers savings accounts, money market accounts, and CDs:
- TD Business Savings account: With a minimum opening deposit of $25, you can open a TD Business Savings account and earn a competitive variable interest rate depending on your location. You can waive the $5 monthly fee if you maintain a $500 minimum daily balance.
- TD Small Business Premium Money Market account: For a minimum opening deposit of $25, you can open a TD Small Business Premium Money Market account and earn tiered interest on your excess funds. Rates vary depending on your location. If you maintain a $2,500 minimum daily balance, you can waive the $15 monthly fee.
- TD Bank Business Basic CDs: Basic CDs have a term of 91 days to five years and require a $5,000 opening deposit and maintaining balance to earn APY.
- TD Business No-Catch CDs: These CDs offer three-, five-, nine-, and 11-month terms with an opening deposit and maintaining a balance of $25,000. You can withdraw once per term without incurring a penalty.
- TD Business Jumbo CDs: These short-term CDs offer seven- to 75-day terms. It requires an opening deposit and balance of $50,000.
TD Bank clients can earn an unlimited 1% cash back on purchases with a TD Business Solutions credit card. Read our TD Business Solutions Credit Card review to discover how it benefits small and medium-sized businesses (SMBs).
TD Bank offers lines of credit, small business loans, SBAs, and commercial real estate loans and mortgages. You can submit an application online for a business loan under $250,000, while above that amount requires an in-person application at a TD branch:
- Lines of credit: Business owners can apply for a line of credit to pay off their regular inventory or payroll expenses. The rate is variable and an interest-only payment option is available.
- Small business loans: For planned purchases of used vehicle or equipment, or another business, you can get a TD small business loan with a flexible term of one to five years at fixed monthly payments, amortized over the life of the loan.
- CRE loans and mortgages: You can apply for a TD Real Estate loan if you’re planning to buy or refinance a commercial property. It provides a three- or five-year fixed term and amortization up to a period of 20 years.
- SBA loans: TD Bank is an SBA-preferred lender and offers longer-term financing, flexible terms, and quicker access to loan funds. Check out our guide on SBA loan types, rates, and requirements for more information.
Health professionals, such as dentists, veterinarians, eye care professionals, and physicians, are offered customized lending solutions and funding options for each stage of their practice.
TD Bank Business Checking Reviews From Users
User-published TD Bank business checking reviews are mixed. On ConsumerAffairs[3], the bank has a rating of 1.8 (based on 1,200-plus reviews) while on WalletHub[4], it has a rating of 3.6 (based on more than 4,300 reviews). Common sentiments include the following:
- Pleasant customer service: Users stated that representatives were polite, helpful, efficient, and knowledgeable about the bank’s policies and products.
- Long hold times for check deposits: Customers complained that funds from deposited checks took too long to arrive in their accounts.
- Unfair overdraft practices: A few customers found the enforcement of the overdraft grace period too strict. Some were not notified of their balances despite signing up for notifications, which forced them to pay overdraft fees later on.
Bottom Line
TD Bank is a top choice if your business is located within its service area. It provides flexibility and convenience through its multiple checking accounts that correspond to changing business needs. Business owners can also avoid hefty overdraft charges with its various overdraft protection options. Its customer service access is exceptional, with its 24/7 live customer support and reliable in-person banking in some branches that are open seven days a week.
