TD Bank is an excellent traditional bank with a wide array of business checking products. It offers four options that come with a free business debit card, online and mobile banking access, and the TD Online Accounting system:
- 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.
To open an account, your business must be located in TD Bank’s service area. The bank has branches in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington D.C.
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
Monthly Fee | Monthly Transaction Limit Before Fees | Monthly Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|---|
 Business Simple CheckingSM | $10; nonwaivable | 200 items, then 75 cents per item | $5,000 free, then 25 cents per $100 | None at United States and Canadian TD ATMs; $3 at non-TD ATMs* | $25 |
 Business Complete Banking | $15; waivable | 20 paper transactions, then 40 cents per item | $5,000 free, then $2.50 per $1,000 | $3 per transaction at any non-Chase ATM* | None |
 Business Checking | N/A | 125, then 50 cents per item | $2,500 free or 25 free cash transactions | None at U.S. Bank and MoneyPass ATMs | $100 |
*Third-party operator fees may apply.
When TD Bank Is a Good Fit
- Your business has 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.
- You seek a higher fee-free transaction limit as your business grows: You can opt for a Business Convenience Checking Plus or Business Premier CheckingSM account with its substantial monthly fee-free transactions and waivable monthly maintenance fees.
- You want the option of in-person banking and are located near a TD Bank branch: It has brick-and-mortar branches in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington D.C.
- Your business is in New York: TD Bank is among our best banks for small business 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.
When TD Bank Is Not a Good Fit
- 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. See our Chase Business Checking review to discover which account fits your needs.
- You want a higher free cash deposit limit: 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 review of Bank of America Business Checking 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% APY. Bluevine 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 Bluevine Business Checking review.
See more alternatives in our roundup of the best small business checking accounts.
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 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
See our guide on how to open a business bank account before opening an account. It includes a free downloadable checklist of required documents.
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.
Small Business Month Bonus Offer
TD Bank offers various rewards to clients who open new business accounts. This offer is eligible on one new small business checking account per customer TIN. Qualified business checking products are Business Simple CheckingSM, Business Convenience Checking Plus, Business Interest Checking Plus, and Business Premier CheckingSM:
- Up to $650 cash back with a new TD Merchant Solutions account
- A 1% rate discount on an SBA Express line of credit
- A three-month monthly fee waiver when you sign up for TD Online Accounting
- $400 cash back when you spend $3,000 in your TD Business Solutions Credit Card in the first three months
The offer runs from April 1, 2023, to July 3, 2023.
Business Debit Card
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 for 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, bill pay, 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. Reviews for TD Bank’s mobile app are superb on the App Store1. It earned a 4.8 out of 5 from nearly 250,000 ratings. On Google Play2, it scored 4.3 out of 5 with more than 80,000 ratings.
Users appreciated its check-capture tool, ease of use, and excellent live customer service. However, some wanted another option other than the two-step verification system to access their online account. Others experienced login issues.
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 ecommerce 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.
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.
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.
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.
To learn more about money market accounts, see our guide on what a business money market account is and how it works.
Different types of CDs provide competitive fixed rates and flexible terms. The product, rate, and fee may differ depending on your state. All CDs are Federal Deposit Insurance Corporation (FDIC)-insured for up to $250,000 per depositor:
- TD Bank Business 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 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 are short-term CDs with seven- to 75-day terms. It requires an opening deposit and a 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.
TD Bank offers lines of credit, small business loans, SBAs, and CRE 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
On ConsumerAffairs3, there are no specific TD Bank Business Checking reviews, but the bank has a 3.7 out of 5 rating. Users shared pleasant customer service experiences and stated that the bank’s representatives were polite, helpful, and knowledgeable. Customers also mentioned that the staff put in a dedicated effort and displayed efficiency.
Some, however, complained about the lengthy check deposit holding time, late fees, and strict enforcement of the overdraft grace period. Another also commented about the lack of receiving notifications despite signing up for bank alerts, leading to paying hefty account maintenance fees.
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.
User review resources:
