TD Bank Business Checking Review 2023
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
This article is part of a larger series on Business Banking.
If you’re looking for a traditional bank with a wide array of business checking products, TD Bank is a great choice. It offers four options: Business Simple Checking, Business Interest Checking Plus, Business Convenience Checking Plus, and Business Premier Checking. These come with a free debit card, waivable fees, online and mobile banking, and the TD Online Accounting system.
You can start with the basic Business Simple Checking with a low monthly fee of $10 and up to 200 free monthly transactions. As your business needs shift, you can switch to TD’s higher-tier accounts to earn an annual percentage yield (APY) and gain more fee-free transactions.
What We Like
- Waivable monthly fees except for Business Simple Checking
- Fee-free transaction limit up to 200 for Business Simple Checking
- Multiple small business checking products
Drawbacks
- No free business checking account
- No welcome bonus and free wires
- TD branches only in 15 states and Washington D.C.
Features
- Free Visa® debit card
- Online and mobile banking
- Deposit checks via mobile, transfer funds, and view online statements
- 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
How TD Bank Stacks Up With Its Competitors
APY | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 Business Simple CheckingSM | N/A | $5,000 free, then 25 cents per $100 per statement cycle | None at TD ATMs; $3 at non-TD ATMs plus operator fees | $25 |
 Business Complete Banking | $15, waivable | $5,000 free, then $2.50 per $1,000 per statement cycle | $3 per transaction at any non-Chase ATM, plus ATM operator fees | None |
 Business Checking | N/A | $5,000 free, then 30 cents per $100 per statement cycle | $3/transaction at any non-PNC Bank ATM | $100 |
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 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, or Washington D.C.
- You prefer an interest-only payment option for financing: TD Bank earned a spot in our list of the best small business lines of credit since you can pay just the interest of a credit line, which is useful for covering business operating expenses.
- 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 the bank has more than 1,100 locations, it’s still limited to 15 states and Washington D.C. You can consider banks that have a national presence, like Wells Fargo, Bank of America, and Chase Bank.
- You want a higher free cash deposit limit: TD Bank’s Business Simple Checking, Business Interest Checking Plus, and Business Convenience Checking Plus all offer the same $5,000 fee-free cash deposit limit per month. Better alternatives are Bank of America and PNC Bank, which offer $7,500 and $10,000, respectively, for basic and mid-tier checking products.
- You are looking for a good interest return on your checking account: TD Business Interest Checking Plus only gives out 0.01% APY. Bluevine, and Grasshopper Bank are great alternatives for better interest rates, provided conditions are met.
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.
To open a TD Bank account, your business must be located in a TD Bank service area: Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, or Washington D.C.
You’ll be asked to provide basic information, which includes your legal business name and address and your tax identification number (TIN). Other business owners may provide their Social Security number. A valid driver’s license, state-issued ID, or passport will be required to validate your 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
Before opening an account, see our guide on how to open a business bank 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.
Business Debit Card
This provides convenience, security, and control over your finances. You can easily keep track of your purchases and reduce the need for petty cash. Issuing 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 get your free debit card.
Online & Mobile Banking
Small business owners can manage their business banking accounts and control user permissions online. You can transfer funds, view current balances, and integrate accounting software like Quicken and QuickBooks. You can also handle business payments through automated clearing house (ACH) services, BillPay, and wire transfers.
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 excellent on the App Store (4.8 out of 5) and Google Play (4.2 out of 5). Users gave positive feedback on prompt customer service support and convenient account tracking, but some complained about app crashes and login issues.
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.
- TD Online Accounting: This is a useful tool for small business owners. It allows you to send 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.
Free Additional Accounts
With the TD Business Premier Checking account, you can open 1) up to two additional TD Simple Checking accounts without paying a monthly fee; and 2) a fee-free TD Small Business Premium Money Market account.
Customer Service
TD Bank’s branches open early at 8:30 AM and close late at 6 PM, but the hours may vary by branch location. This also applies on weekends and most holidays. Its live customer service is available 24/7, making it convenient for its clients to do their banking.
Other TD Bank Business Products
TD Bank offers several banking products and services for small businesses.
- Savings: For a minimum opening deposit of $25, you can open a TD Business Savings account and earn a competitive interest rate of 0.02%. Rates may vary depending on your location. The $5 monthly fee is waived if you maintain a $500 minimum daily balance.
- Money market: For a minimum opening deposit of $25, you can open a TD Small Business Premium Money Market account and earn interest on your funds. The $15 monthly fee is waived if you maintain a $2,500 minimum daily balance.
- Certificates of deposit (CDs): Different types of CDs provide competitive rates and flexible terms. The product, rate, and fee may differ depending on your state.
- Credit cards: With a TD Business Solutions credit card, you earn an unlimited 1% cash back on purchases. If you want to increase your credit limit with TD Bank, you can make a request by logging in to its website, mobile app, or by calling the bank’s customer service.
- Lending: For lines of credit and small business loans under $100,000, you can apply online, while an amount above $100,000 requires in-person banking.
- Healthcare Practice Financing: Health professionals—such as dentists and veterinarians, eye care professionals, and physicians—are offered customized lending solutions and funding options for each stage of their practice.
TD Bank Business Checking Pros & Cons
| PROS | CONS |
|---|---|
| Long branch hours and 24/7 live customer service | No welcome bonus |
| Low opening deposit for Business Simple Checking account | Very low APY of 0.01% for TD Business Interest Checking Plus |
| No ATM fees under a Business Premier Checking account | No free wires |
TD Bank Business Checking accounts provide excellent benefits with waivable fees. You’ll also enjoy 24/7 live customer service and access to over 1,100 bank locations with long operating hours, including weekends. You can open the basic Business Simple Checking account for a minimum deposit of $25. For Business Premier Checking account holders, no ATM fees are charged even when using a non-TD bank ATM.
On the other hand, TD Bank does not reward a welcome bonus to new account holders, nor does it offer free wire transfers. Its interest of 0.01% under its TD Business Interest Checking Plus account is also negligible.
TD Bank User Reviews
| PROS | CONS |
|---|---|
| Efficient customer service when setting up an account | Hold time for check deposits last a week |
| Excellent banking hours—open on weekends and holidays | Overdraft charges are substantially high |
| Very convenient app for mobile check deposit service | Delayed loan approval even when requirements were submitted early |
| Accessible branches in Greater New York City | Blocking of cards for fraud prevention requires frequent verification process |
| Professional bank service | No notice received despite signing up for alerts leading to charges |
TD Bank has a 3.9 out of 5 rating on ConsumerAffairs. Users said that they appreciate the quick account opening process, favorable bank operation hours, and convenient mobile app. In addition, a lot of positive feedback points to an accommodating and knowledgeable customer service team.
Some, however, mentioned issues with the long check deposit holding time, high bank fees, and super strict anti-fraud measures. Also, a few customers noted that they didn’t receive notifications even if they signed up for bank alerts, resulting in having to pay bank fees.
Alternatives to TD Bank Business Checking
TD Bank presents great business checking products but if you’re looking for a higher APY, free wires, and higher fee-free cash deposit limits, you can consider these alternatives:
- Chase is best for businesses seeking traditional banks with wider service areas. It has brick-and-mortar branches in 48 states.
- Bank of America is ideal for businesses favoring traditional banks with higher free cash deposit limits. Its basic checking account allows higher fee-free cash deposits than other banks.
- Bluevine* is great for businesses looking to earn a high APY (2.0% when conditions are met) from a free business checking account.
*Bluevine is a financial technology (fintech) platform backed by and FDIC-insured through a supporting bank partnership with Coastal Community Bank.
Bottom Line
TD Bank is a top choice, as it provides flexibility and convenience by providing specific checking accounts that correspond to changing business needs. For low transaction volume, a Business Simple Checking is sufficient. As your business grows, you can earn interest by switching to Business Interest Checking Plus. If you want higher free cash deposits and transaction limits, you can open the Business Convenience Checking Plus. If you need multiple business checking accounts with more features, the Business Premier Checking is more suitable.
