If you overspend money in your bank account, your transaction will still be authorized. This is called an overdraft. TD Bank, one of the most popular online banking in the domestic US, provides checking account, saving account, and credit cards for its users. However, TD Bank will charge you an overdraft fee when you overdraw your money.
How Much are the Overdraft Fee?
Each bank charges different overdraft fee. Here is a list of the overdraft fees of some top banks in the US (2022):
About TD Bank
TD Bank, N.A., is a U.S. national bank and subsidiary of the Canadian multinational Toronto-Dominion Bank. It operates primarily across the East Coast, in fifteen U.S. states and Washington, D.C. TD Bank is the seventh-largest U.S. bank by deposit and the 8th largest bank in the United States by total assets, resulting from many mergers and acquisitions. T.D. Bank, N.A. is headquartered in Cherry Hill, New Jersey.
Here is a quick snapshot about TD Bank:
Headquarters
1701 Route 70 East, Cherry Hill, New Jersey 08034
Revenue
$38.83 billion Canadian dollars (2018)
Website
http://www.td.com/us/en/personal-banking/
Customer Service
Resource: Wikipedia
TD bank overdraft policies
TD bank may authorize and pay items such as recurring debit card transactions, ACH and checks into overdraft and decline one-time debit card or ATM transactions.
TD bank will not charge overdraft fee is the overdraw is $5 or less than $5. If it is over $5, TD Bank will charge you a fee of $35 per overdraft and up to 5 overdraft fees per day, so the maximum overdraft fees is $175 per day.
There is a monthly maintenance fee of $15 with the TD Convenience Checking account, which is among the highest monthly fees when compared to other bank accounts, even with other major banks.
Check the details of TD Bank overdraft service here.
https://www.td.com/us/en/personal-banking/overdraft-services/
How to waive your TD Bank overdraft fee?
After you have been charged an overdraft fee, the first thing you need to do is to calm down. Here are several ways you can try to avoid the overdraft fee.
Call the TD Bank customer service:
The bank understands that some customers might fail noticing the overdraft fee. Therefore, if this is the first time you overdraw money, it is easy to waive the fee. Just call the TD Bank customer service phone number 1 (888) 751-9000 and ask if you can waive the overdraft fee.
If it is the second time you overdraw, it’s still possible to get a refund. Don’t forget to check your account often in the future to avoid overdraft. The more times you overdraw, the harder you can waive the overdraft fees. You must spend more time and patience to negotiate with the customer service. Here is an example of the phone conversation:
- Customer: Hi, there is an overdraft fee charged in my bank account. I don’t know the bank will charge an overdraft fee before. This is the first time I overdraw. Could you please help me to waive the fee?
- Bank: I see the fee. Unfortunately, we are not able to waive the fee because xxx
- Customer: I have been a good customer for xx years and the overdraft happens accidentally. I won’t let that happen again. I would like to set up a notification to avoid this happen again. Could you please help me to waive it? I will be happy to stay with TD Bank.
- Bank: OK. Let me check. One sec please.
- Customer: I really appreciate that, thanks!
-
Other ways to waive your overdraft fee
The first step is to call TD Bank customer service. if it doesn’t work, there are some other options for you.
1. Walk in bank and talk to the banker;
2. Make an appointment with bankers in your local branch by making a phone call with the local bank.
3. Send an Email to TD Bank. Here is the link that you can send an Email to the bank:http://wowzone.tdbank.com/customerservice/contact-us.aspx
4. Contact TD Bank Executive:
John Maniscalco
Senior Vice President- Consumer Customer Service
1701 Marlton Pike East 200, Cherry Hill, NJ 08003
john.maniscalco@td.com
5. Contact TD Bank Chief Executive:
Gregory B. Braca
CEO
1701 Marlton Pike East 200, Cherry Hill, NJ 08003
greg.braca@td.com
How to avoid an overdraft fee from TD Bank?
Keeping track of your account activity and balance with the TD Mobile Banking App is the easiest way to avoid an overdraft fee. However, most people still forget to check their account. Therefore, you can let the bank help you.
TD bank provides three overdraft services, including Standard Overdraft Service, TD Debit Card Advance and Savings Overdraft Protection. (We have introduced the Standard Overdraft Service previously, which means if you overdraw money, TD bank will charge you $35 overdraft fee.)
1. Set up custom Email Alerts
Setting up an Email Alert is a simple way for everyone. With account alerts, you will get notifications on time. Moreover, you can set up custom email alerts at different balance levels like $500, $300 and $100 to help you monitor spending.
2. Set up Overdraft Protection
Linking a saving account to your checking account helps you to avoid overdraft. It covers transactions when funds are unavailable in your TD Checking account by transferring funds (if available) from a linked savings or money market account. A fee may apply, but the fee is lower than an overdraft fee.
3. TD Debit Card Advance
TD Debit Card Advance requires the enrollment. If you don’t enroll, ATM and one-time debit card transactions will be declined (and no fee assessed) if funds are not available. The advantage of enrolling TD Debit Card Advance is TD bank won’t decline your transactions on ATM and one-time debit card transactions. If you overdraw more than $5, you will be charged $35 overdraft fee and the maximum times of charging overdraft fees is 5.
Here is more information about TD Overdraft Relief.
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