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Understanding Hidden Fees in Your TD Bank Statement

If you’ve been charged hidden fees by TD Bank, you may be able to claim compensation.

TD Bank is one of the ten largest banks across the US. They provide a range of personal and Commercial products to over 9.6 million customers, primarily situated along the east coast. Given how prolific their services are, it’s easy to make mistakes. Common TD Bank complaints from customers have to do with unexpected fees on their statements, late charges when a payment was completed on time, or other errors. 

So what can you do when you find hidden fees in your TD bank statement? It starts with understanding why you were charged and if it was a mistake. 

Credit Cards

TD Bank offers credit cards, each of which might earn unexpected fees. The amount of any given transaction costs in terms of hidden fees is based on the terms of your specific credit card. For example, the TD Bank cash card charges 15%, 20%, or 25% APR based on your credit. This means that anytime throughout your credit card ownership, if your credit score changes drastically, it could affect the interest charges you suddenly see on your next statement.

Many of the credit cards offered by TD Bank have an introductory interest rate of 0% for the first 12 billing cycles, but after that, it jumps based on your creditworthiness. If you are unaware of these terms, it can catch you by surprise when you suddenly have interest on your card. 

Foreign transaction fees earned 3% of the total transaction amount. If you have to transfer money, they will charge you a $5 fee or 3% of the transfer, whichever amount is more significant. If you need a cash advance, they charge you $10 or 5% of whatever amount is more significant. If payment is returned or you pay your bill late, you can expect a fee up to $40.

Savings Accounts

TD Bank has simple savings accounts with similar hidden fees to checking accounts. If you have a savings account and use a non-TD Bank ATM with a corresponding card, you get charged $3 every time you check your balance, transfer money, or withdraw money. You are charged $35 for each overdraft transaction or nonsufficient funds transaction, but a savings account has a maximum of three overdraft fees of $35 per day compared to the maximum of 5 overdraft fees in a checking account. 

You might also face additional and unexpected fees on your TD bank statement with a savings account. Statements with check copies can cost up to $25 each. Stop payment is $30. Official checks are $8, and money orders are $5. Cast item return fees are $15. 

If a legal order or levy is placed against your account, savings account, or checking account, there is a $125 legal processing fee each time it happens. This means if the government has to garnish your wages for things like unpaid taxes, your bank will also charge you $125 to process the money that is sent to the government. 

Your savings account is limited to 6 withdrawals each month, including online transfers and online payments. If you exceed six forms of activity with your money, they will charge you $9 for every authorization, transfer, or transaction beyond that.

Checking Accounts

TD Bank has three checking accounts. For all three accounts, you might face some unexpected fees. If you have overdraft protection on any of these checking accounts or your savings account, it costs $3 per day that money is moved to protect you against overdraft. Overdraft fees are $35 per overdrawn amount. You can be charged up to five times in a single day, so if for some reason five different payments get processed before a deposit hits your account, you might face $175 per day in fees. Every day, this gets levied against your account until you maintain a zero or positive balance.

Similarly, checking accounts from TD Bank are subject to $15 fees for incoming wire transfers, $30 fees for outgoing domestic wire transfers, and $50 fees for outgoing International wire transfers. 

If you use your checking account or savings account debit card overseas, they charge 3% of the total transaction amount in US dollars. If you need to exchange foreign currency, it can cost up to $17.50. 

TD Simple

There might be a monthly maintenance fee of $5.00. If you use non-TD Bank ATMs, you are charged $3 from TD Bank plus whatever fees come from the owner of the ATM. For example, if you use a Chase ATM, the fee might be $3 from Chase and $3 from TD Bank. 

TD Convenience

You get a monthly maintenance fee of $15. This checking account has the exact fees for ATMs as TD Simple. 

TD Beyond

There is a $25 monthly maintenance fee. This is the only account where you have some protection against overdraft fees. They reimburse two overdraft fees per year. So, you might not realize that you have overdraft fees because the first two get returned, but after that, if you note unexpected $35 hidden fees in your bank statement, this might be why.

If you see an error and customer service doesn’t fix it, or they do but don’t fix it to your liking, you might consider filing a complaint against TD Bank. This doesn’t necessarily resolve your issue effectively, but it gets your objection known.

What Can I Do If I Find Incorrect Fees on My TD Bank Statement?

If you find incorrect fees on your TD Bank statement, don’t hesitate to contact TD Bank customer service. This is the first step in fixing any recognized fees. If they don’t help, you can pursue two legal options:

Small Claims Court

You can try to sue TD Bank in small claims court. Small claims court is an option usually spelled out in your user agreement. However, each state has different limitations in terms of compensation, and your case might not qualify.

Arbitration

Alternatively, you might consider consumer arbitration. Arbitration is another option in most user agreements as a private alternative to lawsuits. Arbitration is usually faster with fewer restrictions. 

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