CHERRY HILL, N.J. and PORTLAND, Maine, Nov. 3, 2011 /PRNewswire/ -- "TD Bank understands there is concern and potential confusion about a fee change that will be introduced in December. In setting our pricing, we are always mindful of the impact on our Customers. They shared with us what matters most to them when choosing a bank and given their feedback and the current environment, we took careful consideration when deciding to change certain fees; we looked to those that were peripheral to our Customers and impacted a limited number of Customers. We understand fees are a sensitive issue and we encourage any of our Customers with concerns or questions to talk to us about the account they are in, and the options TD has available," said Nandita Bakhshi, Executive Vice President, Head of Products, TD Bank.
Savings Account/Money Market Excess Withdraw/Transfer Fee (Reg D)
- There has been some confusion in the media about the Savings/Money Market account fee that affects a few of our savings accounts. It applies to a very limited segment of TD's customer base— about 1%. Customers are encouraged to use their savings account for savings.
- This fee does not apply to any TD Checking accounts.
- Federal Regulation (Regulation D) limits the number of electronic withdrawals or transfers from a Savings or Money Market account to six per month to discourage Consumers from using a Savings or Money Market account like a Checking account.
- Customers who exceed six electronic transfers or withdrawals from a Savings/Money Market account will incur the fee with the seventh transaction. The transactions under this limitation include: online, phone, check, automatic transfers and bill payments. Again, ATM or Teller transfers or withdrawals do not count towards this limit, nor do any deposits.
- Most banks and credit unions already charge a fee after six transactions to discourage Consumers from using a Savings or Money Market as the main transaction account. If a customer continues to violate the limit, after bank notification, the bank is required by law to close the account or reclassify it as a Checking account.
- TD Bank is implementing this fee for the first time, which is less than what most other banks and some credit unions charge, and the fee can easily be avoided by limiting the number of monthly transactions from a Savings/Money Market account or opening a Checking account.
- TD Bank has one of the best Checking account suites in the industry with a low monthly balance and added conveniences like 7-day banking, longer hours, 24/7 Customer Support and free Penny Arcades for TD Customers.
Additional Tips to avoid Regulation D fee:
- Plan ahead and make one large transfer instead of several small transfers.
- Use Checking accounts as the main transaction account and use Savings accounts for savings needs.
- Consider visiting a store, using a TD ATM, or mailing transfer request. These transfers are unlimited.
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 7.4 million customers with a full range of retail, small business and commercial banking products and services at more than 1,275 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized wealth management services through TD Wealth, and insurance products and services through TD Insurance, Inc. TD Bank is headquartered in Cherry Hill, N.J., and Portland, Maine. To learn more, find TD Bank on Facebook at www.facebook.com/TDMoneyLoungeUS, on Twitter at www.twitter.com/TDBank_US, or visit www.tdbank.com.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America and one of the few banks in the world rated Aaa by Moody's. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD." To learn more, visit www.td.com.
SOURCE TD Bank