Running a business also means that you need a small business checking account, which is true. However, it is sometimes quite challenging to decide which bank you should sign up with.

The Canadian bank has grown from little more than a blip on the US radar into the 8th largest bank in the country throughout the past 10 years. That has happened by sticking to its mantra of being “America’s most convenient bank”. Which is undoubtedly a helpful feature in a small business bank account?

Let us take a look at how the TD Bank small business checking accounts stack up, plus other alternatives and what to choose.

TD Bank Business Checking Accounts – A Brief Overview

If you are looking into TD Bank business checking accounts with the hope of finding a fit for your small business, then you might just have a match. TD Bank is a great solution for small business owners who are looking for banking alternatives. Many institutional banks can certainly be baffling for small businesses.

There are fees and ways to waive fees; free transactions, but not all of them are free, and even something as simple as depositing cash comes with a charge after a certain amount.

TD Bank currently situated on the US East Coast, with 1,300 branches stretching from Maine to Florida. But if your small business is head-quartered in that part of the country, then opening a TD Bank checking account could be the perfect place to set up your banking for your small business.

What’s more interesting about TD Bank is that it is open every single day. Yes, even Sunday and into the early evenings, too. The bank is also currently in the throes of substantially building out its small business offerings of TD Bank accounts including checking, savings, startup business loans, and credit cards, as well. Better yet, the bank has built its success on catering to the average person, and small businesses that often fall under the radar of the biggest US banks.

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Must-Know Tips On Choosing a Business Checking Account For Your Small Business

Here are some important and useful tips on what you should know before selecting a business checking account with any bank in your state or country. These are some questions that you should think about, or ask yourself so as to justify the decision you make on choosing the right bank for opening a business checking account.

  • You will be depositing and withdrawing money from your business checking account for how many times? One or twice a month, or many times? If you do not know, take a guess.
  • How big or small your business checking balance will be in every month? Will it be consistent, or fluctuate a lot? If you do not know, assume the number will probably be small, to be on the safe side away from fees.
  • What about your average business checking and personal checking balances combined? Some banks will ponder and consider both in each month to determine whether to waive certain fees.
  • Are you running a business that deals with a lot of cash? Or you are used to making transactions digitally?

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  • Will you be making a lot of electronic transactions every month, or just a few?
  • Those electronic transactions involve a wire transfer – where money will be transferred through electronic media from one person to another? Will those happen and occur both domestically and internationally, and how often would those wire transfers take place each month? Most banks cost you an arm and a leg for wire transfers of money from one bank to another, but if you do expect to do a lot of these, there are some out there that will waive the costs of certain kinds.
  • How far along in your business are you? Are you at a stage where your startup is really taking off and you will need cash management, payroll services for small businesses, and other services?
  • Do you just need a business checking account? Or do you think you will also need to shop around for a small business loan, business line of credit, or business credit card in the future?

And once you have a reasonable idea of what your banking needs will be, you are ready to move onto the next part of the process: comparing one business checking accounts against the other.

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Business Bank Account Features to Compare

Many business checking accounts, including the TD Bank business accounts, share and have similar features. As you go on a comparison hunt, however, keep some (or all) of the following features in mind. Not all will affect every business owner, or every account, for that matter. But they are a good frame of reference.

(i) Monthly fee

(ii) The balance you might need to maintain in the account each month to waive that fee.

(iii) Any other optional actions (minimum number of transactions, etc.) to waive that fee.

(iv) A number of free transactions each account offers each month (transactions being any deposit or withdrawal, written check, wire transfer you make).

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(v) How much cash you can deposit before incurring a cost, and how much that cost is per amount of cash deposited thereafter.

(vi) How many locations and ATMs a bank has, especially if you think you will be using those a lot during the month and your business requires you to be on the road a lot.

(vii) What a bank charges in out-of-network ATM fees, such as ATMs that are not the bank’s own if you cannot find a branch while you are traveling.

(viii) What the bank charges for wire transfers and cashier’s checks.

(ix) If the bank charges for electronic transactions.

(x) If there is an overdraft charge, and what it is or if they offer overdraft protection, and what are details.

(xi) If you think you will need payroll, cash management, and other services, does the bank throw those into a small business checking account package for free, or do you have to pay extra?

Lots of banks have usually at least three and four different small business checking accounts to choose from, as well as a number of specialized accounts for different situations and industries.

TD Bank Business Checking Accounts – What You Will Be Offered

One of the great things about TD Bank, which goes back to its core value of catering to the average person, plus both the smallest of businesses as well as the larger ones, is that it is quite transparent on everything it does and does not do. Not every big bank is super transparent though.

Specifically, there is no need to go hunting for small print and reread legal jargon a hundred times to understand what you are getting into. So, you will know what you are paying for and what you are not. That is really good. And here all accounts include TD Bank’s BusinessDirect online banking, which is a suite of benefits and support including:-

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  • Mobile Banking with free Mobile Deposit
  • Free bill pay
  • Free e-statements with the check image
  • A TD Bank Visa Debit Card
  • ACH payments (each ACH batch per statement costs $10.00)
  • Business Overdraft Protection options (for a fee)
  • each branch has longer opening hours than any other bank
  • Banking on the weekends
  • 24/7 live customer service

However, one notable difference with TD Bank in comparison to other big banks, such as Chase, Wells Fargo, or Bank of America, though, is that TD Bank does not have thousands of ATMs. ATMs are free, which is big, but they are all located in their branches along the East Coast.

So, if you travel a lot and need access to your business checking account via ATMs anywhere else in the country, then you are going to be charged $3.00 for each use. That said, if you are in any city along the US East Coast, it is hard not to run into a TD Bank branch.

TD Bank has three different kinds of small business checking accounts: TD Business Simple Checking, Convenient Checking Plus, and Premier Checking. It also has three specialized accounts, which are TD Business Interest Checking Plus, Interest on Lawyers Trust Account and Interest on Realtor Account Trust, respectfully. We will look at the first three for small businesses and show you contrast with Chase’s accounts for a frame of reference, too.

TD Bank Business Checking Accounts

TD Business Simple Checking account is one of the best deals on the market if you are just starting out, is a home-based one-person freelancer LLC set up, or if you are not yet sure just how much revenue you are going to generate each month.

  • $10 monthly fee
  • No minimum balance
  • 200 free transactions, $0.75 each thereafter
  • Up to $5,000 of cash deposits free per month, $0.20 per $100 thereafter

The list of fees is spelled out in this TD Business Simple Checking Account guide. But before you gasp, remember that most banks charge similar amounts for these things, although they might express it in different ways.

For example, take TD’s $2.00 charge for a monthly paper statement. Chase does not say it charges for the paper statement but instead says it will charge you a $12.00 monthly fee (compared with TD’s $10.00) rather than a $15.00 one if you go paperless. So, in other words, you are being charged $3.00 extra for a paper statement versus TD’s $2.00.

Here is how it stacks up against Chase’s equivalent basic business checking account:-

Chase Total Business Checking Account includes:-

  • $15 monthly fee ($12 if you go paperless)
  • Monthly fee waived if you keep a minimum daily balance of $1,500
  • Electronic deposits are free, excluding incoming wire transfers
  • 100 free debit and non-electronic deposits each month and $0.40 each thereafter.
  • Up to $5,000 cash deposits free each month

Chase is also offering a limited-time $200 bonus if you sign up. You just have to meet a few qualifying activities or criteria: Deposit $1,000 or more in new money into your new checking account within 20 business days of opening it, and then maintain that balance for 60 days.

You also have to make five debit card purchases—Chase QuickDepositSM, ACH (Credits), or wire transfers at that time. That is pretty easy for most small business owners, and a simple way for you to get a cash bonus.

TD Bank Business Convenience Checking Plus

Another step that is to be taken in the suite of TD business checking accounts is Business Convenience Checking Plus. This is good for a small business that is up and running and doing some volume, too. You can check out its entire list of costs and fees. Here mention below are the account details:-)

  • $25 monthly fee
  • Fee can be waived if you keep a $1,500 balance, which you can bundle with your personal checking to reach the level and get the waiver
  • 500 free transactions and $0.50 each thereafter
  • $10,00 free cash deposits and$0.20 for $100 thereafter

Chase’s second-tier account is a big step up from its basic offering, which you will see from the size of the minimum balance. If this one seems like a fit for your business, it is a good pick. For a second option at this level, look at the second-tier Wells Fargo small business checking account.

Wells Fargo Business Choice Checking Account

This is now an ideal option for small businesses that are now experiencing a steady flow of incoming and outgoing transactions, and are earning enough revenue to handle a bigger minimum amount or money than what someone would need or require for TD Bank’s Convenience Checking account.

  • $14 monthly fee
  • Fee waived if you have a $7,500 minimum balance
  • Wells Fargo also provides a host of other ways to waive this fee
  • 200 free transactions and then $0.50 thereafter
  • Up to $7,500 free cash deposits and $0.30 per $100 afterward

TD Business Premier Checking Accounts

TD Bank’s largest small business checking account, before going into specialized accounts, is the Business Premier Checking account. One of the best parts of this account is that you get free out-of-network ATMs, being huge for those businesses that are based on the East Coast, but that have a need to travel.

  • $30 monthly fee
  • $40,000 balance, which can be reached by combining a personal checking account, or through a host of other measures that involve cross-selling of other TD Bank business offerings like TD Merchant Solutions, TD Digital Express, or if you have a business loan
  • 500 free transactions; $0.35 each thereafter
  • $30,000 of free cash deposits, $0.20 per $100 thereafter.

This may seem a bit more like Chase’s second-tier business option. If you can make the minimum combined with your business savings account, it could definitely be worth the extras.

Chase Performance Business Checking Account

  • $30 monthly fee
  • Fee waived if you keep a minimum combined balance of $35,000 (combined with a linked Chase Business Premier Savings account)
  • 250 free transactions
  • Unlimited electronic deposits
  • Up to $20,000 free cash deposits
  • Wire transactions over the internet and two outgoing domestic wires are allowed per month at no fee
  • Interest option is available

Wrapping It Up – Is a TD Bank Business Checking Accounts Right for You?

TD Bank has a lot of good business checking account options. Especially for one to two-person micro-business or freelancers based on the East Coast. Their mid-sized option is especially good. As with any small business bank account, you will want to do some comparison and also consider which financial institution you are interested in building a long-term relationship with. Down the line, it could help you with small business financing if you are in need of a loan.

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