TD Bank is overhauling their overdraft fees with the following two changes:
- No overdraft fee when the account is overdrawn less than $50
- Even on overdrafts above $50, they’ll give 24 hours for the customer to bring their balance in line before charging a fee
Nice to see these positive changes.
Hat tip to CBC
About time. I had an overdraft where I moved money to my account but they decided to take out the debits before doing the credits and then hit me with an overcharge fee even though if they had done the credits first I had more than enough to cover the transaction.
Can’t open an account to rack up overdrafts when I’m limited to one sign-on bonus.
They should do the same to the fee for when you drop down below $100 balance.
Their “free” checking account requires a $100 minimum balance. Unfortunately, you get charged the monthly fee if your balance ever goes below $100 (instead of using the average daily balance for the entire month).