TD Bank Checking Accounts & Loans: Small Businesses 101

td bank

Although it isn’t as well known as some of its large chain competitors, TD Bank is the ninth largest bank in the country. It’s a subsidiary of the Toronto-Dominion Bank, which was established in Canada, and now operates in fifteen different states and also in Washington, D.C. Even though it doesn’t have nation-wide branches, it is still considered one of the country’s best banks for small businesses.   

Business Checking Account Options

There are three different TD Bank business checking accounts to choose from, and all but one have monthly fee waiver requirements. All three accounts include access to online banking, mobile banking, business debit cards, wire transfers and bill pay. Live customer service agents are available 24 hours a day, 7 days a week.

 

Account TypeMonthly Maintenance FeeFee Waiver RequirementsMonthly Transaction LimitsMinimum Opening Deposit
TD Business Simple Checking$10Unavailable for this account type.200$25
TD Business Convenience Checking Plus$25Keep an average balance of $1,500 in (combined) accounts.500$100
TD Business Premier Checking$30• Keep a minimum balance of $40,000 in combined accounts; or
• Use TD Merchant Solutions; or
• Use TD Digital Express; or
• Have a TD Small Business Loan
500$200

 

Small Business Lending

One of the reasons TD Bank stands out from its other comparably sized competitors is because of their positive reputation for financing small businesses.

 

Lines of Credit

TD offers businesses on-demand cash in the form of a line of credit for expenses that need to be paid immediately. These expenses can include things like payroll and rent. New businesses, especially, may need a little time to establish themselves before they’re able to handle the day-to-day cash flow expenses of a small business. TD will loan out anywhere from $25,000 – $500,000 to small businesses for a line of credit, and they offer a competitive interest rate. 

 

Small Business Loans

TD also offers one-time financing in the form of small business loans. Funds are most often used for capital expenses such as large equipment or building renovations. These loans typically range from $10,000 – $1,000,000, which are generally paid back within 3 – 5 years.   

 

Commercial Real Estate

What really makes TD Bank stand out from the rest, though, is its incredible reputation for commercial real estate loans and mortgages. TD Bank works with its customers to find the right lending option that will allow businesses to invest in property. This could be either a lump sum amount for a purchase, or funding that will allow borrowers to refinance their mortgages. Commercial real estate loans are generally granted in amounts ranging from $25,000 to $1,000,000 and can be paid back over several years.   

 

Mobile Banking

TD’s mobile banking app allows customers to easily and effectively manage all of their accounts right from their fingertips. Customers can view their account balances, pay bills, transfer funds between accounts and deposit checks from their iPhone or Android devices. The app enables customers to manage their banking at any time and from any location, and does so in real time. Customers don’t have to wait several days to see deposit information, accounts are updated immediately. This is hugely helpful, and also surprisingly rare.   

TD Bank will even give you directions to the nearest ATM! This was super helpful when I was in a rush, my battery was running low and I didn’t want to open up a separate app.   

One of the things I appreciate most about TD Bank is their security features. They use encryption, user authentication and firewalls to protect their customers’ data. Their staff are trained in their security policies and procedures. They also monitor and assess their website and mobile apps for security concerns as well. Security breaches are huge these days, so I really appreciate feeling like my information is secure. 

The Reviews Are In

But you shouldn’t just take my word for it, below are the current TD Bank mobile app ratings. Not bad, huh?

 

Online Store DeviceRatingNumber of Ratings
Google PlayAndroid4.4 stars39,741
iTunesiOS/Apple4.8 stars86,700

 

Size Isn’t Everything

No, TD Bank isn’t one of the big banking institutions that we see on billboards and buses all over the country, but from what I’ve seen, maybe a smaller bank is the way to go. 

Right off the bat, from its homepage, TD Bank impressed me. It offers great consumer tips like tax information and resources, credit score information and even travel tips. However, when you explore their website further you’ll see that’s only the beginning. TD Bank provides instructional guides to help businesses succeed. There are guides for how to create a business plan, customized online calculators to help determine what your business’s start up costs will be and even video tutorials. Obviously, they have a fantastic reputation for small business lending, and also seem to have a great understanding of what new start up businesses need to succeed.    

It is no small feat to pick a bank that could make or break your entire financial future, but I wasn’t able to find any flaws with TD Bank’s programs and services. They claim to be “unexpectedly human”, and I found no reason to believe otherwise. You might want to seriously consider TD Bank, especially if you’re looking for a small business loan. But don’t just take my word for it, do your research and read up on small business loans from trusted financial experts.  

 

Sources: 

We're working on some pretty cool new pieces of content, including tools that will give you insight into your business finances.

Want to be the first to know when they launch?

Dig Deeper into Business Banking

Understanding Overdraft Fees for the Top 18 Small Business Banks

You should consider much more than which bank is close by or which one you’re currently using to manage personal accounts. Though there are many reasons to a select a business bank, one of the most important is understanding the bank’s overdraft fee policy.