TD Bank Review 2024 | Bankrate (2024)

At a glance

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Customer support

24/7 support. A live customer service representative is available by phone 24 hours a day, seven days a week. TD Bank also offers voice-recognition technology to validate customers’ identity when speaking with a customer service representative by phone. The service is free, but enrollment is required.

High customer satisfaction. TD Bank consistently received high customer satisfaction scores in the regions where it was studied, according to J.D. Power’s 2023 U.S. Retail Banking Satisfaction Study. Of note, it ranked much higher than average in the Southeast region.

Physical presence. TD Bank has more than 1,100 branches across 16 states. And if your definition of convenience includes longer branch hours, TD Bank may serve you well. The branches tend to stay open late, and many are also open on Saturdays and Sundays.

Digital experience

Highly rated mobile app. TD Bank’s mobile app is highly rated on the Apple App and Google Play stores. More than 80,000 Android users have reviewed the app, while more than 250,000 users have reviewed it for iOS. TD Bank has all the features you’d expect, like Zelle, online transfers and account alerts. You can also open new accounts and apply for a temporary limit increase on the app.

Complaints

CFPB enforcement action. In 2022, the Consumer Financial Protection Bureau (CFPB) found that TD Bank made misleading representations about its optional overdraft service and charged consumers overdraft fees without their consent. The bank was ordered to pay $97 million in restitution and a $25 million penalty.

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Our editor's take

Wait times may vary, depending on your situation. Fraud claims can take time for banks to investigate, but it’s frustrating spending time on hold attempting to get in contact with a representative. Because TD Bank has a large branch network, it may be worth visiting a local branch if you’re having trouble getting in touch over the phone. That noted, banks should strive to reduce their wait times, especially if it has a customer whose account has been frozen.

TD Bank has transfer limits, though it varies depending on the method of transfer and whether the transfer is domestic or international. For domestic transfers in the U.S. and Canada, customers can transfer up to $5,000 daily.

The origins of TD Bank can be traced back to 1855 when its predecessor, The Bank of Toronto, was founded. Today, the bank maintains more than 1,100 branches along the East Coast from Maine to Florida. TD Bank describes itself as “America’s Most Convenient Bank,” with many of its branches open for extended hours, seven days a week.

The bank offers a full suite of products, including checking and savings accounts, as well as credit cards, personal loans and mortgages.

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Among the largest banks in the U.S. measured by total assets, the breadth and depth of financial products and services offered at TD Bank and Chase Bank are tough to beat. But though they shine in the number of offerings, both TD and Chase generally offer very low yields on their deposit products. As such, neither of them are particularly attractive if you’re looking to grow your savings.

TD Bank generally offers higher yields on its CDs and savings accounts when compared to Chase. Moreover, TD Bank offers two types of CDs in addition to its standard offerings, while Chase only offers standard CDs.

All this noted, if you’re looking for the largest branch network, Chase may be a better choice, as the bank can be found in nearly every U.S. state and almost 200 foreign locations. In contrast, TD Bank branches can only be found in 16 states.

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