- Review: TD Bank
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Finally, a bank that is investment savvy while helping to run your business and personal finances efficiently.
Are you tired of working with banks that keep are never open when you have a question, or they don’t cater to your investment needs? If so, you may want to look into TD Bank. It is open on evenings and weekends -– including Sundays -– as well as most holidays. And it’s a sister company to TD Ameritrade so they know a thing or two about investors and investing needs.
As much as we might all love online banking, sometimes you just need that face-to-face option too.
TD Bank puts the personal back into your personal banking relationship, while catering to your investment savvy.
What is TD Bank?
TD Bank is the U.S. subsidiary of Toronto Dominion Bank, operating TD Bank Group out of Toronto. TD Bank offers banking, insurance, brokerage, and investment banking services. It operates in 15 states along the East Coast, as well as the District of Columbia.
As mentioned, TD Bank is affiliated with TD Ameritrade, one of the largest brokerage firms in the U.S. In fact, the bank owns a 39% stake in TD Ameritrade.
After a series of mergers and acquisitions of other banks since 2000, TD Bank is now one of the largest banks in the country. It has more than 27,000 employees, and operates approximately 1,300 locations from Maine to Florida and it serves more than 6.5 million customers. TD Bank’s parent company, Toronto Dominion Bank, has total assets in excess of $800 billion.
But it also offers features many other banks don’t.
“The Longest Hours of Any Bank”. TD Bank offers expanded hours — opening early, closing late, and it is even open on weekends and many holidays. In fact, TD Bank bills itself as having the longest hours in banking. For example, one of its branches in New Jersey is open Monday through Wednesday, 8:30 AM to 5:00 PM, Thursday and Friday, 8:30 AM to 8:00 PM, Saturday 8:30 AM to 3:00 PM, and Sunday 11:00 AM to 3:00 PM.
Mobile banking. Once you enroll in online banking, you will have access to your accounts through the TD Bank mobile app — available for both Android and iPhone. The mobile app will even allow you to deposit checks into your account. In order to participate in the service, you must be a TD Bank customer for at least 90 days.
No monthly fee checking. The bank’s TD Convenience Checking allows you to avoid fees as long as you maintain a $100 minimum daily balance. Most banks require a much higher minimum in order to avoid these fees.
Small Business Banking
The small business banking sector of TD Bank offers services such as online banking, money markets and CDs, credit cards, loans, and lines of credit. You can avoid monthly fees on your business checking account by maintaining a minimum balance of $1,500.
Merchant services. TD Bank offers merchant services making it easy to process credit card payments by telephone, Internet, or point-of-sale. It can establish a payment processing system for a business of virtually any size.
This includes gift card and electronic check acceptance, as well as a proprietary system, eMerchantView, which enables you to track credit card transactions and print activity any time. It also offers a merchant services resource center to help you manage your debit and credit card processing.
Small businesses, however, tend to be most interested in banks for the purposes of borrowing money, and TD Bank covers this as well.
Term loans. Term loans can be in amounts of anywhere from $10,000 to $1 million. They are fixed rate loans, with fixed monthly payments and terms between three and seven years. They must be secured with equipment, real estate, business assets, or other assets you own.
Commercial real estate mortgages. Commercial mortgages come with five-year terms and amortization periods of up to 20 years. They can be used for owner-occupied commercial and investment properties, and loan amounts between $25,000 and $1 million.
Lines of credit. Credit lines are also secured by business assets or real estate. Loan amounts range from $10,000 to $500,000. These are revolving loans, with interest only monthly payments, and low variable interest rates.
SBA loans. TD Bank is a preferred lender in the SBA program. These loans are partially guaranteed by the federal government, and are available for borrowers who may not qualify for standard loans.
Other Banking Services
TD bank offers a variety of other services, particularly for its high net worth clients.
Investment services. Investment services are provided through TD Bank’s investment affiliate, TD Ameritrade.
This brokerage firm is one of the largest and most popular in the U.S., and provides all of the investment services typically associated with major brokerage firms — including professionally managed portfolios through the Amerivest program, which helps you to design portfolios to build wealth, generate income, or take advantage of specific market opportunities.
The bank also provides direct wealth management through its TD Wealth Private Client Group. This service takes a personalized approach to investing — incorporating your own goals, risk tolerance, and overall portfolio allocation.
Life insurance. This includes term life insurance, children’s term insurance, permanent life insurance, guaranteed acceptance life insurance, or wealth transfer coverage. This is not only for the purpose of providing basic life insurance, but also for creating an estate for your heirs.
Private client banking and lending. This is a concierge service offered to high net worth clients. It includes arranging online access, safety deposit boxes, and other services as needed.
TD Bank will arrange private tiered checking and private high-yield savings, and waive bank fees and reimburse other banks’ ATM fees if you maintain a minimum daily balance of $2,500 in your private checking.
It will also provide preferred client credit cards, including the First Class Visa Signature Credit Card, which offers triple rewards for dining and travel purchases. Private client banking also offers trust and estate planning services.
All of this, and seven-day-a-week banking is not a bad combination at all. Check out TD Bank if you’re in the market for a new bank and live on the East Coast.