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TD Bank no longer Community Bank - What Checking Account are you using?

TD Bank is no longer offering TD Business Core Checking we are using for our Pack. From next month we need to pay $25 per month maintenance fee. That is whooping $300 per year for a non-profit community organization.

Does your Pack have free checking? Where can we turn to?

The new TD spiel:

  • Your free Transactions Limit will be going from 300 to 500 per month, with a monthly maintenance fee of $25.
  • The Minimum Daily Balance to waive the monthly maintenance fee will increase from $500 to $1,500.
  • The Cash Deposited Fee per statement cycle will increase from $0.20 to $0.25 per $100 deposited, and your free threshold will be reduced from $10,000 to $5,000 (per statement cycle).
  • The Paper Statement Fee is increasing from $2 to $3 per month. Avoid the paper statement fee by signing up for .e-statements through ID BanlLOnline Banking.

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PNC has a nonprofit account that is free. It works reasonably well.

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Hi JedWhite
Thank you. They have a minimum balance requirement. Is there Checking out there without minimum balance?

most local banks will work with you if you just go in and talk

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Agreed. We use a local bank and they are thrilled to provide free checking and bank services for us. We also take our Wolf Scouts there once a year for “Adventures in Coins”

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That’s a great idea!

In the news recently, the City of Boston gave each new public school kindergarten student $50 dollars in a college saving account.

I use TD Business Simple Checking for my Girl Scout troop, and there are no fees. I did not get a notice that they were migrating us to a different type of account.

Hi Peter, See the letter above to be able to prepare for it. I am sure it is coming.

This caught my eye because our pack switched to TD in the fall. I noticed a 15$ charge on the account last month. I will be switching to the local credit union tomorrow.
Thanks for the warning!

Thorsten,

I had the wrong account type in my earlier post. I’ve edited it.

We use Business Simple Checking. They are eliminating Business Core Checking and Business Convenience Checking. So we may be spared.

Business Convenience Checking has a fee by default. However, if your account is set up as a not-for-profit, TD Bank waives the fee. For a Girl Scout troop, that’s simple. The council can provide the troop leadership with a letter and a tax ID number that satisfies the bank.

Obviously, a BSA unit would typically need to get this from its chartered organization, and the chartered organization would need to qualify as a charitable organization, which is not always the case.

Diane,

We set up the account for our Girl Scout troop in August 2018. They kept charging us a monthly maintenance fee. We would call or go to the branch and get it waived. There was no one in the branch the day we set the account up with authority to approve the fee waiver. It was extremely annoying and too about four months to fix. The first monthly statement with no fee was January 2019.

Since then, I’ve been pleased with what we get from TD Bank.

If you have Business Simple Checking, it could be that there was the same problem with your account set-up as there was with ours.

@ThorstenCassel, as good as some of the suggestions are, I recommend going to Roundtable and asking the other units in your community. The simple reason is the best solution here may not be available there, or there may be better options in your town that we don’t have to compare. If TD Bank was an option here, the information you provided would make me gad I don’t have an account with them.

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We recently switched to SunTrust. Very easy. Great service.

We use a local credit union. TFCU.

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