CHERRY HILL, N.J., February 1, 2022 – Today, TD Bank announced enhancements to its overdraft policies and services in 2022 to help customers better manage their accounts, make informed financial choices, and avoid potential overdraft fees. TD Bank will first launch an updated $50 overdraft threshold, with additional enhancements to follow throughout the year. Planned enhancements include:
- TD Bank customers will be able to overdraw their account up to $50 before incurring an overdraft fee
- TD Bank will provide customers who overdraw their account by more than $50 with 24 hours to cure and avoid an overdraft fee
- TD Bank will eliminate the transfer fee for customers using savings overdraft protection services
- TD Bank will provide alerts and notifications so customers are informed and can take action when their account balances are low
"At TD Bank, we listen to our customers. We continually seek feedback, conduct research, and assess the market on how best to improve our products and services. These enhancements are designed to give customers more control over their finances – helping them make financial decisions that are best for them, better manage their money, and minimize overdrafts," said Matt Boss, Head of Consumer Products, TD Bank. "In August, we introduced TD Essential Banking, a low-cost, no-overdraft-fee deposit account that's helping nearly 40,000 customers establish a more secure, inclusive and sustainable financial future. These policy changes are the next step in evolving our product offerings."
TD Bank will also continue to provide customers with valuable financial education resources and tools designed to help them take full advantage of their accounts and avoid fees. For customers with overdraft services, TD Bank currently notifies the customer when an overdraft occurs, provides tips for managing their accounts to help avoid future overdrafts, and reminds customers that they may conveniently unenroll from their overdraft protection service at any time by contacting the bank.
TD recently piloted additional financial education-based text messaging for new-to-bank customers who have overdrawn their account. TD is continuing to build out Financial Education resources with plans to roll out these services more broadly in 2022.
"When we provide timely financial information and resources, we are seeing customers adopt better financial habits, which should help to reduce the likelihood of overdraft activity in the future," Boss said. "The results validate our approach to implementing meaningful enhancements in our overdraft policies and services that are based on data, insights and direct feedback from our customers."
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 9.7 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.td.com/us. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US and www.twitter.com/TDNews_US.
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com/us.