CHERRY HILL, N.J., June 24, 2021 - TD Bank, America's Most Convenient Bank®, today announced plans to expand its product offerings and introduce TD Essential Banking, a low-cost, no-overdraft-fee deposit account. The new product is aligned with TD's ongoing, bank-wide efforts to meet the needs of unbanked or underbanked customers. In addition, once launched TD Essential Banking will be certified as meeting the Bank On National Account Standards.
"At TD, we foster a culture of care and inclusion among our colleagues and within our communities, and that extends to the products and services we offer our customers," said Alissa Van Volkom, Head of Consumer Deposits, Products and Payments. "TD's goal for this new account offering is to help our customers establish a more secure, inclusive and sustainable financial future for themselves, their families, and their communities."
TD Essential Banking, expected to launch in August, is a low-cost, checkless deposit account designed to meet the needs of more customers, in more communities, by providing additional account options. Customers are able to bank with no minimum daily balance requirements and cannot overdraw their account.
In addition to the new account offering, TD Bank is making changes to its overdraft policy. All TD deposit account customers will benefit from these updates, which will go into effect in August.
TD has also made changes across the Bank's consumer lending portfolio, including a reduced secured card minimum requirement, a fully online-accessible secured card offering, a reduced minimum for home equity loans, and enhancements to Right Step, TD's LMI mortgage product. These changes help provide underserved communities with mainstream financial services and products.
A recent TD Bank survey revealed that more than one third (37%) of unbanked customers cite fee avoidance and lack of funds as the top reasons discouraging them from opening a bank account, further underpinning the need for accessible and affordable account options.
To best support customers, TD Bank is also expanding its suite of financial education tools, offering accessible and customized resources across a variety of important topics. This includes the addition of new content to the TD Bank Learning Center, which offers tools, resources and learning modules for managing money, including topics such as navigating a financial crisis, creating a budget and setting financial goals. TD will also incorporate financial education into its customer onboarding and retention programming, with plans to partner with TD customer service representatives to identify specific needs and deliver targeted resources to customers via SMS text message and other communication channels.
"We're pleased with the changes being made across the full consumer product line-up," said Matt Boss, Head of Consumer Products at TD Bank. "These updates provide more customers with important access to mainstream lending and deposit offerings. There's more to do in this space and we look forward to sustaining this effort to support all customers and communities with valuable products and services."
The study was conducted among a representative group of 1,151 consumers (455 unbanked, 696 underbanked including 262 TD underbanked) within the TD Bank footprint from May 10 to May 18, 2021. The survey was hosted by global research company MARU/Matchbox.
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 9.5 million customers with a full range of retail, small business and commercial banking products and services at more than 1,220 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.