Although banks may have stepped away from debit card fees, other services can be targeted to increase revenue, as TD Bank has done.

Just days after the nation’s biggest banks pull back from their plans to impose debit card usage fees, letters of upcoming fee hikes have hit the mailboxes of TD Bank customers.

Effective December 3, 2011, four checking account-related fees will experience an increase:

  • Wire transfers – from $10 to $15
  • Certified checks – from $4 to $8
  • Money orders – from $4 to 5
  • Stop-payment fee – from $25 to $30

Last week, when Chase and Wells Fargo announced the end of their debit card fee plans, TD came out saying it would not charge debit card fees. Three-quarters of TD customer used debit cards 15 times per month, according to a recent TD Bank poll.

Bank of America® succumbed to public pressure and ditched its plan to charge debit card fees in 2012 – eradicating any hint of such fees in the banking industry. All banks noted that customer feedback led to their decisions drop the fees.

However, industry analysts were quick to point out that banks won’t relent on the fee tactics after new regulations take a big cut on a significant revenue stream.

TD Bank’s bigger fees hit customers on services that are less frequently used compared to debit cards.

Earlier in the year, TD Bank stopped refunding for transactions at non-TD ATMs and introduced a new checking account product line when many other banks also restructured their checking products and services.

Savings Accounts Affected Too

Additionally, also effective December 3, TD Bank will charge a $9 excess withdrawal fee on savings accounts.

Under a federal rule called Regulation D, consumers are limited to six withdrawals or outgoing transfers per month in savings or money market accounts.

Currently, customers are not charged when violating this rule. Multiple violations may result in TD Bank closing their account or changing it to a checking account.

Many other big banks already charge an excess withdrawal fee – some even begin charging a fee before the six-withdrawal limit. TD says that this will impact roughly 1% of TD Bank’s customers.

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  • Ethegr8

    I pulled out of TD earlier this year. I was a Commerce Customer and a loyal customer for over 10 years. Since TD has been running the back, the fees kept building, not everything is obvious either. Happy ex TD’er

    • Giraffe412

      I love how people complain about TD. From someone who works there, every email that’s sent out is about pushing great customer service. You go to any other bank and they could give to shits what your name is, they just product push cause all you are is a sales goal. The fact that people complain about a $100 minimum is beyond ridiculous. Even if we were still Commerce, the account would have a $100 minimum. In this economy, it’s inevitable that businesses need to raise prices in order to survive. Do you complain at your local super market for changing the price of bananas? During this time, TD refuses to increase the fees on frequently used products in order to continue providing the type of customer service that COMMERCE was known for. I would imagine the $100 minimum is nothing compared to the $500 and $1000 minimum that other competing banks are requiring.