Last Updated On 14 June 2025, 5:39 PM EDT (Toronto Time)

Starting July 1, 2025, TD Bank customers in Canada will face increased monthly fees and minimum balances to waive the fee.

From TD Bank’s chequing accounts to safety deposit boxes, here’s what you need to know to manage your banking costs.

Safety Deposit Box Fees Surge

Annual rental fees for safety deposit boxes are increasing significantly:

Small: $80 (up from $60, +33%)
Medium: $135 (up from $100, +35%)
Large: $200 (up from $150, +33%)
Oversize: $10 per square inch (up from $5, +100%)

These hikes could hit customers hard, especially those with oversize boxes, where costs have doubled.

TD Bank Chequing Account Fees Increase

Monthly fees for several TD chequing accounts are rising:

TD Every Day Chequing Account: $11.95 up from $10.95. (no increase for seniors 60+).
TD Unlimited Chequing Account: $17.95 up from $16.95. (no increase for seniors 60+).
TD All-Inclusive Banking Plan: $30.95 up from $29.95 (no increase for seniors 60+), with the minimum balance to waive the fee increasing to $6,000 from $5,000.

Seniors receiving the Guaranteed Income Supplement or beneficiaries of the Registered Disability Savings Plan qualify for a $0 monthly fee on the TD Minimum Chequing Account, with eligibility confirmation required.

RSP and TFSA Transfer Fees Double

Transferring a TD Canada Trust Retirement Savings Plan (RSP) or Tax-Free Savings Account (TFSA) to another institution will cost $150 per transfer, up from $75.

This 100% increase may discourage customers from switching banks.

Overdraft and Transaction Updates

Monthly Plan Overdraft Protection for the TD Minimum Chequing Account remains $0 monthly plus 21% annual interest on overdrawn amounts, available to Guaranteed Income Supplement recipients or Registered Disability Savings Plan beneficiaries.

Non-sufficient funds rules now clarify that cheques or payments exceeding available funds plus any overdraft limit trigger fees.

Interac e-Transfer® and Send Money Changes

The fee to cancel an Interac e-Transfer® Send Money payment is now $0 (down from $5).

Send Money fees remain $0.50 for transfers up to $100 and $1.00 for transfers over $100, with no fees for accounts like TD Minimum Chequing, Plan 60, Preferred Chequing, TD Unlimited Chequing, TD All-Inclusive Banking Plan, TD Every Day Chequing, TD Student Chequing, or TD Wealth Private Banking.

TD Global Transfer Fees Eliminated

TD has removed its transfer service fees for TD Global Transfers, though third-party fees may apply.

Foreign currency transfers use TD’s exchange rate, disclosed before completion, but recipients may face additional fees from other banks.

Foreign Currency Purchases Adjusted

For TD Access Cards with a Visa Debit logo, foreign currency purchases convert to Canadian dollars at Visa International’s exchange rate on the authorization date (previously the posting date).

For non-Visa Debit (NYCE) cards, a 3.5% markup over Interac Corp.’s rate applies on the authorization date, potentially impacting international spending costs.

TD Student Chequing Account Rules

The TD Student Chequing Account remains free until age 23, with continued eligibility requiring proof of full-time post-secondary enrollment.

Without proof, accounts convert to a TD Minimum, Every Day, or Unlimited Chequing Account, potentially incurring fees.

TD Wealth Private Banking Accounts

The $100 monthly fee for TD Wealth Private Banking Accounts now covers up to four accounts per household (up from three), including chequing, savings, and U.S. dollar accounts.

If the Private Banking relationship ends, accounts may convert to standard TD accounts.

Cheque Hold Periods Clarified

Foreign cheque hold periods are now specified in business days: 15 business days for U.S. cheques and 30 business days for others, with a business day defined as Monday to Friday, excluding statutory holidays.

Electronic Communications Enhanced

TD will use electronic channels like EasyWeb, the TD app, email, or text for account updates.

Customers must keep contact information updated and respond to TD’s requests to stay informed about changes, such as the 30-day notice for fee adjustments.

Your Options

If these changes don’t suit your needs, you can close your account without cost or penalty within 30 days of July 1, 2025.

Follow the complaint process in TD’s “Do you have a complaint?” brochure, available at td.com or any branch.

With rising fees for chequing accounts, safety deposit boxes, and transfers, TD customers face higher banking costs in 2025.

Review your account type and banking habits now to explore fee waivers or alternative banks and avoid surprises.

Visit td.com for full details or contact TD Canada Trust to discuss your options.

Gagandeep Kaur Sekhon

Gagandeep Kaur Sekhon moved to Canada in 2010 on a study visa. She navigated through the ups and downs of her student life and gained her permanent residency in 2015. Today, she is a proud Canadian citizen residing in Calgary, Alberta. She is mother of 2 beautiful daughters and making her difference through writing and guidance at INC – Immigration News Canada.