June 28, 2021
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, bankwide 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
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
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 Internal
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
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.