TD Bank Joins Lenders Revamping Overdraft Fees Amid Criticism

Toronto-Dominion Bank’s U.S. retail-banking unit is eliminating charges for overdrafts of $50 or less, joining a parade of lenders revamping their fees amid criticism from politicians, regulators and consumer advocates.

TD Bank also is giving customers who overdraw their accounts by more than that amount 24 hours to fix the issue before incurring a fee, the unit of the Toronto-based company said in a statement Tuesday. The bank is eliminating transfer fees for customers using savings overdraft protection services, and will notify customers when their balances are getting low.

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