TCF Announces New Consumer Checking Account Product
TCF National Bank has announced that it will begin offering a new checking account product to customers called TCF Convenience Checking during the first quarter of 2010. According to the bank, its new Convenience Checking account "will eliminate the per item NSF fee and the returned item fee as well as offer many FREE checking benefits."
This new account will have the following features:
- Rather than charge a per item NSF fee, accounts with a negative account balance of more than $5 will be assessed a single daily fee until the account returns to a positive balance. Customers will be notified of a negative balance on the first day the account goes negative by U.S. mail or by email, if available.
- Since there is no per item NSF fee, the posting order of items for this product is irrelevant and items, in general, will be posted as received.
- No fees will be charged for checks or other items that are returned due to insufficient funds.
- Accounts with balances below a required minimum will be charged a monthly tiered minimum balance fee.
TCF Convenience Checking will also provide the following benefits:
- FREE TCF check cards (no annual fee)
- FREE Online Statements
- FREE Bill Pay and Preferred Online Banking with established Online Statements
- FREE ATM withdrawals at TCF ATMs
- FREE coin counting
- Purchase fee FREE Visa® gift cards
In addition, customers with direct deposit or direct debit transactions will continue to receive additional free services.
“TCF was one of the first banks in the country to provide free checking to its customers and soon will begin offering a unique product unlike any other checking account in the market,” said William A. Cooper, Chairman and CEO of TCF Financial Corporation. “TCF Convenience Checking is truly an innovative checking account that offers many convenient features while helping customers avoid excessive overdraft fees and providing them tools to better manage their day-to-day finances.”
TCF will continue its longtime practice of allowing its new and existing checking account customers the ability to “opt-out” of the bank approving debit card and ATM transactions when they have a negative account balance. TCF is developing a marketing campaign to communicate these exciting new changes to our customers while educating them on the many convenient services offered by TCF to help them avoid negative balance positions.
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