TCF National Bank (TCF), a subsidiary of Minnesota-based TCF Financial, has announced that it will begin offering a new checking account product, TCF Convenience Checking, during the first quarter of 2010. Reportedly, TCF’s new Convenience Checking account will eliminate the per item NSF fee and the returned item fee as well as offer free checking benefits.
This new account is expected to have new features that include: 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 US mail or by email, if available; since there is no per item non-sufficient funds 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.
Additionally, it is also expected to provide the benefits, such as: free TCF check cards; free online statements; free bill pay and preferred online banking with established online statements; free ATM withdrawals at TCF ATMs; free coin counting; and purchase fee free Visa gift cards.
TCF has said that it will continue to allow 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.
William Cooper, chairman and CEO of TCF Financial, said: “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. 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.”
