TCF Bank Brings Back Free Checking, Without Free Checks
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TCF’s president told the New York Times’ Bucks blog the free checking account was aimed at “Joe Lunchbox” customers who cannot afford a more expansive set of banking services. Big banks, like Bank of America and Chase, charge monthly fees for basic checking accounts–or have substantial minimum balance requirements–but they also have giant ATM networks all over the country for fee-free cash withdrawls. Chase said earlier this year that it would launch a prepaid card this summer as an alternative to checking for low-income customers.
TCF Bank Review: Account Good for You?
TCF is a Midwestern bank with almost branches throughout the Midwest area. They are big on community development and educating consumers on how to be financially savvy. You may find TCF banks in your local grocery store, Target, or as a freestanding location. Keep reading to see if you should use TCF’s banking services.
Services Overview TCF offers the following services: You have a variety of savings products to choose from with TCF. Their savings accounts cater to various age groups, such as teens or seniors. You can open a barebones checking account or an interest-bearing account at TCF. You’ll need to meet the average monthly balance requirements in order to avoid the monthly maintenance fees.
Money Market: You may also be restricted on the number of withdrawals you can make per month before incurring a fee. You can choose from a variety of terms ranging between 3 months and 10 years. The longer you tie up your money, the higher the interest rate you will get paid.
They offer a variety of accounts, each of which has their own requirements, such as withdrawal and contribution limits.
Each state in which TCF is located in has its own routing number, so make sure you use the routing number associated with your state when making transfers or setting up direct deposit. TCF offers teen and student bank accounts with no monthly maintenance fee. The teen account is targeted towards 14 – year-olds.
It’s meant to help teens start to understand how to handle money. The student bank account is for college students aged 18 to 24 years old. TCF offers a “senior” checking account. TCF offers several savings accounts, all of which earn interest.
The more money you commit to keep in the account, though, the higher interest rates you can get. The monthly maintenance fees do increase with each higher tier savings account, but you can waive it by meeting the minimum balance requirements. TCF allows CD laddering. This allows you to stagger your maturity dates. This way you can control when you have access to your funds while possibly increasing the interest rates you earn on your money.
You can open a traditional, Roth, educational, or rollover IRA. These accounts don’t have a monthly maintenance fee and they offer competitive interest rates.
Just like any other IRA product, though, they do incur early withdrawal penalties and maximum contribution limits will apply. You can pay bills online. Once you set up online bill pay, you can pay many of your bills right through your TCF account. You can pay companies or individuals. You can set up one-time payments or recurring payments to make it easy to stay on track with your bills. You can set up automatic transfers.
If saving money is hard for you, try setting up automatic transfers. You decide how much to transfer from your checking to savings account and the frequency. Once set up, the money automatically transfers. TCF offers a prepaid Visa card. If you have trouble staying on budget and are tired of paying overdraft fees, a prepaid Visa may help. You preload the card with funds and spend them as you would with a regular Visa.
You can bank on-the-go with TCF’s mobile app. You can view all of your account information or use the “Quick Glance” option. This option gives you your current balance and the last 10 transactions on one page. You can set up alerts. Whether you want to know when a transaction takes place in your account or you want to monitor your balance periodically, you can receive alerts. This can be helpful if you don’t check your account often and want to know when something out of the ordinary takes place in your account.
You can reach TCF customer service at Check deposits made with a teller can take up to two business days to be available. US Bank is known for its feature-rich mobile app, which may appeal to tech-savvy consumers.
Wells Fargo: Wells Fargo also has 5, branches throughout the nation, making it a convenient bank for many. Bottom Line If you are looking for convenience rather than high interest rates, you’ll find it at TCF. If you don’t bank much outside of your own area and know that you’ll have access to TCF ATMs when you need them, it may be a convenient option. You won’t get rich on the interest rates and fees may eat away at your profits, but if you pay close attention to the minimum requirements, you can make the best out of a conveniently located bank.
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TCF is a Midwestern bank with almost branches throughout the Midwest area. They are big on community development and educating consumers on how to be financially savvy. You may find TCF banks in your local grocery store, Target, or as a freestanding location. Keep reading to see if you should use TCF’s banking services. Services Overview TCF offers the following services: You have a variety of savings products to choose from with TCF.
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Discover how our digital banking helps you bank seamlessly across devices. TCF Bank Login is a post essentially designed to teach you how to login to your account and how to enroll for online banking. If you have a problem accessing the TCF National Bank electronic banking website, please contact a Representative at Monday through Friday.