TCF Financial Bank
Category: Bank Profiles, Checking Accounts, Local Bank Deals, News and Notes- fhuff- 5:36 pm/ January 23, 2010TCF Financial Bank, of Wayzata, MN says it plans to end its totally free checking due to new rules that limit overdraft fees.
“It’s the end of an era,” Bill Cooper, the bank’s chairman and CEO, told the Star Tribune. “We invented totally free checking and everyone copied it. It was a wonderful product. But the regulatory apparatus, misinterpreting what everyone wants, has changed that.”
More than 1 million checking accounts that were previously free now require a monthly maintenance fee. The bank didn’t disclose the amount of the maintenance fee for the checking accounts, but it is expected to go into effect soon. Customers who meet a minimum balance requirement won’t be charged a monthly maintenance fee.
Apparently many banks are looking at doing away with free checking accounts as a way to boost revenues. Some banks have introduced or increased fees for other services. Many banks expect to lose a lot of money they normally make from overdraft charges when new federal rules go into affect.
Beginning in July, banks won’t be allowed to charge overdraft fees for transactions involving ATM and debit cards unless customers choose to opt in to that service.
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