TCF Bank today announced it is reintroducing TCF Free Checking and will
no longer charge a monthly maintenance fee for all customers currently
using a variety of its most popular checking products. At a time when
banks are generally increasing fees or inventing new ways to charge
them, TCF Bank is taking a different path. In an industry-leading move
to provide customers more for less, the bank's customers will see the
elimination of the monthly fee and will be able to utilize their
accounts without regard for minimum balance, direct deposit or
transaction level requirements.
TCF will continue to offer the wide range of free services its customers
have come to expect -- such as no monthly debit card fee, free online
banking and bill payment, free mobile banking, free text and email
account alerts, free coin counting, free direct deposit and free teller
transactions. In addition, TCF will continue to offer its superior level
of convenience and service, such as 7 day a week banking, in its more
than 430 branches across eight states and will not be increasing pricing
on other current services.
The launch of TCF Free Checking follows a rigorous strategic planning
process that included multiple layers of interviews and surveys with
consumers in TCF's markets. "First and foremost, consumers today are
looking for convenience, straight-talk and fewer fees," said William A.
Cooper, TCF Financial Corporation Chairman and Chief Executive Officer.
"TCF Free Checking responds to these priorities and also continues the
evolution of TCF.
"It's simple. We asked lots of consumers what they want. We listened and
we're responding by delivering a product they deserve. We pioneered Free
Checking in 1986. It was the right product then and it is the right
The decision to bring back Free Checking was an extension of TCF's
superior convenience platform and part of the ongoing evolution of TCF
designed to deliver great products at great prices, flexible service
options and simple convenience.
"We've taken many steps in the first half of 2012, such as restructuring
our long-term debt, expanding our lending platform, and optimizing our
capital structure to improve the company's position. This reintroduction
of free checking is a message to our customers that we are here to
listen to their needs and respond in a way that enhances our banking
relationship with them," Cooper said. "It's simply a better way."
About TCF Bank
TCF Bank is a wholly-owned subsidiary of TCF Financial Corporation
("TCF") (NYSE: TCB), a Wayzata, Minnesota-based national bank holding
company with $17.8 billion in total assets at March 31, 2012. The
company has over 430 branches in Minnesota, Illinois, Michigan,
Colorado, Wisconsin, Indiana, Arizona and South Dakota, providing retail
and commercial banking services. TCF also conducts commercial leasing
and equipment finance business and leverage lending in all 50 states,
commercial inventory finance business in the U.S. and Canada, and
indirect auto finance business in over 30 states. For more information
about TCF, please visit www.tcfbank.com.
Liz Mortek, 612-455-2364
Mountain West, Michigan
TCF Financial Corporation