TCF drops monthly checking account feeby Annie Baxter, Minnesota Public Radio
ST. PAUL, Minn. — TCF Bank says it's ditching a monthly maintenance fee for most of its checking accounts. The bank had imposed the fees in 2010 in response to federal restrictions that cut into revenue.
TCF CEO Bill Cooper said the bank surveyed customers, who said they didn't like paying the maintenance fees.
"Fees on checking — monthly fees on checking in particular — are perceived more negatively than they were two years ago. We were losing some customers and we weren't growing customers as fast," Cooper said.
Cooper said that TCF is trying to generate other kinds of fee income from finance and leasing operations serving businesses.
TCF is also reducing expenses by no longer offering customers $100 to sign up for a checking account.