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TCF said that its new Convenience Checking account will eliminate the per item non-sufficient funds (NSF) fee and the returned item fee as well as offer many free checking benefits.
The new account will have the following features: rather than charge a per item NSF fee, 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 NSF 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.
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."
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