TCF Bank Is On Good Footing?

Answer 1

TCF Bank is based in Wayzata, Minnesota and has 442 branches throughout the Midwest. The banks online account allows one to access their account on the Web. It is generally called a TCF Deposit Account. Required for the account, one must be 18 or older; have proper ID such as a driver's license, state ID, military ID or passport; and have a mailing address in Minnesota, Illinois, Michigan, Wisconsin, Indiana, Colorado, Arizona or South Dakota. One would also need a home address and a Social Security Number, and as well, to fund the account, a credit or debit card is required.

There are, in general, three types of accounts mentioned in the online application: the checking account, a savings account, or a money market account. TCF offers four kinds of checking accounts. These are TCF Convenience Checking, requiring a minimum funding of $25.00; TCF Premier Checking requiring $500 minimum, Annual Percentage Yield rate applies; TCF Premier 50+ Checking requiring $25 minimum, APY rate applies. A minimum funding of $25 is required for the TCF Student Checking. The individual must be 24 or younger.

There are two kinds of savings accounts. The TCF Power Savings requires $25 minimum and the TCF Premier Savings requires $50. The TCF Power Money Market Account requires $25 minimum

TCF offers a convenient Check Card based on VISA debit card services. One can fill out an application for the account online with an E-Sign Consent Agreement.

TCF Bank had $1.2 billion revenue in 2010, representing an increase of 7 percent. In the 2010 online annual Letter to Stockholders, Bank Chairman and CEO William A. Cooper underlines the fact that TCF looks forward to a good year mainly because it avoided the bad investments of the economic recession.

The bank did not invest in credit default swaps and it did not make any subprime loans. Cooper mentions that the bank did not have Fannie Mae or Freddie Mac business. The banks revenue comes mainly from low-cost retail deposits.

TCF Bank does not support the Dodd-Frank Act as a large part of its business comes from unregulated fees that banks may charge.