Overdraft Protection Services
Get peace of mind with overdraft protection services
Overdrafts and denied transactions can happen when you write checks, make electronic payments, withdraw money, or make debit card purchases for more than the available balance in your account.
Even if you've never overdrawn your checking account, it's always good to know you have choices. TCF Bank provides two lower cost alternatives to cover your overdrafts:
- You can use your own money by setting up an Overdraft Protection Transfer Service from your TCF savings account; or
- You can borrow money from us when you qualify for and open a TCF Overdraft Protection Line of Credit.
TCF Overdraft Protection Transfer Service
TCF Overdraft Protection Transfer Service links your savings account to your checking account to cover overdrafts. We will automatically transfer funds from your savings account to cover transactions that exceed the balance in your checking account. If transactions in your checking account then exceed the amount available in your savings account, they are subject to TCF's overdraft services and fees shown below in the section called "TCF Overdraft Services." See the terms of the TCF Overdraft Protection Transfer Service.
TCF Overdraft Protection Line of Credit
TCF Overdraft Protection Line of Credit is an emergency line of credit to cover overdrafts. We will automatically advance funds from your line of credit to cover transactions that exceed the available balance in your checking account. If transactions in your checking account then exceed the amount available on your line of credit, they are subject to TCF's overdraft services and fees shown below in the section called TCF Overdraft Services." See the terms of the TCF Overdraft Protection Line of Credit.
TCF Overdraft Protection Features and Pricing
|TCF Overdraft Protection||Line of Credit||Transfer Service|
|$10 overdraft protection fee charged to checking account||Yes, one fee each day an advance is made||Yes, one fee each day a transfer is made|
|Subject to credit approval||Yes||No|
|TCF savings account required||No||Yes|
|Interest charged on outstanding balance||18% Annual Percentage Rate||No|
|Annual maintenance fee||No||No|
TCF Overdraft Services
For all TCF consumer checking accounts you have the choice to tell TCF not to pay overdrafts on your account. If your account balance is not sufficient to cover your transactions when they are presented to us for payment, TCF may charge a fee for overdrafts or returns. These fees will be based on either the number of items that exceed your available balance (per item) or the number of days that your account is overdrawn or has returns. Daily fees are charged for TCF Choice Checking. Per item fees are charged in all other account types. A TCF representative can help you decide which account best fits your needs. TCF does not charge a fee for denying a debit card transaction at the time of the purchase.
Your Overdraft Choices
TCF gives you certain choices, described below, when you overdraw your account. You can change your overdraft choices at any time by calling us at 1-866-823-4472, visiting a TCF branch, using TCF's online banking service, or (for ATM and everyday debit card transactions) using select TCF ATMs.
ATM and Everyday Debit Card Transactions
You can ask TCF, at its discretion, to authorize and pay overdrafts on your ATM and everyday debit card transactions. Opting-in does not guarantee authorization of every transaction. If TCF authorizes and pays your overdraft transaction, you will pay an overdraft fee. By choosing not to opt-in, TCF will decline your ATM and debit card transactions that exceed your available account balance at the time of the transaction. You will not be charged a fee for declined transactions.
"ATM transactions" means the cash you withdraw from an ATM. "Everyday debit card transactions" means the purchase you make using your debit card for day-to-day transactions. Examples of everyday debit card transactions include using your card to purchase groceries, pay at a fuel pump, or make online purchases. This choice does not apply to debit card transactions you set up to take place on a regular basis, such as monthly phone or cable TV bill.
Checks, Electronic Transactions (not involving the use of your debit card), and transfers
You can ask TCF, at its discretion, to authorize and pay overdrafts for your checks, electronic transactions, and transfers. Opting-in does not guarantee payment of every item. If TCF pays your overdrafts, you will pay an overdraft fee. By choosing to not opt-in, your checks, electronic transactions, and automatic transfers that exceed your available account balance will not be paid. You will pay a returned item NSF fee. You may also be charged fees by the merchant or person you were trying to pay.
"Checks" means the checks you write or the online bill payments made by check. "Electronic transactions" means electronic withdrawals exchanged between financial institutions not involving the use of your debit card or debit card number. "Transfers" means any other transfer you make without using your debit card or debit card number. This choice does not apply to electronic payments using TCF's bill pay service or transfers to pay a TCF Premier Plus Charge Card account.
Tips to avoid or reduce service fees
- Check your available account balance and transactions regularly. To do this, contact TCF customer service or login to online banking. Please note that the order in which items are displayed in your account history is not the order in which these transactions posted to your account. And remember that not all funds in your account may be available for immediate withdrawal or other use. This is not a substitute for keeping careful track of all your transactions.
- Record your debit card transactions in your check register as soon as you make them and keep a current balance. Remember to anticipate and record any recurring automatic bill payments. Promptly adjust your account register if you receive a notice of an overdraft, NSF, or returned deposit. Don't forget to deduct any related service charges. Reconcile your account register to your monthly statement and promptly notify TCF of any errors or unauthorized transactions.
- Use TCF ATMs to avoid fees that you would be charged when making withdrawals at non-TCF ATMs.
- Notify TCF if you do not want us to pay any overdrafts on your account. To do this, contact us. Charges will apply for any items that TCF returns without paying (there is no charge when TCF denies authorization of an ATM or debit card transaction).
- Consider other TCF services that may be lower cost alternatives to overdrafts. You can enroll for a savings transfer service (a linked savings account), or apply for an overdraft protection line of credit at any TCF Bank location.
See your account disclosures and the disclosure called What You Need to Know about Overdrafts and Overdraft Fees for more information. TCF can help you with these and other questions. TCF also offers an online course on numerous personal finance topics, including overdrafts. The TCF Financial Learning Center is available free of charge for TCF Bank customers. After you enroll, click on the "Overdraft" training module to learn more about how overdrafts work. We can also provide information on other free or low-cost financial education workshops or individualized counseling to help you effectively manage personal finances.