An overdraft happens when you write a check, withdraw money or make a payment that exceeds your available balance at the time the payment is deducted from your account. When you open your account, you choose how transactions will be handled if non-sufficient funds or an overdraft were to occur.
If you choose this service, we’ll automatically advance funds from your linked TCF savings account to your checking account when you have an overdraft. A $10 fee will apply each day we transfer funds to cover an overdraft. This includes the ability to link a TCF Free Savings Account, which is a benefit available to all TCF personal checking account customers. There is no fee if you manually transfer funds between accounts.
Link your TCF line of credit
If you choose this service, we’ll automatically advance funds into the checking account from a line of credit if you have an overdraft. This option is subject to credit approval. A $10 fee will apply each day we advance funds to cover an overdraft. An interest charge of 18% will apply to the outstanding balance of the line of credit.
ATM and everyday debit card overdraft election
Opt-out (default option)
If you opt out, we’ll decline your ATM and one-time debit card transaction (e.g. a purchase at a retailer) that exceed your available account balance at the time of the transaction. You will not be charged a fee for the declined transaction. Please note: this choice does not apply to debit card transactions you have scheduled to recur automatically. Unless you specifically choose to opt in, your account will be opted-out.
We may authorize and pay overdrafts on your ATM and debit card transactions at our discretion. You’ll be charged a $37 overdraft fee for each item we pay.
Check and electronic transaction overdraft election
If you opt out, your checks, electronic transactions (not involving your debit card) and automatic transfers that exceed your available account balance will not be paid. You’ll be charged a $37 returned item NSF (non-sufficient funds) fee each time we do not pay an item. You may also be charged fees by the merchant or person you were trying to pay.
Opt-in (default option)
If you opt in, we may pay the overdrafts on your checks, electronic transactions and automatic transfers at our discretion. You’ll be charged a $37 overdraft fee for each item we pay, or a $37 NSF (non-sufficient funds) fee for each item we do not pay. Unless you specifically choose to opt out, your account will be opted-in.
No small surprises
You will not be charged an overdraft fee if your account is overdrawn by $5 or less at the end of the day.
If we pay an item under $1 that overdraws your account, you will not be charged an overdraft fee.
Change your overdraft election
You make your election when you open your account. You can change it by phone, online, at a branch or by mail.
At a branch
Change your election at an ATM or visit your neighborhood branch for help.
You can change your election by calling us at 1-866-823-4472. You can also contact us by mail. Send us a written request, including your name, address, date of request and account number(s) to:
TCF National Bank
1405 Xenium Lane
Plymouth, MN 55441
1. Log in to digital banking at tcfbank.com.
2. Go to accounts and click on the account name.
3. Click on Update TCF Overdraft ServiceSM.
4. Select your choice and then Save.
Learn about overdrafts
Take a free online class that explains more about overdrafts and how to avoid them.
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Such as check printing, overdraft and non-sufficient funds fees.
Wire transfers or account transfers.
An ATM transaction is the cash you withdraw from an automated teller machine.
Everyday debit card transactions” are the purchases you make using your debit card for day-to-day transactions. For example, using your card to purchase groceries, pay at a gas pump or make online purchases. This does not apply to recurring transactions you set up, such as a monthly phone bill.
1. Log in to online banking at tcfbank.com.
2. Go to Services and click on Account Services.
3. Click on Update Overdraft Selection.
4. Select your choice and then Save.
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