Important information for teens as they start using their TCF® Teen Checking account.
It’s important to understand what happens when your account balance gets too low. When you don’t have enough money (called “non-sufficient funds”) in your Teen Checking account:
If you set up a recurring payment like a monthly cell phone bill, but there’s not enough money in your account to cover the payment at the time it’s deducted from your account, you could end up paying a fee.
When you turn 18, TCF will transfer you to a Student Checking account. At that time, your returned item NSF and overdraft fees will increase. Develop a healthy habit now of monitoring your account and managing your balance.
When you use your debit card to pay for a service and add a tip, such as after a haircut or restaurant meal, the amount of the payment will increase later when the tip processes.
Store merchants have a variety of policies for how quickly they process refunds to your debit card for items you return. Verify the credit has been applied to your account before you count on that money being available.
Some gas stations obtain an authorization (which is like a down payment or hold) for $1 from your account when you pay at the pump, thereby reducing your available account balance by $1. Others obtain an authorization for a larger standard amount, such as $75. The authorization is later replaced by the actual amount of your purchase, although this may take several days. Pay inside the gas station to avoid the larger holds.