Intro – TCF Bank Reviews & Ranking
TCF Bank was recently ranked and reviewed by AdvisoryHQ as a top rated bank in the U.S. Firms on our top rated lists were selected after they successfully passed AdvisoryHQ’s ground-breaking four-step banks and credit unions selection methodology.
Click here for a step-by-step breakdown of the methodology and selection process used during our TCF Bank review: AdvisoryHQ’s Methodology for Selecting Top Banks and Credit Unions.
Below we have provided a detailed review of TCF Bank, including the specific factors we used in our decision-making process.
TCF Bank Review
TCF Bank is based in Minnesota and recently merged with Chemical Bank, which significantly increased their reach, financial services, and number of branches.
Many customers of both banks may wonder, “What is TCF bank going to do with each bank’s accounts?” For now, customers continue banking at both TCF and Chemical as they have been, but changes are expected in 2020.
Our TCF reviews of branches before and after the merger shows that the bank has grown from 314 branches to now having 526 locations to serve customers mainly in Michigan, Illinois, and Minnesota, with additional branches in Arizona, Colorado, Indiana, Ohio, South Dakota, and Wisconsin.
TCF Bank offers a variety of commercial and retail banking products and services and serves all 50 states and Canada through its specialty leasing and lending businesses. TCF bank reviews show that their total assets, post-merger, are $45.2 billion.
TCF Bank 2020-2021 Review
What does TCF stand for?
A common question by those not familiar with this premiere Midwest bank is, “What does TCF Bank stand for?” While some think that “treating customers fairly” would be a great fit for the bank, TCF reviews on Quora of the name’s origin, show that instead it’s related to where the bank originated.
The answer to “What does TCF stand for?” is Twin City Federal. The bank initially began in 1923 as Twin City Building and Loan Association and in 1936 was renamed by Twin City Federal Savings and Loan Association. Around 1986, the name was shortened and the acronym TCF was used. So, that’s the story that answers, “What does TCF bank stand for?”
Now, if you’re wondering, “What does TCF stand for when it comes to their vision?” our TCF bank reviews of their vision and values show that they have a goal to be a sound, well-capitalized and principled bank that achieves superior results for employees, customers, and shareholders.
Here’s what we found when answering the question, “For values, what does TCF bank stand for?”:
- Lead with integrity
- Be nimble
- Be prudent
- Create opportunities
- Win as a passionate team
In our AdvisoryHQ TCF review, we’ll go over highlights that make this one of the best banks to do business with. We’ll look at TCF credit card options, including the TCF secured credit card, as well as TCF loans, and TCF overdraft protection through their TCF Bank overdraft policy.
What is TCF Bank? You’re about to find out much more about them so you can determine whether they’re a financial institution that you want to consider doing business with.
See Also: MB Financial Bank Review
Key Factors Leading Us to Rank This Firm as One of the 2020-2021 Top Banking Firms
Upon completing our TCF Bank reviews, TCF Bank was included in AdvisoryHQ’s ranking of the 2020-2021 best banking firms based on the following factors.
TCF Bank Review | TCF Credit Card Options
If you’re interested in securing a credit card you have three Visa® TCF credit card options to choose from. These include two standard cards and a TCF secured credit card.
With any of these TCF credit card picks, you can:
- View your FICO® Score monthly online for free
- Access your transactions and payment information anytime through your TCF credit card account
Your options for credit cards are TCF Bank include:
- Maximum Rewards® Visa® Card: Earn unlimited 1.5 points per each $1 spent, 0% introductory APR for the first 6 billing cycles
- Platinum Edition® Visa® Card: No annual fee, 0% introductory APR for the first 12 billing cycles, $25 statement credit when you make a purchase within the first 3 billing cycles
- Secured Visa® Card: The TCF secured credit card helps build or rebuild credit, it has a minimum single deposit of $300
In addition to the personal TCF credit card options, they also have credit cards for businesses, including a business edition of their TCF secured credit card.
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TCF Bank Review | TCF Free Checking
With TCF Free Checking, account holders don’t have to worry about the cost and hassle of paying monthly fees or maintaining minimum balances. This basic checking account requires only $25 to open, and you gain the use of a TCF debit card.
Account holders can also make free withdrawals at TCF ATMs.
Our TCF Bank reviews of the additional offerings found that as well as the basic TCF Free Checking account, there is also a Free Student Checking account available, which also has no monthly maintenance fees and offers features designed specifically for the needs of students.
TCF Bank Review | Financial Fitness Program
What is TCF Bank when it comes to helping customers with financial health? They’re a leader in this area with quite a few educational resources for customers and consumers to empower them to make strong financial decisions.
Their Financial Fitness Program for Adults is a free online program designed to help adults learn more about managing their money and making viable decisions.
The program includes over 20 on-demand courses that take just 7-10 minutes and which cover credit scores and reports, financing higher education, identity protection, insurance and taxes, mobile payments, mortgages, overdraft, payment types and credit cards, and savings and investments.
What does TCF stand for when it comes to helping teens? They’re just as strongly committed. Also offered is the TCF Financial Scholars Program for Teens, which offers coursework led by teachers, including six to eight hours of classroom instruction paired with an online learning platform, all specifically designed for high school students.
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TCF Bank Review | Savings Accounts
Our TCF reviews of savings options, found that the bank offers four savings accounts to meet a variety of needs. These accounts include:
- TCF Free Savings: This account makes it easy to start saving right away and has no monthly fee or minimum balance. Accounts can be opened with as little as $25.
- TCF Power Savings: The power savings boasts a competitive interest rate and allows you to avoid the monthly fee with a minimum $100 balance and gives you free withdrawals at TCF ATMs.
- TCF Elevate Savings: This account is designed for larger balances and waives the $10 monthly fee with a minimum $1,000 monthly balance. A Minimum balance is required to earn interest.
- TCF Power Money Market: Save while also having the ability to write checks or make debit card purchases from your account. A minimum balance of $1,500 is required to avoid the monthly $10 maintenance fee.
TCF Bank Reviews | TCF Overdraft Protection
What do account holders with TCF checking accounts have as far as TCF overdraft protection? Our review of the TCF Bank overdraft policy shows that consumers have two options when it comes to avoiding high overdraft fees.
- Link Your TCF Savings Account: Linking your TCF savings to your checking account allows the funds in your savings account to cover any overdrafts of your checking account. There is a $10 fee when funds are transferred.
- Link Your TCF Line of Credit: You can use a pre-approved line of credit to cover overdrafts in your checking account. The TCF Bank overdraft policy states that the interest rate is 18% on the balance and a $10 fee applied each day they advance funds.
If you don’t choose any of those options for paying overdrafts, you also have the option to either opt in or opt out of TCF overdraft protection all together.
Opting out means they won’t pay any transactions that would put your account in overdraft, so no fees will be charged. If you opt-in, they’ll authorize and pay overdrafts and you’ll be charged a fee of $37 for each transaction.
TCF Reviews | TCF Loans
Just as many other top banks, you’re offered the standard loan options at TCF. When it comes to mortgages, the bank offers multiple tools to help you calculate and plan for a major home purchase.
TCF loans include:
- Home Mortgage Loans
- Home Equity Loans
- Home Equity Line of Credit
- Personal TCF Loans
Those looking for exclusive offers and customized solutions, will find both when inquiring about TCF loans. The bank has a TCF Home Loans’ Buyer Advantage Program and also works with customers to provide customized loan solutions.
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TCF Bank was already a premier bank in the Midwest, and now with their recent merger with Chemical Bank, they’ve become even stronger with more assets, locations, and ability to provide premier services to their customers.
In answering, “What does TCF Bank stand for?”, we found that they take a customer-centric approach, ensuring their clients have all the tools they need for financial success. Thus, we’ve rated them with 5-stars.
In addition to reviewing the above TCF Bank review, you can click on any of the links below to browse exclusive reviews of AdvisoryHQ’s top rated banking & credit union firms:
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