Recently a poster who was quite upset stated he was leaving TCF after 20 years because of changes to their "free" checking. Namely, a $9.99 monthly fee if sufficient account activity is not experienced. I checked and he was correct so I changed my account type to a minimum balance account to avoid the fee. They clearly have lost their primary products which were home equity lending and now "free checking".
However, more disturbing is what is happening with savings. Their "power" savings account pays a .2% interest rate and charges a 4.00 per month fee. This means that until the depositor has a 25,000 balance they pay more in fees than they earn in "power" interest. The next step up in product charges a 10.00 per month fee with the same interest rate schedule plus an additional .1% once the account is in excess of 25,000. This means 40,000 has to be on deposit before the account earning turn positive.
New account representatives are encouraged to cross sell and open these "power" accounts to the detrement of the customer.
With a market view like this how can anyone believe TCF has any kind of a future. They do not really care about the customer. Their product offering close to nothing. They no longer have a viable consumer lending program(no home equity) totally free checking has disappeared and "power savings" should not be able to be sold to any one as it is not a suitable account for anyone as it gouges the customer.
I will say it again, this bank is dead money. So many better opportunities with firms that appreciate their customer, have both deposit and credit products and as a result have a future. Other than a takeover, this firm does not have a future with the products and customer service they currently offer. Any takeover premium will be miniscule as this banks shrtcomings are not a secret. There might not even be a premium. They should have pulled the trigger when the stock was 32 several years ago.
Now stock is down 67% over the past several years. Dividend is down 80% from where it was. They do not have a viable product for lending, checking or savings. Overdraft fees continue to be scrutinized and will less and less as time goes on. This is how I define "dead money"