Known as the originator of free banking,
Minnesota, US-based TCF Financial has taken another step
in the battle for deposits among American banks and is now
offering $100 for all new and eligible customers who open a current
account.

The managing director of branch banking at
TCF, Mark Jeter, said:

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“With the $100 Free Cash campaign, and a no
minimum balance checking account, we”re letting customers know we
value and appreciate them.”

The introduction of the $100 cash reward for a new current
account comes at a time when banks in America are
battling for customer deposits in light of the US government’s
crackdown on debit card overdraft fees, as well as new current
account regulations instituted by the Fed and the Federal Deposit
Insurance Corporation.

In January,
TCF reversed its decision of last year to end free checking, as
part of its strategy to attract more customers.

Jeter said that TCF does not demand a minimum balance and does
not charge monthly maintenance fees.

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He was confident that the bank offers the “best and most
affordable options available”.

 

Only half of all banks in the US offer free
accounts

In March, RBI reported
that according to the latest data from economic research firm,
Moebs $ervices,
only about half of Wall Street banks are now offering free
checking to new customers, a decline of 13.6% in just six
months.

According to Bankrate.com, the percentage of
financial institutions offering free checking accounts dropped to
65% in 2010 from 76% in 2009.

Unlike TCF, Bank of America (BofA) said in January that it
would ramp up its drive to charge checking account customers
monthly fees for all but its most affluent clients, charging a
monthly fee of $9 for its Essentials account if they visit a branch
teller or receive paper statements.