Yesterday, customers of TCF Bank stopped earning points on their debit purchases. It was the death knell marking the end of TCF’s core debit rewards program, Miles Debit Plus. The only surprise here is that the announcement took so long.
In a tumultuous summer, filled with the end of free checking for many, debit rewards programs for others, and the introduction of new fees for more, the banking industry has seen its share of turmoil. So why wouldn’t TCF, the Minnesota-based bank with over $18 billion in total assets, announce the end of a customer-valued service?
According to MyBankTracker.com, Jason Korstange, the Senior Vice President at TCF Bank, said in regard to the service’s end, “When you lose revenue, you can either cut expenses or raise prices.” Cutting expenses has the potential to be groundbreaking — it’s what we’re doing here at PerkStreet by eliminating branches and reducing overhead — but for banks like TCF, Wells Fargo, Chase, and SunTrust, it means the end of programs that put money in consumers’ pockets.
It’s hard not to be confused by Mr. Korstange’s comments as one thing becomes clear: Big banks are cutting out value and raising fees. Take Wells Fargo, for instance: More than a year ago, Wells Fargo ended its free checking account program, and last week it announced it would be testing new debit card fees.
Why should companies charge you to “maintain” an account that they make money from? Why should they fine you for using your debit card, while at the same time making money off it literally every time you swipe?
They shouldn’t. And we don’t. After all, it is your money. The Durbin Amendment has shaken the sluggish giants of the financial services industry. But not PerkStreet.
If your bank is making it expensive for you to use your own money, consider PerkStreet: maintenance free checking with up to 2% cash back on ALL non-PIN purchases. And since we’re online, we’re always open. Can’t connect? Call us, we’re on the phones 24/7: 866.792.2834
If you’re one of the millions who are frustrated, sick of TCF or some other bloated big bank that’s taking advantage of you, do yourself a favor: Click the banner below, and join PerkStreet today.