• Report: #938371

Complaint Review: TCF Bank

  • Submitted: Sat, September 08, 2012
  • Updated: Thu, September 13, 2012

  • Reported By: Mike — Bloomington Minnesota United States of America
TCF Bank
801 Marquette Avenue Minneapolis, Minnesota United States of America

TCF Bank Overdraft Scammers And Treat Customers Like They Just Don't Care! Minneapolis, Minnesota

*Author of original report: Let's Clear Some Stuff Up

*Consumer Comment: ING Does the Same Thing....

*Consumer Suggestion: A REALLY easy fix for this is....

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We have (not for much longer) a TCF checking account.  Been members for 5 years and never had any issues.  Recently though we had a situation where the funds in our account vs. our automated bill payments were getting close to putting us in overdraft land.  We had 3 payments pending, two small ones each under a few hundred dollars that came in on 9/712 and one for over 1,000 dollars on 9/8/12.  When we checked online later that day I see that we have NSF overdraft charges for $74 dollars!  Turns out that TCF processed the items from largest to smallest to ensure that if the account went low I would be charged overdraft fees for the smaller amounts and multiple times.  Also the company that charged the 1,000 dollar charge would not have even let the charge process if there was not enough funds but because TCF processed it first they allowed it through - have to wonder if TCF knew this as well.

Anyway I call them up and complain that there is no reason for them to have processed the items the way they did and had they processed them by date of arrival I would not have went in to overdraft at all.  The women told me they always process largest to smallest, but when I asked why she did not have an explanation.  I told her the system was probably set up (completely automated) to maximize profit through NSF charges.  Well at least she was pleasant and professional on the phone but she was not helpful explaining the why for me.  But I am convinced they arrange the incoming charges so they maximize NSF opportunities - typical corporate greed.

Told her I had been with them for 5 years without issue and would like a one-time reprieve for the two charges.  After putting me on hold for a minute she came back and said the best she could do was $15.  Needless to say I was hoping for a full refund and having been a loyal customer without any prior incidents I think they would want to do that for me.  But they didn't and now I am planning to move my money over to ING and close the account.  To me local banking is all about customer service because frankly that is all they have left to differentiate themselves from online banks and in this instance they really dropped the ball.

Oh well their loss...

This report was posted on Ripoff Report on 09/08/2012 10:00 AM and is a permanent record located here: http://www.ripoffreport.com/r/TCF-Bank/Minneapolis-Minnesota-55402/TCF-Bank-Overdraft-Scammers-And-Treat-Customers-Like-They-Just-Dont-Care-Minneapolis-M-938371. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

Let's Clear Some Stuff Up

AUTHOR: Mike - (United States of America)

To the folks that responded to my initial complaint, the one that said take financial responsibility and don't over commit.  Guess what sometimes !@#$ happens even to people that are responsible 99.99999% of the time.  What I expected from TCF was simply to work with me based on my record to date which was that I had never had an issue with them.  To me they could have simply eliminated the NSF charges and it would have made a world of difference to me as a customer.  So there's that.

For the person stating that other banks like ING are going to do the same you clearly have not worked with them from a checking account standpoint.  So rather than let you mislead others I want to make sure everyone knows how they manage overdrafts.  With ING you are given a $500 - $1000 overdraft line of credit.  If you go in the negative during a 30 day period then you tap in to that credit line, no NSF charges and no hidden fees.  They charge a small interest rate that even on a $1000 overdraft is less than a single NSF charge from TCF.  As long as you pay back the overdraft credit line by end of month there are no other charges applied.  Also ING provides a debit card that does not charge an ATM fee and pays the ATM charge applied at the machine so yeah no worries about a 2 - 5 dollar ATM fee for us. 

But hey if going to a brick and mortar building gets your juices flowing then more power to you! 
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#2 Consumer Comment

ING Does the Same Thing....

AUTHOR: Jim S - (United States of America)

...you know...sort transactions in dollar order.  In other words, what happened at your bank would happen at ING, except they have no customer service.  I'm not sure your bank, or any other bank, sees consumer customers as anything other than a drain on their financials, given their cost to keep you as a customers runs a few hundred dollars a year.  They would much rather have business customers that generate many hundreds of dollars a month in analysis and other fees.  That is where their loyalties lie, not in a long time consumer account.  You might simply be better off at a credit union instead of a bank; I would do that before I tried ING....

The reason banks process largest to smallest in because they can.  They're allowed to in the agreement you signed to open the account.  The transactions processed do not contain the time in which the transactions occur...only the date.  So the bank chooses largest to smallest.  Therefore, the only way the transactions can be sorted in chronological order is if you spend more money in the morning and less later in the day.  Do they sort transactions to maximize NSF charges??  YES, but you knew that.  I would not place greed on it though.  Banks have been charging NSF fees for years.....  They didn't all of a sudden become greedy....

If there is enough money in your account, the bank will also reorder transactions from largest to smallest, however you won't overdraft if there is enough money.  If you don't, you will incur the maximum number of NSF fees possible.  That's the way things go...



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#3 Consumer Suggestion

A REALLY easy fix for this is....

AUTHOR: Ken - (USA)

Don't commit funds that you don't have. It is YOUR responsibility to be sure of the funds availability.

You'll find your new financial organization will likely do the same.



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