• Report: #794604

Complaint Review: TCF Bank

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  • Submitted: Wed, November 02, 2011
  • Updated: Thu, November 03, 2011

  • Reported By: Kamalbro — Saint Cloud Minnesota United States of America
TCF Bank
Saint Cloud, Minnesota Internet United States of America

TCF Bank Why I closed my TCF Account and how much is it going to cost TCF? Internet

*Consumer Comment: Let's recalculate

*Consumer Comment: Bank

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I have been a loyal customer of TCF bank since 2006 with various accounts during those 6 years time span. But yesterday, i checked my balance online and saw $28 DAILY fee slapped because my account went negative. And the reason my account went negative was because TCF charged me $6 on service charge. I would understand (although not agree) TCFs policy to charge overdraft fees if my balance went negative because of my purchases. But to charge me $28 DAILY fee for a service charge  that TCF imposed on me, goes beyond my comprehension of how a bank that claims to have an outstanding customer service, can be such an anti-consumer.

 Back to the topic again; I called TCF customer service and after half hours of back and forth, she said she was not unable to reverse those overdraft fees. She also told me that unless i pay whatever accumulated overdraft fees, i will be charged $28 EACH DAY. I even told her i would close my account if i have to pay all that accumulated overdraft fees to which she told me I cant close your account since you owe the overdraft fees. So, seeing there will not be any fruitful resolution, i hung up on her and rushed to the closest TCF branch. The customer Rep lady asks me how she can help me. I tell her that i close my all my accounts with TCF. And the she casually says Sure, we can help you with that and escorts me to her desk. I was just flabbergasted that she did not even ask me why i was closing my account. After she closes my account, i explain it to her that if she had asked me why i was closing my account, she probably would have been able to help me with the ridiculous overdraft fees and thus retain me as a TCF customer. But she said, she wouldnt have been able to help me with the overdraft fees. I then had to explain her what the $60 overdraft fee will cost TCF. Below is a simple approximate break down of how much it would cost TCF to lose me as a customer (I assumed i would have TCF account for at least next 5 years) :

 1. Cost to TCF for me not using my TCF Card:

 - I spend about $6000 a year with my TCF Debit card. Since i closed my account, I wont be using TCF card. Thus TCF will lose an average of 3% of merchant fee it collects from the merchants i purchase merchandise from. That amounts to:

 $180 (3% of $5000) per year, which means $900 in 5 years

 - I approximately have 3 debit card transactions per day, which will in average amount to 1200 debit card transactions a year. TCF charges an average of $.30 per transaction to merchants. This amount to:

 $360 (1200 * .3) per year$1800 in 5 years

Total cost to TCF from this Category = $2700 ($900 + $1800)  

2. Cost to TCF for at least one of my friends not using TCF Card (I will convince one for sure if not more):

 I will convince at least one friend of mine to close their TCF account, which means TCF will incur the effect of double the balance calculated above. Meaning another $900 in 5 years (merchant transaction rate) and $1800 in 5 years ( Fee per transaction charged to merchant).

Total cost to TCF from this Category = $2700 ($900 + $1800) 

 3. Cost to TCF because I wont be having my Mortgage with them when i buy a house (30 year fixed):

 Average annual interest of $6000 on a house valued at $120,000, will amount to $30000 in the first 5 years. 

Total cost to TCF from this Category= $30000 Total Cost (in 5 years) to TCF from all categories 1,2 and 3 above: = $35,400. Why? Because, I had no option other than to close my accounts with TCF. 

Note: I have not even counted the interest TCF makes on my money. I also have not counted TCFs lost goodwill because i will be writing negative reviews about this bank and telling my acquaintances the mishaps I have had with TCF. Thats why all bank should treat their customer like a valued customer and not like a cash cow. ADIOS TCF

This report was posted on Ripoff Report on 11/02/2011 09:38 PM and is a permanent record located here: http://www.ripoffreport.com/r/TCF-Bank/internet/TCF-Bank-Why-I-closed-my-TCF-Account-and-how-much-is-it-going-to-cost-TCF-Internet-794604. 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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#1 Consumer Comment

Let's recalculate

AUTHOR: coast - (USA)

"Thus TCF will lose an average of 3% of merchant fee"

Merchant fees are under 2%. In addition to that, the bank that the card is drawn on doesn't receive the merchant fees. That money goes to the company that handles payment processing for the merchant you purchase goods or services from. TCF does provide merchant services so they will still receive their processing fee unless you boycott the businesses that use TCF merchant services.

Impact in this category=$0
Your friend's impact in this category=$0

It is unlikely that TCF will honor a mortgage loan request to someone that has a delinquent checking account.

Impact in this category=$0

"I have not even counted the interest TCF makes on my money."

There is no way they can earn interest on an account with a negative balance.

Impact in this category=$0

$0+0+0+0=$0 Total impact.
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#2 Consumer Comment

Bank

AUTHOR: Diogenes - (USA)

Geeezzz.  Someone really needs to get a life.
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