Report: #459974

Complaint Review: TCF Bank

  • Submitted: Tue, June 09, 2009
  • Updated: Sun, October 04, 2009
  • Reported By: Chicago Illinois
  • TCF Bank
    Chicago, Illinois
  • Phone: 800-TCF-BANK
  • Web:
  • Category: Cult

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I have been with TCF bank for about 3 years now. I have always had problems with them- once they closed my savings account for no reason and took the money out of it and would not give it back. But I have always been really careful not to overdraw my account. Here's my story: About a week ago I bought a concert ticket online from Ticketweb. During the transaction they accidentally charged me twice due to the wrong zip code. The ticket cost $41 dollars so before I made the transaction I had made sure that I had enough money in my account (I had $51). The next day, I looked at my online statement and realized that Ticketweb had charged me twice and that second charge had made me go under by $31. Oh NOO!! So I called Ticketweb and they told me they would take it off in 3-5 days, and the second charge was in the "pending transactions" box online (never left it).

Well, within the next day I went to check my statement online again and TCF bank had racked up $205 in NSF fees!! I immediately called the 800 number and explained it to this woman, she told me that since it was not a bank error that she could only reverse half the money (after I had b***hed and b***hed for about half an hour). She explained to me that they were doing me a huge courtesy by reversing half of the money that THEY stole from me. Anyway, the next day I went into a TCF bank location near my apartment. The man told me that I needed to talk to Ticketweb and that they were responsible for paying me back. I thought it was ridiculous but I decided to try it anyway. I called Ticketweb and to no surprise told me that they weren't responsible.

I then proceeded to call back that bank and explain my situation once more. A different woman told me that I should go to the location where I opened my account and talk to them. So...I walked straight over there and talked to the "manager" and explained to her my situation. She told me the same thing: It wasn't a bank error, the $105 reversal was a huge courtesy to me because customers are only allowed one NSF fee reversal per year.. blah blah blah. I explained to her that I did nothing wrong- I was being responsible by making sure I had enough money in there to pay for the ticket and by something that was completely out of my control happened to overdraw my account. On the statement that she printed out for me you can CLEARLY see that at no point did I actually go under UNTIL TCF charged me a $140 fee. It's incredibly ridiculous. I forgot to mention that the second day this was happening I deposited my paycheck of $152 into my account to pay for the rest of the fees and get me back up to positive- this by the way was plenty enough money to get me out of the hole (that was more than a week ago) Yesterday I check my account and TCF charged me ANOTHER $70 fee!! I called the 1800 number once again and some lady told me that I had overdrawn and blah blah blah when, once again, I really had not. I'm going to close all my accounts today and tell them to screw themselves.

I want to know if there is anything I can do to get my money back?? In total they have stolen $175 from me. It breaks my heart that my bank would do this to me. Can anyone help?? Class action law suit??

Chicago, Illinois
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#1 General Comment

I would close the account

AUTHOR: Steph - (USA)

I had the same problem after Chase took over WAMU. I finally got fed up with thier BS and closed my checking account and went to another bank. You might want to do the same .

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#2 Consumer Comment

TCF Bank is defrauding customers and are LEGAllY getting away with it!

AUTHOR: Debrah - (USA)

I too have been through the exact same fraudulent actions with overdraft fees.  I receive an unemployment check.  we are in a recession. I HAVE NO MONEY TO PAY OVERDRAFT FEES!!  TCF stands to profit 200 million dollars in overdraft fees by year end according to the federal government- who says they are looking to shut down TCF's ability to stick consumers-  please read the following article:  TALK ABOUT ORGANIZED CRIME!!


Knight Ridder/Tribune  08/16/2009 11:10 AM ET

Overdraft fee rules could burn TCF: Federal proposals to limit such charges could force the bank to eliminate its popular "totally free checking" product. And that could prove painful for TCF shareholders. [Star Tribune, Minneapolis]

Aug. 16--Every few years, the nation's consumer groups rise up against bank overdraft fees. Yet each time, the outrage subsides with no lasting change.

But this time, changes are coming and analysts say that shareholders of TCF Financial Corp. have cause to be concerned.

The Federal Reserve is considering two alternative proposals aimed at protecting consumers from abuse of overdraft fees. One would require banks to obtain permission from customers before charging them overdraft fees on ATM and some debit card transactions. The other would require a bank to ask permission before enrolling someone in an overdraft program. A decision is expected by year-end.

The proposed changes could prove particularly painful for TCF Financial -- Minnesota's third-largest bank by deposits -- because it relies more on overdraft fees than most of its regional rivals. A research report by J.P. Morgan Chase & Co. estimated that 18 percent of the Wayzata-based bank's revenue is from overdraft fees. For this year, that will amount to about $200 million, according to J.P. Morgan.

During a July conference call with analysts, TCF Chief Executive Officer Bill Cooper seemed to dismiss the issue. "There's a lot of smoke about that," he said, referring to proposals concerning overdraft fees. He said that the technology doesn't yet exist to notify debit card customers when their accounts are about to be overdrawn. And even if it did, retailers and banks wouldn't want it.

"The merchants don't want that, the customers don't want it and the banks don't want it," he said. "So I'm fairly optimistic on that."

Cooper noted that, if the rules became too restrictive concerning overdraft fees, the bank could simply go ahead and charge monthly maintenance fees for its checking accounts -- effectively ending its highly popular "totally free checking" program. "That's where it will go back to," he said. "Totally free checking will disappear and there will be a monthly maintenance fee."

But some analysts who follow TCF aren't convinced that switching to such a fee would be painless for the bank.

Over the past two decades, TCF has built its retail business on the idea that its checking accounts are free (minus overdraft fees). To end that program is to risk eliminating a competitive advantage, some analysts argue.

In a July 26 research note, J.P. Morgan analyst Steven Alexopoulos cited the possibility of new rules concerning overdraft fees as one reason he was keeping an "underweight," or "sell," rating on TCF stock.

"If the company started charging customers $10 a month, we believe competitors with far less sensitivity to overdraft fees would use that as an opportunity to gain customers from TCF," he wrote.

J.P. Morgan has a 12-month price target of $14 a share on TCF's stock. The bank closed Friday at $14.20.

Although public outrage about overdraft fees has come and gone before, this time the movement comes at a particularly grisly time for banks. Consumers are "genuinely angry" about banks collecting large windfalls from overdraft charges and other fees as the economy struggles and a number of banks have received large injections of capital from the U.S. Treasury, said Uriah King, senior policy associate with the Center for Responsible Lending, a consumer advocacy group in Durham, N.C. This year, banks will collect $38.5 billion in overdraft fees, nearly double the $19.9 billion it collected in 2000, according to an estimate by research firm Moebs Services.

As the recession has intensified, large banks have found new ways to raise their fee incomes to offset declining revenue in other areas. For instance, this year Bank of America doubled its limit to 10 overdraft fees per account per day.

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