Report: #985575

Complaint Review: TCF Bank

  • Submitted: Fri, December 21, 2012
  • Updated: Fri, December 21, 2012
  • Reported By: Jaycee — Wyoming Minnesota United States of America
  • TCF Bank
    801 Marquette Avenue
    Minneapolis, Minnesota
    United States of America

TCF Bank TCF's "policy and procedures" for pending charges overdrew my account. Minneapolis, Minnesota

*General Comment: Overdraft fees

*Consumer Suggestion: Using the online account check without keeping an accurate, up to date...

Show customers why they should trust your business over your competitors...

Being someone who has to write their account down to the penny at times I am very vigilant is balancing my account often.  I utilized TCF's online banking to help with this.  Each time I did I would balance and match what they said I had available in my account which include all pending transactions.

After not looking at my account for just 5 days I logged back in to see that I was now in the negative by $294.  Looking at my transaction history I was very confused since I was getting NSF charges when my account was still in the positive (on the last day I had balanced it even)

I immediately contacted TCF's customer service 800 number.  The rep on the phone told me that they had to go by what their system said, which was the I was actually in the whole on that date and that is why I received that first NSF fee.

I then waited to receive all the overdraft notices in the bank (total of 4 with multiple transactions on some).  Going over those notices I found some interesting practices.  First of all unlike a majority of banks TCF held all pending transaction amounts from my available balance and then would apply any clearing items.  That first notice informed me that I had overdrawn due to a deposit to clearing before another item.  (Ok that doesn't bother it happens, I'll pay that one even though their system differs from the online that said I was in the positive by over $100)

Now sometime at night the bank then released on the amounts of the pending transactions and starts all over.  So my account went from $-50 something to $130 something.  Then re-charged all pending transactions first, and applied the clearing items last.

These items where those that cleared and already been held from my available balance on the previous notice stating that.  The money available in my account had already covered those items. Their own system of doing pending first and the clearing on top of for some reason recycling pending transactions every day is the reason I got charges over $270 in NSF fees. 

Naturally I want an explanation of why this is happening, this has to be a software issue to charge those items from my account multiple time.  Upon speaking the branch manager at my local bank I come to find out that it is not a mistake.  This is how they do things. 

What can I do now?  Anything?
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#1 General Comment

Overdraft fees

AUTHOR: Pam - ()

TCF and most other banks instruct their employees to maximize profits. For example, you have 100.00 in your account. You write out 2 checks for 10.00. Then an emergency comes up and you write another check for 150.00. If the bank puts the 2 small checks through first, you will have a balance of 80.00 The 150.00 check will then overdraw your account by 70.00. You will then get an overdraft fee of 37.00, which will leave you with a negative balance of 107.00. Most people assume this is the way banks process your checks, and if they truly cared about the customer, this is the way they would do it. Instead they do it the opposite way. the 150.00 check will be put through first, giving you an overdraft amount of 50.00. Then they out the 2 10.00 checks through, putting you in the hole for 70.00. Now they can charge you 3 fees instead of just one. So instead of owing 107.00, you will owe them 181.0. The banks say they do it that way because large check amounts are usually for mortgages or other important bills that need to be paid. I don't disagree with that point. However, they could still save the largest amount for last and clear the check. The only reason they do it that way is so they can squeeze more money out of the customer. Why settle for the smaller overdraft amount when they can ding you for twice that amount? They may be doing you a favor by saving you the embarrassment of not having your check clear, but it is no coincidence that this practice allows them to charge more fees.

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#2 Consumer Suggestion

Using the online account check without keeping an accurate, up to date...


check register will get you into this situation every time.

Due to pending transactions that aren't even yet in the system, you will get in trouble.

An accurate check register will include ALL transactions you've made.

The online system can be used to check on deposits to see if they've been credited to your account.

Since it appears you don't really understand how banking works, ask them to help you set up an maintain a good check register.  If you don't this will keep happening.

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