• Report: #468295
Complaint Review:

TCF Banks

  • Submitted: Fri, July 10, 2009
  • Updated: Fri, July 10, 2009

  • Reported By:Shakopee Minnesota
TCF Banks
Minneapolis, Minnesota U.S.A.
  • Phone:
  • Web:
  • Category: Banks

TCF Banks TCF Bank overdraft practices are unethical and just plain wrong. Minneapolis Minnesota

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TCF Bank rearranges their transactions in order of larges to smallest and not in the order that they are initially made. I am told that TCF holds transactions for two business days before they are process on the account. This is very misleading for two reasons. First, it is not true for all transactions according to direct printouts from my TCF location some transactions only take a day to process from vendors. Second, ATM and online transfers are instant, and take no processing time to post to your account.
Here is the actual situation I ran into with TCF.

Date of purchase| Date Posted| Amount| Balance|Beginning Balance= $54.19
2-Jul 6-Jul $4.40 $49.79
2-Jul 6-Jul $5.11 $44.68
2-Jul 6-Jul $9.70 $34.98
2-Jul 6-Jul $20.00 $14.98
3-Jul 6-Jul $5.15 $9.83
4-Jul 6-Jul $9.43 $0.40
4-Jul 6-Jul $18.00 -$17.60

Now according to my math and the order of my purchases I should be overdrawn on my account $17.60. I accept I made a mistake and I am ready and willing to pay the $35.00 fee. What TCF did (except for the online purchase of $18.00) was take all of those purchases and reordered the withdrawals in largest to smallest regardless of the time or date the actual purchase was made. So instead of being hit with the expected $35.00 overdraft fee I got hit with $140 in charges.
Date of purchase| Date Posted| Amount| Balance|Beginning Balance= $54.19
2-Jul 6-Jul $18.00 $36.19
4-Jul 6-Jul $20.00 $16.19
2-Jul 6-Jul $9.70 $6.49
4-Jul 6-Jul $9.43 - $2.94
3-Jul 6-Jul $5.15 -$8.09
2-Jul 6-Jul $5.11 -$13.20
2-Jul 6-Jul $4.40 -$17.60

TCF changed this procedure or computer process in February of 2009. The Branch manager also told me that TCF mailed out a pamphlet to their customers explaining the change. I found the booklet they sent out. The pamphlet/book is 84 pages of the most extreme lawyer gibberish you can imagine. No one reads it because it is confusing and hard to understand if you are not a lawyer or banker. Even if you could understand it, there is no way to determine what is different or has changed.

TCF is actively seeking and targeting the people that may live paycheck to paycheck. These people often do nothing or accept the fee. I want people with a TCF account that has experienced this to voice their opinion. Times are tough and Banks are going to force us to start stuffing our mattresses instead of depositing in their bank. I am on a mission to find banks that do not practice this unethical treatment of their customers. TCF managers and employees have informed me that they admit their change in banking practices does not seem right to do. TCF bank employees have also informed me that local banks such as Wells Fargo and US Bank use the same system.

Shakopee, Minnesota

This report was posted on Ripoff Report on 07/10/2009 11:47 AM and is a permanent record located here: http://www.ripoffreport.com/reports/tcf-banks/minneapolis-minnesota/tcf-banks-tcf-bank-overdraft-practices-are-unethical-and-just-plain-wrong-minneapolis-min-468295. 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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