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TCF Bank Complaint - TCF Bank's funds UNAVAILABILITY for new customers - checking account
checking account - Complaint
In their promotional material, TCF says "Tell your friends about the confidence you have in us." So, I will.
On Sept. 28 I opened an account at the TCF branch in my local Jewel. I wanted a separate account for my business travel expenses and the location was convenient. Opened the account with a $1500 expense check I'd received from my local employer (drawn on a local bank). On October 7 (9 days after opening account: 7 business days) I do an electronic funds transfer for $1200to pay my Amex bill -- and TCF bounces it and charges me $35!
I got nothing but blank stares at my local branch and nobody had a reasonable explanation other than "sometimes it takes longer for new account deposits to clear". Well, that's not my opinion of how you treat a new customer -- and it's probably a preview of more surprises to come -- so I closed my account.
As they suggested, I will gladly "tell me friends" that they should never do business with TCF Bank!
On Sept. 28 I opened an account at the TCF branch in my local Jewel. I wanted a separate account for my business travel expenses and the location was convenient. Opened the account with a $1500 expense check I'd received from my local employer (drawn on a local bank). On October 7 (9 days after opening account: 7 business days) I do an electronic funds transfer for $1200to pay my Amex bill -- and TCF bounces it and charges me $35!
I got nothing but blank stares at my local branch and nobody had a reasonable explanation other than "sometimes it takes longer for new account deposits to clear". Well, that's not my opinion of how you treat a new customer -- and it's probably a preview of more surprises to come -- so I closed my account.
As they suggested, I will gladly "tell me friends" that they should never do business with TCF Bank!
Comments:
Posted by Mrs. V on 2009-10-11:
When you made the 1500 deposit, when did the receipt say that the funds would be available?
Posted by Trixta on 2009-10-11:
There are two banks involved in processing a check--are you sure TCF is the one at fault? And while 7 business days is surely a reasonable amount of time for a check to clear, it's always a good idea to check an account balance before doing an EFT on it.
Posted by bearkatkitten on 2009-10-11:
You're going to find that no matter what bank you go to. They have to establish a "banking relationship" with you. Therefore, for the first 3-6 months, your checks are going to be put on hold. Everything like deposit, deposit holds, fees, funds availability... all those things were explained in the paperwork they handed you when you opened your account.
Also, your receipt after you made your first deposit should have had the date to when the funds would be available.
It's also a good idea to make sure your funds are in there first, before, doing any sort of transfer.
Also, your receipt after you made your first deposit should have had the date to when the funds would be available.
It's also a good idea to make sure your funds are in there first, before, doing any sort of transfer.
Posted by PepperElf on 2009-10-11:
it's best to check to make sure funds are actually there before you try spending over half of them...
a little bit of CYA never hurts
a little bit of CYA never hurts
Posted by ProConsumer on 2009-10-11:
Seven business days should be plenty of time to clear a check and release the funds or notify the customer that the check was return unpaid and should notify the person who wrote the check. Most check processing is done electronically. This is unacceptable in todays electronic age.
Posted by KenPopcorn on 2009-10-13:
In the paperwork you got when you opened the account, there is a Funds Availability Policy. There will be a table where you can check to see what the clearing time is for your particular check. Then, find out how much extra they add during the new account period. If the total is less than seven business days (which I am sure it is), go back and point out to them that they are in violation of their published policy, and that you want your $35 back.
If they refuse, call the office of the banking commissioner in your state and ask for a dispute form, file it and send a copy to the bank.
The chances are that it was just human error, but they still need to make good on it.
If they refuse, call the office of the banking commissioner in your state and ask for a dispute form, file it and send a copy to the bank.
The chances are that it was just human error, but they still need to make good on it.
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