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TCF Bank review: Deposit availability confussion!

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A deposit made on december 21st 2007 of $250.00 check not credited until december 24th along with a cash deposit of $250.00 made the 24th of december. When checking the balance on his account on the 21st of december to purchase a christmas gift my son saw the funds were listed as posted. Tcf states that they may not credit your account the day of the deposit even though the receipt reflects this deposit and the balance shows the increase. It seems very convenient on their part that on the 24th all checks that came in over the weekend were listed as nsf even though I would think that since we deposited a check on the 21st at most, if they did not want to honor these checks they would be listed uncollected. But no, the checks were paid after being considered nsf along with a $102.00 fee for three checks that totaled $44.70. I called and was told that they could understand why we were confused and the deposit on the 21st should be listed as pending not posted. I decided to write a letter and a week later received a letter from tcf telling me that since we made no attempt to pay the nsf fees they would close the account and take further action. I sent a copy of the letter attached to that notice and stated that I had written a letter and did not get a response. Finally I got a response an update of my son's account (that reflects only what I already knew, they did not credit us any deposits until the 24th, considered this checks as nsf not uncollected) and they want $102.00 for the nsf fees, oh and an additional $35.00 for sending my account for collection even though I am trying to resolve this matter with them. I guess they wanted me to make a deposit to cover charges I still don't consider valid and even question the legality of them.

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3 comments
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C
May 11, 2009 11:59 am EDT

TCF is a horrible bank. I am canceling my account today. I have had enough of their policies and the "automated system" that is totally incorrect.

C
Mar 20, 2009 7:06 pm EDT

Upon initially reading this I was irritated at TCF. I sympathise with you, but they did follow their requirements for deposit. Posted does not entail credited. It is confusing, but it is the law. The FDIC does not require banks to make funds available for withdrawal prior to the next business day after the deposit is made. A cash deposit on the 21st would have been credited to your account immediately. My question is why not just cash the initial check on the 21st and make your purchases with cash?

W
Oct 20, 2008 3:55 pm EDT

Just realize that due to the holidays it takes awhile for things to process and as sad as your tragedies are they really dont care they just care that you had nsf's and all banks regardless of circumstance will do the same thing.

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121 complaints
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