The complaint has been investigated and
resolved to the customer's satisfactionResolved TCF Bank — hold on cash deposit
resolved to the customer's satisfaction
I recently deposited $800 CASH (this is key) into my local TCF banks ATM (also key). The transaction occured on a tuesday afternoon at 3pm. On Wednesday I made a purchase and also had a cell phone bill automatically deducted from my account. When I went to an ATM the same day to withdraw $20 dollars I owed a friend, I was told I had insufficient funds. The purchase earlier in the day and the cell phone bill amounted to less than $100. I went inside the branch to see what the problem was. I was told I missed the Tuesday cut-off for deposits of 2pm. "Is that the only time you make deposits?" I asked. "No, we also make them at 8am when we open for business." OK? So why was the cash deposit not cleared then? Apparently buried in the fine print of TCF's checking account agreement is a note that treats all cash deposits made at an ATM like a check, requiring a two day hold period. My $800 CASH deposit made on Tuesday was not made available until Thursday and in the mean time I was charged $70 ($35 per occurance) for the transactions made on Wednesday. YES, THERE WAS A 2-DAY HOLD PUT ON MY CASH DEPOSIT THAT COST ME $70. Needless to say, after all funds cleared, I closed my TCF checking account and took my business elsewhere.
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