Mr. Willam A. Cooper
TCF National Bank
801 Marquette Ave
Minneapolis, MN 55402
Dear Mr. Cooper,
I want to bring to your attention a problem I see in the way your bank conducts business. While I find the tellers at your bank courteous and locations convienent, I came across a problem that troubles me greatly. On January 18, 2012, I went to my nearby branch to deposit $260.00 in cash. After making this deposit, I headed home to pay some bills online. After balancing my checkbook, I noticed I had an extra $20 and chose to transfer it to my other checking account. It has always been my understanding that cash is available immediately after a deposit.
However, I received a letter a few days later stating my account had gone negative. I noticed the letter also stated that "only the cash portion of deposits after the branch cutoff is available for withdrawal the same day." When I checked my account, none of my online payments had gone through and the only two recent transactions were my deposit and the $20 transfer. I took the letter into the bank and to alleviate my confusion. I was told again that my cash was available immediately but I was being charged a $28 daily overdraft fee for the transfer I made after I deposited cash. I must admit, Mr. Cooper, this only made me more confused. How can cash be available for immediate withdrawal but yet I cannot go home to transfer my cash 30 minutes later?
I was then given a 15-minute explanation by the assistant manager about how the business day ends at 2 p.m. and anything transaction after 2 p.m. goes on the following business day. Mr. Cooper, if this is true, then how come my the transfer I made at roughly 8:15 p.m. was counted on the Jan. 18th business day but the depost I made 30 minutes earlier was counted as part of the Jan. 19th business day? I am under the impression that the assistant manager at the branch was not entirely sure because when I asked that very question, she told me I should have come into the bank to make the transfer. Mr. Cooper, the bank closes at 8 p.m., I would be forced to wait until the following morning, which seems a little extreme.
She then explained that the business date for online banking is different than the business date in the branches. I understand deposit availability and the whole 2 p.m. cutoff concept but I don't understand why the business date should differentiate between the branch and online. Nor do I see why this should matter if I make a cash deposit into my account. I was told to avoid an overdraft fee like this again, I should do my transfers at the bank. Forgive me Mr. Cooper but I must admit I find this hardly convienent nor was this explained to me when I opened the account. I was told online banking was supposed to make my life more convienent and now I'm being told the complete opposite.
As a result of the $28 fee I was charged, my bill payments caused me to go negative and I was given 4 days of overdraft fees resulting in a negative balance of $ -130. I believe I was charged these overdrafts unfairly because I acted under the pretense my $260 deposit was available immediately, which your overdraft letter claims it is available for same day withdrawal. Please, Mr. Cooper, explain to me why 1. your online business date is different than the branch business dates 2. why my cash wasn't available for same-day withdrawal and finally, why I'm now being told to avoid another overdraft fee of this kind that I should do all my transfers at a branch, which is quite inconvienent.
My displeasure Mr. Cooper has led me to end my business relationship with TCF Bank and recommended that all my family members and friends do the same. Many of whom have already done so upon learning of my troubles. Why should they keep their money at a bank that claims same day withdrawal for cash deposits when really that's not true? I really think you should reconsider your business model and the claims that are written on your branch pamphlets and letters.
Sincerely,
Alison Burge
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