Fee drop-off hits TCF earnings

  • Article by: Jennifer Bjorhus , Star Tribune
  • Updated: April 19, 2013 - 10:24 PM

Revenue grew, but downshift by consumers contributed to the lender’s earnings falling short.

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grandpa64Apr. 19, 13 5:41 PM

The people who run this institution do not follow the normal Federal Banking rules. They rely on the poor, those who cannot seem to have proper banking relationships, to be their customers. The people that they cater to now have NO Money due to the economic climate and the policies of the current administration. This does not surprise me and I think it is probably a good thing that they are struggling. Good Riddance TCF

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QbikerApr. 19, 13 9:46 PM

I can only speak for my personal experience with TCF. I was a customer for about 15 years and everything went fine for me and my free checking account. About 2 years ago, TCF suddenly charged me a "monthly maintenance fee" of $9.95. Apparently TCF suddenly changed the terms of my account without notifying me. If one reads the "fine print" there is a line that says TCF reserves the right to change your account at any time and this serves as your notice. So...to sum up my relationship with TCF after 15 years- they are a very unethical company! I looked at my 3 previous bank statements prior to the monthly maintenance fee and nowhere did they notify me of the additional fee. Well, I closed my account and opened a new account at a Federal Credit Union and I love it. As long as I live, my family will never do business with TCF again.

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sonic5150Apr. 20, 13 9:08 AM

TCF Sucks! I closed my TCF account a few months ago (after banking with them for many years). They were slow to process deposits (even though they were direct deposit paychecks) and quick to process withdrawals. Thereby charging "insufficient funds" or overdraft fees. I'd call and sometimes they would credit them back, but it was a constant fight. Since then I have never had it occur at Wells Fargo, never.

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softwareApr. 20, 13 9:58 AM

TCF uses predatory methods to maximize fee income. Because their grocery store branches are open Saturday and Sunday, they are "open 7 days a week" and charge for an overdrawn account by the day, rather than by the event. Our son was in Europe, and because of ATM and Euro Dollar conversion rates, he wound-up being $15 overdrawn. That was on a Thursday, a notice came to us in the late afternoon mail on Friday, so we rushed right in on Monday morning to cover it. Too late, he was charged for Thursday, Friday, Saturday and Sunday for about $120 in fees on a $15 short-fall. I appealed to the branch manager without success, but I could see a hint of sympathy in his glass eye.

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homeryanstaApr. 20, 13 1:21 PM

The branch managers has to go by a "fee reversal" tool or get fired. The amount of fees that can be removed is very very minimal. I worked in the branches while in school for 5 years and I would not dream of going back into the hole. TCF does not stand for the "The Customer is First", it actually stands for "The Customer is Fu..."

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american69Apr. 20, 13 3:35 PM

I had an outstanding check that was cashed by an aquaintence months (yes, i know, dumb in and of itself) later that I forgot about. It drew me down to a couplke bucks, and not knowing it, I continued to run my check carb for small things like a soda or a bite to eat or whatever. I overdrew 3 times and racked up $120 in fees in ONE day for <$10 total overdraft. They didn't notify me or reject my card because I had overdraft protection, which is the default predatory setting that they claim "saves you the embarassment of having a card declined." After speaking with management at corporate they graciously lowered my fee to 110$, since i was a first time overdrafter...

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gofurnuttApr. 20, 13 9:01 PM

AWWWWWWWWWW.......

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thisislameApr. 22, 1311:47 AM

Qbiker - No notice, you mean like all the press releases and statements saying that they were no longer offering free checking accounts. I don't bank there and I knew they were starting to charge monthly fees.

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