TCF Bank secretly changed policies to raise cash...

[LeftHander]

I was just informed by a couple of NSFs on "pending" transactions.

Transactions that used to be covered by cash deposits before posting are now counted as NSF before posting.

TCF bank made this change to catch people who live pay check to pay check (like most Americans now a days) and rack up millions in fees that will now remain hidden for days.

When the bank was confronted today...the manager said they "were not going to inform the people it was going to effect" of the policy change.

Essentially what was seen in the online banking would set the stage for TCF to rake in hundreds of dollars per customer in fees before they learn the new policy.

How can banks change policies and report account information fraudulently to customers, trapping them into inescapable fees?

For people who live most of the time with a low average daily balance and employer mandated direct deposit it seems very predatory on low income people.

Overnight TCF changed a "pending" debit card transaction into a "posted" transaction while still calling it a "pending" transaction. THis makes people who dip into the red end up with a NSF fee before the transaction is posted. The fee will remain hidden for days...resulting in a cascade of charges.

Workers at the bank were swamped with customers complaining about bank charges and letters from the bank that show balances that differ from online banking balances for the same time frames.

[bkkyosemite]

1. Crooks

[Bolo Boffin]

2. I signed up for email notification when I get overdrawn.

The email came after the transaction had posted and the fee charged. Fat lot of good it did me.

[MonteLukast]

3. Isn't that illegal?

{T}he manager said they "were not going to inform the people it was going to effect" of the policy change.

Sounds like something to report to the FTC.

Document everything and send it on over.

[LeftHander]

4. Planning on it....

We are going to close our accounts and move to a different bank. In addition to raising a big stink.

I won't stop....this is greed from the top or a bank on shaky ground scrambling to get cash even if they pay big fines later.