TCF Bank FTL

[WhiteHawk]

Most smaller institutions will hold checks to avoid losses...cashiers check, payroll check, personal check...

Legally, they don't have the option with all the things you list here. Personal checks is totally different than the first two you list, a personal check is the only one that is discretionary. That is why those Nigerian scams work - they legally have to put the money in your account from a cashier's in a certain amount of time. Payroll is the same.

-Geoff

 

[MystryGuy]

TCF sucks period, seems they bump up the fees every 6 months, hold stuff waaay too long, and never treat people like they should. I reaally am curious what the benifits are of a credit union as i might be switching soon.

 

[grr456]

Get direct deposit, then there's no hold.

Actually, that isn't true. Citizens put a hold on my Direct Deposit for a day. I was pretty shocked when I saw that. I promptly went back to National City, which I really haven't had a problem with in the 15 or 20 years I've been with them...

Gary

 

[Tin]

Legally, they don't have the option with all the things you list here. Personal checks is totally different than the first two you list, a personal check is the only one that is discretionary. That is why those Nigerian scams work - they legally have to put the money in your account from a cashier's in a certain amount of time. Payroll is the same.

-Geoff

Youre mistaking a certified check for a plain cashiers check. A cashiers check can have a stop payment put on it just like any other check. A certified check cant have a stop payment put in place...the funds are gauranteed.

 

[CMYZ28]

Legally, they don't have the option with all the things you list here. Personal checks is totally different than the first two you list, a personal check is the only one that is discretionary. That is why those Nigerian scams work - they legally have to put the money in your account from a cashier's in a certain amount of time. Payroll is the same.

-Geoff

Buzz wrong answer lol. Check holding is discretionary. Most checks whether personal/business/cashiers check etc. will have their hold released in 1 business day. This doesn't mean the check has actually CLEARED where the funds have been pulled from the check writers bank, but it means you are "allowed" to use those funds. Non-local is typically 2 days. TCF is a kiddy pool in the banking world.

 

[WhiteHawk]

Buzz wrong answer lol. Check holding is discretionary. Most checks whether personal/business/cashiers check etc. will have their hold released in 1 business day. This doesn't mean the check has actually CLEARED where the funds have been pulled from the check writers bank, but it means you are "allowed" to use those funds. Non-local is typically 2 days. TCF is a kiddy pool in the banking world.

Buzz wrong again lol. It is not discretionary. Look up "The Expedited Funds Availability Act". The feds are very clear about what can be held and how long.

-Geoff

 

[WhiteHawk]

Youre mistaking a certified check for a plain cashiers check. A cashiers check can have a stop payment put on it just like any other check. A certified check cant have a stop payment put in place...the funds are gauranteed.

From the Federal Statute:

(5) Cashier’s check
The term “cashier’s check” means any check which—
(A) is drawn on a depository institution;
(B) is signed by an officer or employee of such depository institution; and
(C) is a direct obligation of such depository institution.

That is the one I am talking about.

-Geoff

 

[CMYZ28]

Buzz wrong again lol. It is not discretionary. Look up "The Expedited Funds Availability Act". The feds are very clear about what can be held and how long.

-Geoff

I don't go to your work and tell u how to do your job, you shouldn't do that either.. Here's the wording for EXCEPTIONS which any bank can use. :lo: PS, I'M not sticking up for TCF they suck butt and their check holds are ridiculously long for all customers lol

For certain types of deposits, Regulation CC permits financial institutions to delay, for a “reasonable period of time,” the availability of funds. A “reasonable” time period is generally defined as one additional business day (making a total of two business days) for on-us checks, five additional business days (total of seven) for local checks, and six additional business days (total of eleven) for nonlocal checks; your institution may impose longer exception holds, but you may have the burden of proving that they are “reasonable.”

If you decide to hold funds beyond the period specified in your institution’s general availability policy, you must give the customer a notice at the time of the deposit explaining why the funds are being held and when they will be available. If the deposit is not made in person to an employee of your institution or if you decide to extend the time when deposited funds will be made available after the deposit has been made, you must mail or deliver the notice to the customer not later than the first business day after the banking day on which the deposit is made.
Deposits of cash and electronic payments are not eligible for exception holds. The six types of deposits that are eligible are

• Large deposits (greater than $5,000) — Any amount exceeding $5,000 may be held. Your institution must make the first $5,000 of the deposit available for withdrawal according to your availability policy and the remainder within the “reasonable” time frames discussed above.
• Redeposited checks — May be held unless the check was returned because an endorsement was missing or because the check was postdated. In such a case, if the deficiency has been corrected, the check may not be held as a redeposited check.
• Deposits to accounts that are repeatedly overdrawn — An account may be considered repeatedly overdrawn and items may be held if
  1. On six or more banking days during the previous six months the account had a negative balance, or would have had a negative balance had checks and charges been paid, or
  2. On two or more banking days during the previous six months the account balance was negative in the amount of $5,000 or more, or would have been had checks and charges been paid.
• Reasonable cause to doubt the collectibility of a check — Doubtful collectibility may exist for postdated checks, checks dated more than six months earlier, and checks that the paying institution has said it will not honor. The general criterion for doubting collectibility is “the existence of facts that would cause a well-grounded belief in the mind of a reasonable person” that the check is uncollectible. The reason for your belief that the check is uncollectible must be included in your notice to the customer.
• Checks deposited during emergency conditions that are beyond the control of your institution — Such checks may be held until conditions permit you to provide availability of the funds. Examples of emergency conditions are natural disasters, communications malfunctions, and other situations that prevent your institution from processing checks as it normally does.
• Deposits into accounts of new customers (open for less than 30 days) — Next-day availability applies only to cash, electronic payments, and the first $5,000 of any other next-day items; the remaining amount from next-day items must be available by the ninth business day. You may choose any availability schedule for deposits of local, nonlocal, and on-us checks into the accounts of these new customers.

 

[knievel]

Most often the deposit receipt will state when funds are available.... most saying
"next day" or "next business day" depending on the time of the deposit

I would base any complaints off of that

 

[CMYZ28]

Most often the deposit receipt will state when funds are available.... most saying
"next day" or "next business day" depending on the time of the deposit

I would base any complaints off of that

The phamplet he was given at account opening would lay it all out, even if they didn't talk to him about it, to cover their butt basically. No one needs to bank 7 days a week with long hours. If you can't do MOST of your banking at traditional hours or an atm , then u need to find a new bank.

 

[WhiteHawk]

I don't go to your work and tell u how to do your job, you shouldn't do that either.. Here's the wording for EXCEPTIONS which any bank can use. :lo: PS, I'M not sticking up for TCF they suck butt and their check holds are ridiculously long for all customers lol

Just pointing out you were wrong when you said check holding was discretionary. It is well regulated.

-Geoff

 

[KimKim]

Just pointing out you were wrong when you said check holding was discretionary. It is well regulated.

-Geoff

I'll just point out that you are wrong when you say it is illegal to hold payroll checks. Payroll checks can be just as unreliable as personal checks especially in this economy. I've seen bank after bank hold them, there is no special exception for payroll vs. personal checks.

I stopped cashing checks at the liquor store I was working at because we were getting bad checks left and right (all payroll) not to mention there was recently a douchebag that counterfeited Burger King payroll checks and took them around cashing them, everyone got hit hard on that deal.

 

[CMYZ28]

Just pointing out you were wrong when you said check holding was discretionary. It is well regulated.

-Geoff

If it makes u feel better, maybe my wording was wrong because I assume people know more about banking than they actually do. Next time i'll use smaller words, and more of them haha.

I'll just point out that you are wrong when you say it is illegal to hold payroll checks. Payroll checks can be just as unreliable as personal checks especially in this economy. I've seen bank after bank hold them, there is no special exception for payroll vs. personal checks.

I stopped cashing checks at the liquor store I was working at because we were getting bad checks left and right (all payroll) not to mention there was recently a douchebag that counterfeited Burger King payroll checks and took them around cashing them, everyone got hit hard on that deal.

Payroll/cashier's checks are the MOST counterfeited item. Ford/GM/ETC are all common checks and when people see them, they are less likely to look them over as clearly due to how many are in circulation each week. If i wanted to hold a cashiers check for a week or 10 days, i could. Also calling to verify a check doesn't mean anything, when the check is actually presented for payment, stop payments,nsf etc all could occur by that time. I also had a fradulant check pass thru a valid account last week that i stopped even though nothing at all was improper on the check except that it wasn't actually written by the account signers.

 

[Crazzy_Al]

These banking threads amuse me. :lol:

 

[WhiteHawk]

I'll just point out that you are wrong when you say it is illegal to hold payroll checks. Payroll checks can be just as unreliable as personal checks especially in this economy. I've seen bank after bank hold them, there is no special exception for payroll vs. personal checks.

I was wrong about the payroll checks, but I am not a banker either. I knew there were specific rules though. I looked them up, there are very specific Federal Laws about the kinds of checks you can hold and how long. That was my point.

-Geoff

 

[CMYZ28]

I was wrong about the payroll checks, but I am not a banker either. I knew there were specific rules though. I looked them up, there are very specific Federal Laws about the kinds of checks you can hold and how long. That was my point.

-Geoff

And there are exceptions too.. Say my work had a stream of bad cashiers checks lately from random customers, i could say that i wanted to hold each one for 10 days if i wanted to. That's all the proof i'd have to provide. If an extended hold is placed, the customer must be notified at the time the hold is placed, unless it's deposited into an ATM

 

[kovacs32]

going up to TCF tomorrow to open up a joint account with my girlfriend.

 

[CMYZ28]

going up to TCF tomorrow to open up a joint account with my girlfriend.

I"m sorry to hear that lol

 

[raroz28]

So I went to TCF today and they're holding my money until Monday of next week.

The girl told me "It's only 5 business days."

Yeah, but it's 9 days to me since I Put that money in. Unbelievable. I told her thank god I don't need bail money.

So next week I'm taking my money out and going to a real bank.

Crazy Al is right. He's in the business, he knows this shit, and as much as people might hate the BIG banks over their corporate BS, they're the best and all you can really trust.

The girl told me WHY they hold it, and it sounded to me like I'm with a bank with absolutely no financial strength.

Never thought I'd go back to Chase.

 

[Crazzy_Al]

So I went to TCF today and they're holding my money until Monday of next week.

The girl told me "It's only 5 business days."

Yeah, but it's 9 days to me since I Put that money in. Unbelievable. I told her thank god I don't need bail money.

So next week I'm taking my money out and going to a real bank.

Crazy Al is right. He's in the business, he knows this shit, and as much as people might hate the BIG banks over their corporate BS, they're the best and all you can really trust.

The girl told me WHY they hold it, and it sounded to me like I'm with a bank with absolutely no financial strength.

Never thought I'd go back to Chase.

Let me know when you wanna come in and open a new account with me.