Consumer complaint received 2017-05-05
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: TCF NATIONAL BANK (MN)

What a nightmare situation. On the last week of  XXXX  I accepted a subscription for {$120000.00}. Paperwork prepared by our company attorney. I received a series of personal checks from the investor from different accounts equaling the {$120000.00}. On  XXXX ,  XXXX  I made the deposit at a branch TCF bank. Prior to the deposit I had a positive balance, money that cleared a year ago, in the thousands. On  XXXX ,  XXXX  my account had been put in the negative the {$120000.00} plus my available balance. I called and spoke to a rep who was very helpful in explaining this was not normal and that my original balance would be made available again the morning of  XXXX ,  XXXX  and the deposit of {$120000.00} should be available the morning of Friday the  XXXX ,  XXXX . On  XXXX ,  XXXX  the deposit of {$120000.00} was not made available so I called to see what the status was. I was told by a rep that I would need to ask my investor to get verification of the checks from his banks in order to release the funds. Meanwhile TCF had already contacted the issuer themselves to verify he had issued the checks. My investor stated he did issue the checks and those funds had already been taken out of his account on  XXXX ,  XXXX . On  XXXX ,  XXXX  I received a letter from TCF stating it had the deposit of {$120000.00}, they released {$5000.00} of it and the rest would be made available on  XXXX ,  XXXX . On Saturday the  XXXX  of  XXXX  I noticed the deposit and my original balance had been released. Keep in mind I own an upstart and these funds were what we needed to green light our project. Ive been working on my company for over 750 days to get to this point. In the morning of Monday  XXXX ,  XXXX  I gave my vendors the go ahead to move forward. At around  XXXX  pm Monday  XXXX ,  XXXX  I check my balance to find out TCF put a hold on my entire balance again, the {$120000.00} deposit along with my already cleared funds. I called TCF only to get a run around and the only information anyone would give me was it was In Review On Wednesday  XXXX   XXXX  I went to a branch location to see if I could get some help figuring out whats going on. I met with the  Assistant Manager  of that branch and she was trying to be very helpful. I explained the situation and she confirmed something wasnt right. She made a phone call and was told the account was In  Review  and that it would all clear by  XXXX   XXXX . She had no clue why the bank would hold funds already cleared so she recommended she talk to he r manager and see if they could release some of those funds. I stated I didnt need the funds as much as I needed to get the situation resolved. She went and spoke to her manager and her manager came to speak to me. The manager  of that branch was cold, calculated and lacked the empathy one would expect given the situation. Kept giving me the standard  theres nothing we can do and I understand your frustration She then contradicted the information given to the assistant manager and s aid they didnt know when the account would clear and that is was In Review On  XXXX   XXXX  I visited the same location to drop of bank statements given to me by my investor showing all of the funds had been released to TCF on  XXXX   XXXX . I spoke to the same assistant  manager and she faxed and called to check the status. She said all she can tell me was the account is In Review Since then I cant get any answers and my attorney has sent a letter via email and mail. We still cant get any answers and today is 22 days since the deposit. I get TCF has The Right but does having the Right make this right? How is it I get no answers, no correspondence and no path to resolution? Now, Ive green lighted my projects, vendors are getting antsy and my credibility is on the line all because TCF doesnt extend a professional courtesy. Also, I started this account over a year ago with a deposit of several personal checks equally {$64000.00} and that was cleared within two bu siness days. To date,  XXXX   XXXX ,   XXXX   no one from  TCF has attempted to contact me given this situation and our company attorney has attempted to make contact with TCF 's  Lead counsel with no avail.  XXXX   XXXX  has made no attempt to help resolve this issue or has offered any explanation.