Consumer complaint received 2017-11-16
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: TCF NATIONAL BANK (MN)

Some time ago I overdrafted my account because of a check that posted that I 'd forgotten about. I learned in that call to TCF Bank that physical checks will not show pending. They simply post to the account once they are processed. 

I overdrafted my account another time and in my call to TCF Bank I learned that they post physical checks between 10pm and Midnight. 10pm is the cutoff for deposits and transfers, even internal bank transfers, so if you do n't have enough money in your account to cover checks posting after 10pm, you can expect an overdraft fee. Not an ideal policy in my mind, but I have a choice to bank or not to bank with TCF. Keep in mind however, not everyone has this choice. TCF Bank is one of a few banks that does not reference ChexSystems. ( More than 80 % of banks and credit unions use consumer reports from ChexSystems and other agencies to help them decide about bank account applicants. Banks and credit unions share information about these individuals and whether the institution closed their accounts. ) The reason I am writing this complaint is because of my most recent overdraft. I have been working to complete the trust accounting to solidify the balance of a transfer from XXXX to XXXX, and as of XXXX XXXX XXXX, my operating account had a balance of {$460.00}. 

I went to bed relieved that I had at least 1 more day to finish and make the complete transfer before any recent checks posted. To my disbelief, I woke up this morning to see 5 checks posting to my operating account dated XXXX XXXX, overdrawing my account to the tune of {$1800.00}. I transferred {$2000.00} of monies free and clear from trust, when I was planning on just finalizing the exact number today, and I promptly called TCF for an explanation. 

The explanations are confusing, but in a nutshel, I was advised by the first rep that checks began processing on the XXXX and post between midnight and 6am today XXXX XXXX. She explained that they are dated for the XXXX because that is when they began processing??? I was processing my trust accounting yesterday to transfer today, does that mean I get to defy the laws of time and space and backdate my transfer as if it occurred yesterday? But I digress ... 

The next rep I spoke to explained again the XXXX cutoff for deposits, and the fact that processing checks begins after XXXX but could n't explain why there were no checks posted by the end of XXXX XXXX according to the online banking. She told me that online banking is not delayed, she stated that she could not tell me the actual time the checks posted, but she did state that if they are showing that they posted on the XXXX, then they most of posted on the XXXX, contrary to what the previous rep stated when she explained checks processed yesterday can post between midnight and XXXX. 

I have a recording of the conversation attached to this complaint. I simply want to understand TCF policy on debits and credits, and I want to know if there is any regulation supporting their policy which in my opinion is clearly in direct conflict with what would be in the best interest of the consumer.