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Arden
לנשום

Registered: 09/01/08
Posts: 7,666
Loc: Α & Ω
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Re: TCF Bank should be considered a criminal organization [Re: mindovershrouded]
#13460314 - 11/09/10 07:07 PM (13 years, 3 months ago) |
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Once you spot a flaw in the system you realize that whole damn thing is pretty shady. The economy is like a game of Jenga played by mean, old people with Parkinson's.
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LicHmicrO
Simply Scrumptious



Registered: 05/26/09
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Loc: Ky, USA
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Re: TCF Bank should be considered a criminal organization [Re: Arden]
#13460324 - 11/09/10 07:11 PM (13 years, 3 months ago) |
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Reading stories like this is why I will never, ever own a plastic currency card; be it credit or debit.
I'm reluctant to even accept gift cards.
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Funguspants
Stranger


Registered: 05/31/10
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Re: TCF Bank should be considered a criminal organization [Re: Solemente]
#13460907 - 11/09/10 08:54 PM (13 years, 3 months ago) |
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Quote:
Solemente said: Naaa. TCF is the suck. Most other banks I've had accounts with if I overdrafted(which happened rarely) I could go in and sometimes get them to drop it or something.
TCF didn't give one shit about it. When I was closing my account with them I spent the rest of the money in my account which was only a few dollars. I bought a taco or something making sure that I would have at least a enough left to make sure I didn't overdraft.
I guess I miscalculated or something and my checking account went over by literally 2 cents. Since I was not using my TCF account anymore I never checked it(my fault), but I never got a statement, call, or anything about that overdraft from them either.
Six months later I'm getting calls/letters from a collection agency for 150 dollars for that 2 cent overdraft.
My fault, but still was a bit ridiculous.
now thats some shit dude fuck that sucks
ive overdrawn before, just once, its obnoxious because no matter the amount at my place you get the same fine. how ever their a bit lienent and you have x amount of times to fuck up
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      AWWWWWWWWWL DAY SUCKA WAT "I... I don't want to die" "BITCH SOMETIMES WE GOTTA DO THANGS DAT WE AINT WANNA DO"
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Enthrall
Mr ?


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Re: TCF Bank should be considered a criminal organization [Re: Funguspants]
#13460914 - 11/09/10 08:56 PM (13 years, 3 months ago) |
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Lol due to the new banking regulations my bank can no longer charge overdraft fees without my consent
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Madtowntripper
Sun-Beams out of Cucumbers



Registered: 03/06/03
Posts: 21,287
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Re: TCF Bank should be considered a criminal organization [Re: c1dh3d]
#13460944 - 11/09/10 09:03 PM (13 years, 3 months ago) |
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If you can't handle your cash, drop your overdraft protection so your shit just gets denied if there are insufficient funds.
But really, it's your own job to manage your money.
It's not that hard.
-------------------- After one comes, through contact with it's administrators, no longer to cherish greatly the law as a remedy in abuses, then the bottle becomes a sovereign means of direct action. If you cannot throw it at least you can always drink out of it. - Ernest Hemingway If it is life that you feel you are missing I can tell you where to find it. In the law courts, in business, in government. There is nothing occurring in the streets. Nothing but a dumbshow composed of the helpless and the impotent. -Cormac MacCarthy He who learns must suffer. And even in our sleep pain that cannot forget falls drop by drop upon the heart, and in our own despair, against our will, comes wisdom to us by the awful grace of God. - Aeschylus
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c1dh3d
The elephant is BACK




Registered: 07/15/08
Posts: 5,229
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Re: TCF Bank should be considered a criminal organization [Re: ifoundwaldo]
#13461260 - 11/09/10 10:16 PM (13 years, 3 months ago) |
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This is from where I live, you don't need to read but 1-2 paragraphs to get the point:
http://minnesota.publicradio.org/display/web/2010/09/08/tcf-lawsuit-debit-cards/
Quote:
St. Paul, Minn. — TCF Bank, the Twin Cities' third-largest bank, is facing a lawsuit about how it handles debit card transactions.
The lawsuit accuses TCF of processing transactions in a way that maximizes the fees consumers have to pay. Instead of clearing transactions in chronological order, the bank allegedly groups them together and processes them by amount, from the highest to lowest, which can result in many unexpected overdraft charges for customers.
Kim Pellet, 30, of Savage, figures she's paid over $1,000 in overdraft fees to TCF in the past six years or so. That just didn't make sense to her.
She often asked TCF to explain the overdrafts, but she found the answers bewildering.
Eventually, a bank employee told how it happened. The employee said TCF processes transactions not in the order they occur made but by their amount.
Critics say that by processing the biggest-dollar transactions first, the bank drains a customer's account faster.
As a result, depositors end up overdrawing their accounts more. People like Pellet find it harder to keep track of how much money they have -- and end up paying more overdraft fees.
"What they're doing is the equivalent of thievery," Pellet said. "I think they need to be more honest about how they're going to handle their customers' money."
Pellet said she never expected her bank would process her debit transactions in anything but the order in which they were made.
"I was shocked," she said. "I didn't even realize this was a practice that occurred in the banking industry."
Pellet is suing TCF in Hennepin County District Court, hoping to recover what she says were unjust and unwarranted overdraft fees.
TCF said it had no comment at this time, but it said it will respond soon in court.
Fees are very important to TCF. The bank took in about $80 million in overdraft and other account fees in a three-month period earlier this year.
Pellet's lawyer, Marshall Tanick, said he hopes to turn the lawsuit into a class action representing all TCF customers. And Tanick said similar lawsuits could be coming against other banks operating in the Twin Cities.
Tanick notes there's been a surge in lawsuits about the practice of processing transactions from the highest to lowest amount.
"There's been national litigation involving about three-dozen different banks. And recently in California, there was a $200 million judgment entered by a judge against Wells Fargo for precisely this same kind of practice," Tanick said.
In his ruling, U.S. District Judge William Alsup blasted Wells Fargo. He wrote that high-to-low posting was used and is still being used by Wells Fargo as a "snare for the unwary."
He added, "The only motives behind the challenged practices were gouging and profiteering."
A Wells Fargo spokeswoman says the bank is appealing the court ruling.
Different banks process transactions in different ways. Some do them by amount. Some, by date. Some, by type of transaction.
"Well, the FDIC did a survey and most banks actually pay the smallest transaction first," said Tess Rice, general counsel for the Minnesota Bankers Association. "It's a little bit over a half. And there's about a quarter of banks that do the largest payments first."
With recent changes in banking rules, customers are exposed to overdraft fees for debit and ATM transactions only if they sign up for overdraft protection. Otherwise, if a customer doesn't have enough money in his or her account, a transaction is declined.
In the past, banks automatically enrolled customers in overdraft plans. Now, banks have to get customers to sign up for them.
As of mid-July, TCF said about 50 percent of its customers had chosen overdraft protection.
Kathleen Day, a spokeswoman for the Center for Responsible Lending, a nonprofit, nonpartisan research and policy organization, said the government should require banks to process transactions in the order in which they occur. They should tell consumers about less-expensive ways to cover overdrafts, she said.
"Banks typically have lower-cost alternatives tied to your saving account or a revolving line of credit that is much cheaper than this flat-fee overdraft protection that most banks have been offering," Day said. "They just don't tell consumers about it."
A recent study by federal regulators found about five percent of consumers account for nearly 70 percent of overdraft charges. They tend to be the poor, elderly and students.
Nationwide, overdraft protection fees have averaged about $34 per incident. The fees are worth tens of billions of dollars to banks every year. But if more lawsuits prevail, the fees that make consumers smart will start stinging the banks that have been profiting from them.
It's not necessarily about how I handle money, but about how TCF process transactions
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c1dh3d
The elephant is BACK




Registered: 07/15/08
Posts: 5,229
Loc:
Last seen: 8 months, 20 days
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Re: TCF Bank should be considered a criminal organization [Re: c1dh3d]
#13461448 - 11/09/10 11:00 PM (13 years, 3 months ago) |
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Assuming noone is going to read all the way through it, if you feel TCF dogged your ass, contact Marshall Tanick (google the name for contact info), he is the attorney handling this lawsuit and is trying to turn this into a national litigation. I will be contacting him in the morning!
Fuck TCF, lets take their fucking money for once
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Madtowntripper
Sun-Beams out of Cucumbers



Registered: 03/06/03
Posts: 21,287
Loc: The Ocean of Notions
Last seen: 6 months, 25 days
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Re: TCF Bank should be considered a criminal organization [Re: c1dh3d]
#13462419 - 11/10/10 05:16 AM (13 years, 3 months ago) |
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Quote:
c1dh3d said: This is from where I live, you don't need to read but 1-2 paragraphs to get the point:
It's not necessarily about how I handle money, but about how TCF process transactions 
But even the article says if you would just drop your overdraft protection, you would never have this problem.
Ever.
-------------------- After one comes, through contact with it's administrators, no longer to cherish greatly the law as a remedy in abuses, then the bottle becomes a sovereign means of direct action. If you cannot throw it at least you can always drink out of it. - Ernest Hemingway If it is life that you feel you are missing I can tell you where to find it. In the law courts, in business, in government. There is nothing occurring in the streets. Nothing but a dumbshow composed of the helpless and the impotent. -Cormac MacCarthy He who learns must suffer. And even in our sleep pain that cannot forget falls drop by drop upon the heart, and in our own despair, against our will, comes wisdom to us by the awful grace of God. - Aeschylus
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Rocker232
Stranger


Registered: 10/17/08
Posts: 6,631
Last seen: 12 years, 6 months
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Re: TCF Bank should be considered a criminal organization [Re: Madtowntripper]
#13462457 - 11/10/10 05:32 AM (13 years, 3 months ago) |
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Quote:
Madtowntripper said:

If you can't handle your cash, drop your overdraft protection so your shit just gets denied if there are insufficient funds.
But really, it's your own job to manage your money.
It's not that hard.
This. A law was passed recently that required banks to allow you to just let it deny.
If you have almost $300+ in overdraft fees its on you man. Be aware of your shit.
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With Allure I Look to the Sky With Awakened Eyes
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c1dh3d
The elephant is BACK




Registered: 07/15/08
Posts: 5,229
Loc:
Last seen: 8 months, 20 days
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Re: TCF Bank should be considered a criminal organization [Re: Rocker232]
#13462494 - 11/10/10 05:50 AM (13 years, 3 months ago) |
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My overdrafts have been applied on the days that I have put money into the account instantly, before I could disput them, and my records will show that. When I went in to close my account, I had 3 lingering charges for no more than $15 total from almost 2 weeks ago.
A similiar lawsuit in Cali was filed, won, and awarded 200Mil not long ago for the exact reason this one is getting filed. Are you guys saying I should just accept the fact I'm bad at math and not hop on this lawsuit?
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badchad
Mad Scientist

Registered: 03/02/05 
Posts: 13,374
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Re: TCF Bank should be considered a criminal organization [Re: c1dh3d]
#13462522 - 11/10/10 05:57 AM (13 years, 3 months ago) |
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Depends on what your agreement says.
My bank clearly states that "funds deposited may not be immediately avilable for withdrawal." This is often the case for many banks.
Your first thought is to sue, sue, sue. I'd take a look at the agreement before I went that route. Usually, all these charges are layed out and explained in specific detail.
How can you sue somebody for something you voluntarily agreed to? This entire mess was easily avoidable. Just take a moment to read the fine print befoer you sign on to your next account.
-------------------- ...the whole experience is (and is as) a profound piece of knowledge. It is an indellible experience; it is forever known. I have known myself in a way I doubt I would have ever occurred except as it did. Smith, P. Bull. Menninger Clinic (1959) 23:20-27; p. 27. ...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely. Osmond, H. Annals, NY Acad Science (1957) 66:418-434; p.436
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c1dh3d
The elephant is BACK




Registered: 07/15/08
Posts: 5,229
Loc:
Last seen: 8 months, 20 days
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Re: TCF Bank should be considered a criminal organization [Re: badchad]
#13462543 - 11/10/10 06:03 AM (13 years, 3 months ago) |
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There is a suit already filed, from a private party to TCF, that the attorney has publicly stated he wants to turn into a class action lawsuit. I don't know what the rules and regulations are, but if an attorney decided to strike this up as a national class action lawsuit, I am guessing that these sort of road bumps would have been mapped out - especially something as standard as this.
Someone on facebook said they signed something upon opening their account that explained that they completely waive any legal right, and that any and all disputes will be handled through the bank - I think that is bull shit. I don't believe that anyone can just completely waive their rights to legal recourse towards a financial institution.
If you can site your source, please prove me wrong, so I can bring this up with the attorney this morning.
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badchad
Mad Scientist

Registered: 03/02/05 
Posts: 13,374
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Re: TCF Bank should be considered a criminal organization [Re: c1dh3d]
#13462583 - 11/10/10 06:19 AM (13 years, 3 months ago) |
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From the above media clip, it sounds like the dispute has to do with the way transactions and fees are charged. IF I were the bank, AND I had explained these charges in the user agreement, my defense would simply be: "they knew it, they voluntarily agreed to it".
The lawsuit may argue the way fees are charged is unfair, and/or that you had no reasonable of knowing what these charges were. I'd ask the attorney7 teh details of the case.
And sure, you can waive legal rights, people do it all the time in things like healthcare etc.
-------------------- ...the whole experience is (and is as) a profound piece of knowledge. It is an indellible experience; it is forever known. I have known myself in a way I doubt I would have ever occurred except as it did. Smith, P. Bull. Menninger Clinic (1959) 23:20-27; p. 27. ...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely. Osmond, H. Annals, NY Acad Science (1957) 66:418-434; p.436
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