The Rowdy One

Saturday, January 20, 2007

TCF Bank: The worst bank on Earth

OK, I haven't been to every bank on the planet, so it is at least possible (thought not likely) that there are one or two that may be worse. But based MY experiences, I believe there can't possibly be a worse financial institution than TCF Bank. (That is, unless there is one that simply auto deletes your money as it is deposited.)

First, the great irony. TCF is supposed to stand for: The Customer First.

So, how did the bank chain that operates in Minnesota, Illinois, Michigan, Wisconsin, Colorado, and Indiana -- and soon, I've learned, Arizona -- "put me first" in the near two years I banked with them?

When we signed up, it was because they were close to our home -- AND they had the most aggressive savings rates in the area. Ah, but now the catch. TCF sucks you in with a great rate. But after two or three months, the bank would drop the rate on our savings account to a mere fraction of a percent (at one point, we were dropped to 0.1%).

So, I would pay a visit to the bank, upon which time they would inform me of a "new" savings account I could move into that had a better rate. But guess what would happen would I would move our money there? If just a few short months, it'd happen again.

The password is: Weasels.

The last straw was when I went in to withdraw a few hundred dollars, and I was informed I would have to pay a $4 cashier's check fee to do so.

When I went to close my account a couple weeks later, the branch manager -- who like the majority of the bank's employees, was, incredibly nice -- expressed his own frustrations with his bank's slimy practices. Another former TCF employee, who now works at our new bank, told me, "It usually takes about two years, but eventually people figure out the games they play."

This former employee also shared that the bank's fee-raising, interest-lowering practices in Colorado were an effort to fund its new locations in Arizona. Very nice.

Arizonans, here's my advise. TCF more accurately stands for: The Crooked Financiers. Run far. Run fast. But most of all, run away from TCF.

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5 Comments:

  • You are weird, even your blog is weird!!!! I have banked with TCF for 23 years and have NEVER had ANY problems. Maybe the problem is YOU! You aren't always No.1 get over yourself!!!!!!

    By Anonymous Anonymous, at 6:08 AM  

  • Dear Anonymous ... I have no doubt that it's frustrating to have spent the last 23 years working for a financial institution that doesn't do what it promises, that being to "put the customer first." I would be frustrated too. I'd suggest you do what the bank manager of our TCF bank did and get a job at a better, more forthright, neighboring bank.

    By Blogger The Rowdy One, at 7:37 PM  

  • Your blog keeps getting better and better! Your older articles are not as good as newer ones you have a lot more creativity and originality now. Keep it up!
    And according to this article, I totally agree with your opinion, but only this time! :)

    By Anonymous Anonymous, at 1:22 PM  

  • Well TCF, a new class action lawsuit I am sure will be coming your way thanks to your new daily overdraft fees of $28 a day!! I have been a customer for over 15yrs and I will be closing my account and going with my local credit union. Enjoy the money you have stole from me and you can keep the .02 cents of interest I'm getting on my crappy savings account! When is someone going to bail out the hard working citizens of America instead of these greedy, self-serving BANKS!!!

    By Anonymous Anonymous, at 4:14 AM  

  • Well TCF, a new class action lawsuit I am sure will be coming your way thanks to your new daily overdraft fees of $28 a day!! I have been a customer for over 15yrs and I will be closing my account and going with my local credit union. Enjoy the money you have stole from me and you can keep the .02 cents of interest I'm getting on my crappy savings account! When is someone going to bail out the hard working citizens of America instead of these greedy, self-serving BANKS!!!

    By Anonymous Anonymous, at 4:14 AM  

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