“The bank account was supposed to teach 18-year-old Daniel Ganziano about fiscal responsibility.
In the end, the McCullom Lake teenager said he learned just one thing: Don’t trust banks.
Ganziano’s tough economic lesson began last year, when his mom urged him to set up a savings account with the TCF Bank in the nearby Jewel grocery store.
At first things went smoothly, but as the money in his account dwindled, he began to ignore it. By fall, Ganziano had just $4.85 left in the account — too little to withdraw from an ATM — so he let it sit.
He had all but forgotten about the account until he received a letter from TCF on Oct. 12 saying six days earlier, it had charged him a $9.95 “monthly maintenance fee” because his account had too little money in it.
The $9.95 charge made his account overdrawn by $5.10, which triggered another fee. At TCF, any account overdrawn by more than $5 is charged a $28-a-day overdraft fee. The net result: Ganziano was $33.10 in the hole.
By then, his nascent savings account was in a downward spiral. At $28 a day, the charges were adding up quickly.
When he and his mother went to the nearest branch that weekend to close the account, they were told they would first have to pay the accumulated fees, which totaled $229.10.”
Not going to get into the politics of this, but this is partly the result of the “Dodd–Frank Wall Street Reform and Consumer Protection Act”.
Democrats/Liberals have a very long and successful record of hurting consumers when they “try to protect the consumer”.
My recent experience with TCF Bank………….
I had a free checking account with TCF for about 6 years. I set this account up to have it connected to my PayPal account for selling on EBay. I did not want my real checking account connected just in case something went wrong and some goons from Eastern Europe got into it !!
(I personally new a Russian in America that was skimming credit cards for the Bulgarian mafia !!!)
I also had $25.00 a week of direct deposit from my work check so that I could easily get cash (I don’t like taking cash directly out of my real account for various reasons).
Any time that I used the ATM to get money out, I would enter it in my financial software and check the balance.
One day when just checking my balance on the ATM, I saw that I was $19.90 off !!!!! This was hard to accept because of my compulsion for managing my money. Was it possible that I had made a $20.00 withdrawal without accounting for it??!!?? (not likely!)
The next time that I went a TCF branch I asked them to print the last several months of activity. What I found was that for the past two months, I had been charged a $9.95 fee !!!!!! I asked what that was and I was told that was a new fee for all accounts. I immediately closed the account and took my $300 and left.
The next day at work I ended my direct deposit to TCF (This was on a Tuesday). When I checked my direct deposit for my real account that following Friday and saw that the $25 did not appear there, I just presumed that sometime in the near future, it would get bounced back to the payroll department or something like that.
Well, move ahead about 3 weeks and the $25 did not come back. I then went back to the TCF branch and explained it to them and asked if it had shown up at TCF. And it had. Now the “funny” part is that I was told that since the direct deposit reopened the account another $9.95 was applied and that I only had $15.05 in my account !!!!!!!!!!!!!
With the most serious look of incredibility I could muster, I said “You have got to be kidding me????” The teller was the one that I had closed the account with and a person that I had regularly done transactions with at that branch, so he was very familiar with me. He said he could talk to the manager there and reverse the fee and give me my ENTIRE $25. And I replied,”Damn right”.
Being the notorious, cheap bastard that I am (and proudly so) I walked away with all of my $25. And I still chuckle today as to how a “closed account” could be reopened without my consent.
If you watch your nickles and dimes, the dollars will take care of themselves !!