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Overdraft Fee Rules Scare TCF Shareholders
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Post Overdraft Fee Rules Scare TCF Shareholders 
http://tinyurl.com/nx32of

TCF Bank shareholders are worried that proposed Federal limits on overdraft fees will seriously impact the bank's profitability.

Poor things. TCF has long been notorious as a bottom feeder looking for customers among the most poor, ignorant and vulnerable, opening checking accounts for virtually anyone with a pulse, and for years has been notorious for bounced NSF checks from its customers.

In the interest of full disclosure, I'll note that my college aged daughter was recently burned by this kind of scheme at a different bank. She deposited her paycheck on a Friday and went on a weekend trip. She used her debit card freely, and every transaction went through. On her return, she was rather stunned to learn that she had been assessed $400 in overdraft charges because of the holding period on deposited checks. Granted, she should have learned about their policy. Then again, if there were no credited funds in her account, they shouldn't have kept on approving all the purchases with one hand and printing out overdraft fee notices with the other.

Pretty hard to call a business ethical when they are shaken to their financial foundations by their reliance on customers mismanaging accounts and paying high penalties for it. Such a business would seem right at home located between a pawn shop and a rent-to-own furniture store.

It's also pretty hard to buy the industry's claims that technology doesn't exist to prevent overdrafts on debit purchases. Processing machines are deadly efficient at putting a screeching halt to purchases when you've hit your credit limit. Given the real-time nature of debit transactions, it doesn't seem all that tough to create technology that would deny a purchase if it exceeded the available balance. Try taking out more cash than you've got in your account at an ATM, and see how fast they are able to check your balance and print out a "Get Lost, Deadbeat" slip for you.

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Debit cards are for suckers.

Get a real credit card with a cash-back or points/miles scheme, and then use it as if it were actually a debit card - pay it in full each month and don't spend money you don't really have.

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Post Re: Overdraft Fee Rules Scare TCF Shareholders 
thrice wrote:
It's also pretty hard to buy the industry's claims that technology doesn't exist to prevent overdrafts on debit purchases.


Yeah anyone in the banking industry telling you that is basically full of crap. Overdrafting at US Bank is an opt-out feature. It's one of their closely guarded secrets.

Speaking of technology and the banking industry, it saddens me that Bank of America is owned by Wal-Mart because they've got some slick shizzle going on. Pretty much any bank allows you to make deposits at ATMs. Bank of America takes it a step further. When you deposit a check at a Bank of America ATM, you just put the check itself in the ATM. The ATM scans the check in and the entire transaction is taken care of electronically right there. It's a beautiful thing.

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Debit cards are for suckers.
-citizenx

I suspect we'll all be suckers soon, then, unless we carry cash. The number of places accepting paper checks is rapidly growing smaller, and I expect them to be extinct within 5-10 years tops. Too easy to steal, reproduce, and forge, with a significant time lapse before it's detected. Too easy to buy blank check stock and print checks on any account you like. They're doomed.

We'll all be carrying biometrically identified payment cards in the near future, or paying by fingerprint impression as some vendors allow now- including Cub Foods. Sign o' the Beast.

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Sorry let me clarify.

Checks are for suckers too.

Use a true credit card everywhere you can. But just keep it under control.

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