How to Avoid the Major Cost of TCF Bank Wire Transfer Fees
Some banking fees are to be expected. However, many banks today charge a small fortune just to hold your money. Banks charge for everything and when you do the math, it gets crazy expensive.
Just consider the cost of TCF Bank . If you transfer money once a month to a relative to help them out, you may be spending $360.00 in just fees. Not to mention the cost of however much you want to send. If you are sending internationally, the price goes up even more.
Admittedly, banks have to make money somehow to pay their employees and other costs, but do they really have to add fees everywhere, especially at such a high cost? If you are frustrated over the high cost, you may have other options. can help you find all those options and make them work for you.
What Is a TCF Bank Wire Transfer Fee?
or wire payments allow you to send money quickly to someone. It is safe, fast, and more secure than trying to send money through other means. The catch is that these transfers often require you to send from one bank to another, and charges may be acquired on both ends of the transfer or transaction.
Wire transfers will typically fall into one of two types. They are going to be either:
- Domestic . These transfers are done within the same country and from one bank to another. Processing may only take a few minutes and funds can be deposited within a couple of hours. The reason for the lapse is that it must be processed through the ACH (Automated Clearing House).
- International Wire Transfers. These transfers take place between one financial institution in one country and one in another country. They may take longer to process and go through because they must clear not just the ACH, but the foreign equivalent of it.
Some, but not all, wire transfers require the use of the ACH, but all wire transfers will still be costly for the sender and sometimes the recipient. The ones that do not process through the ACH will be instant transfers.
The ACH is an electronic funds transfer system that is based in the United States. It is the middleman in your wire transfer. You pay your financial institution the money you wish to send, and the fees associated with it. The bank sends a notification to the ACH, and it will be sent to the recipient from there.
Why Do You Have to Pay a TCF Bank Foreign Transaction Fee?
Sending a wire transfer is not cheap. Banks, often on both ends of the transaction, will want some money for their fees. Therefore, your bank, whether you use TCF or some other one, will have a minimum fee for wire transfers. The amount of money that you are sending, may increase that fee.
Beyond the transfer fees, you may also have:
- Handling Charges, which are similar to shipping costs. The more banks that have to handle it, the more you may have to pay.
- Receiver fees, which are fees that the person you are wiring money to will have to pay to get the money.
- Foreign Exchange Commission fees are fees that you may have to pay if the transfer requires a change in currency.
- Beyond these fees, you may also have to pay more if you use a credit card. Some credit card companies charge between 3%-5%.
What Are the TCF Checking Account Fees?
Very few banks offer services without any fees attached to them. In some situations, TCF fees are minimal. TCF only requires that you deposit $25 when opening your account. If you want free checking or Teen checking accounts, then you are not required to pay a monthly service fee.
However, this is where the benefits come to an end. Other fees may be incurred.
Premier Checking Fees
With the Premier checking account, you will gain interest on all balances in your account. However, it does come with a service fee of $15 per month, unless you have a minimum daily balance of $2,500 or $15,000 across several accounts.
ATM fees are free if you use a TCF Bank ATM. However, if you use another bank ATM, you will incur charges that may increase with what you are doing. For instance: $3.00 for cash withdrawals, $2.00 for balance inquiries, and whatever fees that ATM may charge you as well.
Your first ATM card is free. Afterward, you must pay $5.00 per replacement, and expedited delivery will cost $35.00.
Overdraft fees are $37.00 per item. There is a limit of 5 overdrafts per day.
If you want the overdraft protection transfer, this will be $10.00 per automated transfer.
Wire Transfer Fees
If you are receiving money from a wire transfer, $15.00 will be taken out of your payment. Sending a wire transfer will incur a fee of $30.00 for you to send it. If the transfer you are sending must go overseas, you will need to pay $50.00 as a base amount.
No matter how you look at it, the banking fees are not always cheap. No matter what the bank you are dealing with may claim, and unfortunately, not all fees are obvious.
Is It Possible to Get Refunds on Your Own?
In some situations, it may be possible to get a refund for a fee that you feel was too much or unfair on your part. However, it is not the easiest thing to do. You must first come up with a reason for why you feel that you were charged unfairly and why you believe you should not have to pay. Some of the steps you will need to take include:
- Contact Your Bank - This can be done through phone, fax, email, or in person.
- List the Fees You Wish to Be Removed - Describe them as much as you can, especially how much each of the fees will end up costing you if you must pay.
- Give Valid Reasons You Feel They Should Be Removed - This is your reasoning behind the fee. For instance, you lost your job and forgot that the automatic payment was coming due, but you will have money in the account by this date.
- If Possible, Express Legal Statutes that Protect You from Hidden Fees and Charges - Especially useful if you did not know that there was a fee attached to a specific transaction.
Next Steps if You Can’t Get TCF Bank Fees Waived on Your Own
If none of these options work well for you to get the fee overturned, you will most likely need to ask for help from a lawyer and go after the bank for being unfair. This is a process that can take a lot of time, and even more money.
You can also turn to DoNotPay if you feel confident that you should not be charged for the fees. DoNotPay can get all bank fees waived, not just TCF Bank wire transfer fees.
How DoNotPay Gets the Fees Waived
When it comes to the money that you have earned, you shouldn't have to pay fees to use it the way you want to. Therefore, DoNotPay makes it super simple for you to get those fees waived so that you do not have to worry anymore about the bank nickel and dime in your account every time you turn around. As a bonus, we do it quickly, easily, and securely.
If you want to get waived with DoNotPay, but don't know where to start, we have you covered in just 4 easy steps:
- Open the DoNotPay Fight Bank Fees product.
- Enter the name of your bank.
- Verify the last 4 digits of your bank account.
- Choose which fees you want to waive, including overdraft, ATM, and transaction fees.
It is just that easy. Four steps and you will get back the fees that were charged to your account.
DoNotPay Works Across All Companies With the Click of a Button
DoNotPay can help you get refunds on TCF bank wire transfer fees or make it easier for you to avoid those fees in the first place. We work across all companies and entities to ensure your money is protected.
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How Else Can DoNotPay Help You?
When it comes to money matters, DoNotPay is always available to help you out. Here are some of our other services:
As the world's first robot lawyer group our reach is unending. If you have something you need help handling, DoNotPay has you covered. To learn more about our services, or to put us to work for you, simply visit DoNotPay.