International Banking

I opened a TCF after college, seduced by the 7 - 7, 7 days a week availability and free checking. It was nice having a bank branch in every Jewel, which, for a while, was on almost every corner of Bolingbrook. I've stuck with them through a lot of their trouble (they had a run of identity thefts due to lack of account security, and their customer service is historically atrocious). Their free checking and convenience was more important to me than nice people on the phone.

Now, though, the ugly head of the TCF monster has turned it's gaze on me.

The first to go was the free checking. One would think that, having had an account that was built on free checking, I would be grandfathered in as they changed from free checking to heavily fined for going below a certain dollar amount checking. That was not the case. Unceremoniously, I was told that I could either have my account type changed, or I could bank with someone else. I am smarter with my finances now, so it didn't bother me that I could no longer empty my account to zero and leave it that way for several months without a charge.

Now, though, they have added a straw, breaking my proverbial camel's back: overseas ATM fees.

Anyone who has done any banking internationally knows that a certain percentage of the money transferred or withdrawn will be pulled from your account. TCF charges 3%. My account was riddled with $.26 fees as I withdrew money at the end of the year, having drained my British account. I expected that, and wasn't too upset.

What was a little more disconcerting was a sudden $90 fee for using the overseas ATMs. In America, we are used to ATM fees, sometimes getting as costly as $2.50 when in a congested, or heavily used area. In Britain, ATM fee are like albino sheep: everyone has seen one and know they exist, but most of your life is spent without ever seeing one. I can think of one ATM that charges, and it's just outside the Inn on the Pier. In fact, when I use my American ATM card at the UK ATM, it is quick to remind me that they won't charge me a fee, but my American account would. And they did: not only did they charge a 3% fee, they also charged me a flat fee of $5. 5$: every ATM transaction, every time.

Here, though, is where I decided I needed to pull my account. I called TCF looking for an explanation (they explained to me what I explained above for the first time, despite asking before I left if there was going to be much of an issue; I would put an extra $5 per withdraw as a pretty big issue), and the woman acted very concerned. Her advice: just take out as much as I feel comfortable carrying every time, and to avoid just running back and forth between the ATM. Ah...good. Thanks for explaining to me, slowly and in great detail, what would be common-sensical to anyone with half a brain.

In short: I need a new bank account. There are rumors that some banks have agreements with UK banks, allowing me to pull from, say HSBC ATMs without accruing withdraw fees. Or maybe I just put everything in my British bank account and use that for the few months I am here. Any suggestions from people more familiar with both banking systems would be greatly appreciated.