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Disappearing business deposit will come out of bank’s pocket



Updated: July 29, 2012 9:12PM

Dear Fixer: We have a business account with TCF Bank. When we collect bill payments from customers, we do so in the form of money orders, which we then deposit.

On Jan. 13, my store manager deposited seven money orders that totaled $1,174.20, for which I have a receipt.

When the deposit didn’t post, I looked into it and it turns out that TCF didn’t post the deposit because they apparently lost the money orders. They acknowledged that they received the deposit and that my receipt was valid.

They then asked me to cover the deposit with my own cash until they could find it. I refused. They eventually agreed to give me a temporary credit while they looked into what happened.

Meanwhile, they asked me to get in touch with my customers and tell them that the payments they had trusted me with had been lost, and ask them to take time to replace the money orders. I refused to do that as well.

Now, six weeks later, they’ve decided that since I didn’t do enough to help them recover the money, that I should absorb the loss. They informed me that they plan to debit the deposit from my account.

Hans Yoo, Chicago

Dear Hans: Whenever The Fixer makes a bank deposit, the teller takes the money, keys in the transaction, puts the money in the drawer and hands over the receipt. We may never know what happened in your case. Perhaps a paper shredder ran amok?

We took your story to Jason Korstange, a senior VP at TCF’s headquarters in Wayzata, Minn., while your store manager continued to complain locally. Last week we got the answer: You are off the hook. The bank has put the money back in the account and they’ll deal with the loss.

Decisions, decisions

Close to 300 communities in Illinois, including many suburbs, are planning referendums on March 20 asking residents whether they want their municipalities to negotiate power prices with competitors to ComEd and Ameren.

What does that mean for consumers?

According to the Citizens Utility Board, here’s what you should know::

Even if your community opts for community aggregation, you still have the right to “opt out” of the new provider.

No matter who you go with, you’ll still get stuck with any “delivery” rate hikes the state approves, because ComEd and Ameren will still deliver any power that’s supplied.

If you want to switch suppliers, you should read all the fine print to make sure there is no exit fee for leaving that company. You’ll want to have flexibility to change back to ComEd if its supply prices drop significantly.

There’s lots more great information at

A consumer’s tale of woe

Stacie needed a new printer and who was lucky enough to receive one as a gift. The box it came in looked as it if had already been opened, but she peeked inside and everything looked fine.

Stacie didn’t set it up right away, as she was in the middle of buying a new house. Many, many months later, when she was finally ready to hook it up, Stacie got a surprise: “It was someone else’s old unit with the new hardware packed on top,” Stacie wrote The Fixer. She went to the store, but since the window for returning items was only 14 days, they couldn’t help.

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