Well, tomorrow's the day...!

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Originally Posted by OhioGal1 I think you'll be OK if all debit transactions are being blocked. My concern, however, is if these companies, once they can't get at your money, try to send through a paper check. That has happened to many people here. Will your bank not close the account and open up a new one for you?

According to my bank, it doesn't matter if it's a paper check or an ACH transaction. The account is blocked from ALL debits. The way she explained it, money can come in, but nothing, nothing, nothing can come out. So I do think (hope) we'll be okay there. The bank WILL close out the account and open a new one - we've already opened the new one. The only reason the current (old) account is blocked and not closed at the moment is because our payroll checks will be deposited into that account tomorrow. We've taken care of having our respective payroll departments make the necessary changes, but most likely tomorrow's checks will still go into the "old" account, since it sometimes takes a pay period or two for that stuff to catch up. We didn't want to run the risk of our paychecks ending up in electronic limbo somewhere, so the "old" account will be "deposit only" until we see that our payroll checks are being deposited into the "new" account, at which point the "old" account will be closed in all respects. In fact, when I look at my bank accounts online, it actually does show that the old account is closed, so hopefully we'e okay!

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Originally Posted by paulcahill80 It's good to hear about banks which get out of the way to help their customers. By what the OP has posted, I think the account is safe now. Best of luck for tomorrow and let us know about the proceedings.

I will definitely be here tomorrow morning to let everyone know how things ultimately turned out. In the meantime though, this is what's happened over the last couple of hours...

So, I was explaining earlier how my husband and I had already initiated the process of having our payroll deposits switched over to our new bank account and that in the meantime, our bank would manually transfer any deposits from the old account into the new account. Well, at my job, we receive our checks on Thursdays, even though they're dated for Friday. Today I got mine and it was an actual live check - not the stub I usually receive. There was a note in the memo field indicating that this period they would be running a "test" deposit on the new account and assuming all is well, next pay period that's where it will end up - but until that time I get a live check. Well, I was kind of glad, but also concerned because of the hold time a bank typically places on a live check. I was counting on electronic funds tomorrow because of some promised payments (like mortgage and utilities) and really need that money right away. I don't have time for a hold! So, I ran to the bank at lunchtime and talked to the branch supervisor (the same person I've been dealing with since early last week) and what she was able to do was take that live check and deposit it into my old account (where there is no hold because we're 15 year customers on that account) and then manually transfer the funds into the new account. VOILA!!! I now have actual CASH in my new account - AND it's in there a day earlier than it normally would be!

Let me just say that I completely love my bank! I have nothing but good things to say about TCF!!!

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Originally Posted by Anonymous I will definitely be here tomorrow morning to let everyone know how things ultimately turned out. In the meantime though, this is what's happened over the last couple of hours... So, I was explaining earlier how my husband and I had already initiated the process of having our payroll deposits switched over to our new bank account and that in the meantime, our bank would manually transfer any deposits from the old account into the new account. Well, at my job, we receive our checks on Thursdays, even though they're dated for Friday. Today I got mine and it was an actual live check - not the stub I usually receive. There was a note in the memo field indicating that this period they would be running a "test" deposit on the new account and assuming all is well, next pay period that's where it will end up - but until that time I get a live check. Well, I was kind of glad, but also concerned because of the hold time a bank typically places on a live check. I was counting on electronic funds tomorrow because of some promised payments (like mortgage and utilities) and really need that money right away. I don't have time for a hold! So, I ran to the bank at lunchtime and talked to the branch supervisor (the same person I've been dealing with since early last week) and what she was able to do was take that live check and deposit it into my old account (where there is no hold because we're 15 year customers on that account) and then manually transfer the funds into the new account. VOILA!!! I now have actual CASH in my new account - AND it's in there a day earlier than it normally would be! Let me just say that I completely love my bank! I have nothing but good things to say about TCF!!!

i was reading your post - and feel more confident now - I am on my way
to the bank to see about making it a deposit only account also - i could not find your next post - to see how things turned out - I to am so nervous - but reading this does help me alot - how did things turn out for your deposit only account.

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Originally Posted by Anonymous Do you mind my asking what bank you bank with? I am thinking of doing the exact same thing you are and am with BOA. I hope that it will work for me as well.

Hi ZWM,

The OP has already posted that he/she works with the TCF Bank.