Have you heard of a bank called TCF?

Or perhaps a better question — have you heard of any other?

About 20,000 University students currently have TCF Totally Free Student Checking accounts linked to their Mcards, according to Bob Borgstrom, executive vice president and director of branch banking at TCF Bank. Last year, TCF was voted best bank in 2011 by readers of The Michigan Daily.

Appearances suggest TCF is the leader and best in Ann Arbor student banking.

A simple Google search, however, tells another story. Negative reviews abound on RipoffReport.com, a website where customers can file reports over the Internet about scams, frauds and bad service experienced at companies. On Yelp, where the public can review businesses, the TCF branch location on South University Avenue earns an average of one star out of five. There is even a website dedicated to negative TCF reviews.

Complaints about TCF range from complaints about the “turtle speeds” of the tellers to the overdraft fees to the apparent difficulty of closing an account.

One Yelp user said of the TCF branch location on South University Avenue, “If the TCF stands for Truly Crappy Financial services, then I'd say that the people who founded this bank aptly named it.”

TCF is the most prevalent bank within walking distance of the University campus, with five branches and 25 ATMs on campus and around Ann Arbor. Most students hold the TCF Totally Free Student Checking Account, advertised on the website as “easy to use and provid(ing) the convenience necessary for busy students,” with no minimum balance requirement, no monthly maintenance fees and the option to use Mcards as ATM/debit cards. With a $25 opening balance, these new accountholders can earn a free Michigan sweatshirt emblazoned with the TCF logo.

However, what the website does not publicize is that these checking accounts do not earn interest and require a $10,000 minimum balance or 10 qualifying withdrawals to avoid a $2.95 monthly fee.

Jason Korstange, TCF's senior vice president and director of corporate communications, said he did not believe the minimum balance would be an issue for most students.

"We put it out there just because we do it for our other accounts, but truly the issue is, just use your account and it's free,” Korstange said.

Other banks do not generally require such a steep minimum balance to avoid monthly fees. Bank of America’s MyAccess Checking account requires a $1,500 minimum balance to avoid the fee, while the Chase Total Checking account only mandated a $500 minimum balance.

When LSA freshman Jessica Allemon came to orientation last summer, she signed up for a TCF Bank Totally Free Student Checking Account because she thought it was mandatory for all students of the University.

“I kind of thought we had to,” Allemon said. “Because they said you get this account and you get a free hoodie and it’s with your Mcard.”

TCF Bank is not recognized as the official bank of the University and students are not required to sign up for its services.

TCF is, however, permitted to label itself as the “Official Bank of the Mcard” after being chosen by the University in 2001 to have Mcards linked to users’ checking accounts.

University spokesperson Rick Fitzgerald said the University decided TCF offered the best proposal for a beneficial Mcard relationship.

“It provides some benefits to students as well as faculty and staff who choose to take advantage of it,” Fitzgerald said. “Here is an opportunity to provide some lower cost banking services and link it to the Mcard.”

Once a student informs TCF that he or she has graduated, his or her Totally Free Student Checking Account turns into a TCF Convenience Checking account. The minimum $10,000 balance still holds, but monthly fees increase from $2.95 to $9.95. The 10 qualifying withdrawals requirement turns into 15, and the checking account still earns no interest.

University alum Kathryn Lampi signed up for a TCF account before her freshman year. Based on her experience she said students thinking about signing up for a TCF account should reconsider.

“I hated it when I was a student,” Lampi said.