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TCF National Bank

The Bureau of Consumer Financial Protection (Bureau) obtained a federal district court order approving its settlement with TCF National Bank regarding its marketing and sale of overdraft services. TCF National Bank is headquartered in Wayzata, Minn., and operates approximately 318 retail branches across Minnesota, Wisconsin, Illinois, Michigan, Colorado, Arizona, and South Dakota.

Banks must first obtain a consumer’s consent before they can lawfully charge overdraft fees on one-time debit purchases and ATM withdrawals. The Bureau alleged in its lawsuit that, when attempting to obtain this consent, TCF obscured the fees it charged and made consenting to overdraft fees seem mandatory for new customers to open an account. TCF has agreed to pay $25 million in restitution to customers who were charged overdraft fees and has agreed to an injunction to prevent future violations. The order also imposes a civil money penalty of $5 million. This penalty will be adjusted to account for a $3 million penalty imposed by the Office of the Comptroller of the Currency (OCC) in a separate order. This action was taken in coordination with the OCC, with which the Bureau worked closely on this matter.

Related documents

Stipulated final judgment and order

Order approving stipulated final judgment and order

First amended complaint

Press releases

Bureau of Consumer Financial Protection Settles With TCF National Bank

CFPB Sues TCF National Bank for Tricking Consumers Into Costly Overdraft Service