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TCF paying $5M CMP and restitution

Sioux Falls, SD
Fine Amount: 
$5 million and $25 million restitution
Penalty Type: 
Issued by: 

The CFPB has announced the filing of a proposed settlement with TCF National Bank related to the bank's marketing and sale of overdraft services. TCF is headquartered in Wayzata, Minnesota, and operates approximately 318 retail branches across Minnesota, Wisconsin, Illinois, Michigan, Colorado, Arizona, and South Dakota.

Banks are required to 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 proposed order, filed Friday, would also impose a civil money penalty of $5 million. This penalty would be adjusted to account for a $3 million penalty imposed by the OCC in a separate order.

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