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TCF National Bank to pay $30 million for overdraft violations

Waysata, MN
07/20/2018
Fine Amount: 
$5 million plus restitution
Penalty Type: 
Issued by: 

The CFPB has filed a proposed 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.

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 today 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 Office of the Comptroller of the Currency (OCC) in a separate order. The Bureau’s action was taken in coordination with the OCC, with which the Bureau worked closely on this matter.

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