The Consumer Financial Protection Bureau has accused TCF National Bank (TCB), a Minnesota-based bank with 360 branches in seven states, of tricking hundreds of thousands of customers into accepting costly overdraft services.

Back in 2007, the Federal Reserve gave consumers overdraft protections, requiring banks to ask customers to opt-in to overdraft services that came with expensive charges.

“The Opt-In Rule posed a serious threat to TCF, which depends on overdraft revenue to a greater degree than its competitors,” the CFPB wrote in its complaint suing the bank. According to CFPB Director Richard Cordray, this is because the bank doesn’t rake in substantial revenue from other common consumer banking products like credit cards and mortgages.

“A substantial part of [TCF’s] revenue comes from fees,” Cordray said on a conference call Thursday. The opt-in rule would be a problem. “In 2009, TCF estimated that $182 million in annual revenues was at risk.”

Read on.


Register for a FREE Mortgage Fraud Analysis and get the FACTS you need to make the right decision regarding your loan!


For information on foreclosure defense call us at 844-372-8378. We offer litigation support, admissible evidence, expert witness testimony, education, training, and support in all 50 states to attorneys and pro se homeowners.

Fraudstoppers PMA

Feel free to connect with us . . .

332 S Michigan Avenue
Suite 1032 #F513
Chicago IL 60604-4434

Phone: 844-372-8378

Fraud Stoppers Logo

Legal Information Is Not Legal Advice: This site provides “information” about the law and is only designed to help users safely cope with their own legal needs. But legal information is not the same as legal advice — the application of law to an individual’s specific circumstances. THIS SITE IS NOT INTENDED TO BE MISCONSTRUED AS LEGAL ADVICE. Fraud Stoppers is NOT a law firm, non-profit organization, or government agency. Register for your Free Mortgage Fraud Analysis and Securitization Search, and get Free Foreclosure Defense Help and Free Foreclosure Defense Documents that you can use to stop a foreclosure and save your house.

Spread the love