Wayzata Based TCF Bank sued by federal watchdog agency over overdraft fees 

TCF Bank headquarters in Wayzata. (Sun Sailor staff photo by Jason Jenkins)

The Consumer Financial Protection Bureau, an agency charged with overseeing the federal financial laws that protect consumers, has sued Wayzata-based TCF National Bank for allegedly deceiving customers so it could charge the customers costly overdraft fees.

In its complaint, the bureau alleges that TCF’s practices have violated the Electronic Fund Transfer Act and the Consumer Financial Protection Act of 2010. The regulations include an “opt-in” rule prohibiting banks from charging overdraft fees on ATM and one-time debit card transactions unless the account-holder has previously opted in or consented to overdraft coverage for those transactions.

Continue reading: TCF sued by federal watchdog agency over overdraft fees