Investigation and potential class action lawsuit against TCF Bank for allegedly wrongfully charging overdraft fees.
Many TCF Bank customers have complained about being charged overdraft fees. In one scenario, it is alleged that TCF Bank re sequences debit card transactions to maximize overdraft fees. Consider the following example: Time 1: You have $100.00 in your bank account. Time 2: You use your debit card at Starbucks for $20.00. Time 3: You use your debit card at the gas station for $5.00. Time 4: You use your debit card at the grocery store for $105.00. Time 5: TCF Bank reorders the debits and posts the latest occurring $105 debit first, and then charges an overdraft fee. TCF Bank then posts the $20.00 debit, and then charges a second overdraft fee. TCF Bank then posts the $5.00 debit, and charges a third overdraft fee. If the bank would have posted the debits in order in which they actually occurred, you only would have incurred one overdraft fee. Instead, you are stuck with three. The bank's practice of reordering debit transactions constitutes an unlawful deceptive trade practice.
It has been further alleged that TCF Bank debits purchases from ATM, debit or check cards and checks written on the account before it credits deposits into the account for the same reason.
This is but two embodiments of what may be TCF Bank practice of charging its customers unlawful fees.
If you have been charged an overdraft fee by TCF Bank, please contact us to explain your experience.
Name (Stock Symbol)
TCF Financial Corp. (TCB)
TCF Financial Corporation operates as a holding company for TCF National Bank and TCF National Bank Arizona that offer various retail and commercial banking services in the United States and Canada.
TCF Banks operates close to 500 retail banks in the United States. It is a subsidiary of TCF Financial Corp.
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