CFPB Settles with TCF National Bank over Overdraft Services
Friday, July 27, 2018 8:55 AM

The CFPB has announced the filing of a proposed $25M settlement with TCF National Bank related to the bank's marketing and sale of overdraft services.  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.  Read the details of the CFPB filing here.

Source:  CFPB