Case Demonstrates the Need for a Strong and Independent Consumer Watchdog
The following statement is issued by National Consumer Law Center Staff Attorney Chi Chi Wu in response to today’s announcement that the Consumer Financial Protection Bureau is suing TCF National Bank over deceptive tactics used by that bank to enroll customers into costly overdraft coverage of one-time debit card purchases and ATM withdrawals.
“The consumer watchdog that is on the side of working families has done it again by taking strong, firm action against a bank behaving badly. TCF Bank allegedly deceived its customers so it could keep gouging them with pricey fees for unnecessary overdrafts on debit card purchases that most people would rather have denied than pay a big fee. TCF’s CEO even named his boat ‘Overdraft;’ trick fees may keep the bank CEO afloat but they sink ordinary people.