Citing Profitability, TCF Goes to Court Over New Fee Regulations

This STrib piece is from the end of last week, but it’s still worth posting. TCF Bank is going to court over its debit card fees, which are a major profit source for the bank.  TCF is actually arguing that the recent legislation that limits fees and overdraft charges is detrimental to the bank’s profitability and that that fee limits ‘take’ TCF’s property and are therefore unconstitutional.


7 thoughts on “Citing Profitability, TCF Goes to Court Over New Fee Regulations

  1. justpbob

    The “taking” clause of the 5th Amendment was also the basis of a handful of bar owners who sued the state re: statewide smoking ban, saying the loss of income they would face because of the law was an unconstitutional ‘taking’ of private property by the government.
    Based on my somewhat limited knowledge of the law and how the courst have interpreted the takings clause, I find it highly unlikely TCF is going to win.
    I see this a a Bill Cooper “make a point” lawsuit. Point made, Mr. Cooper. You are wasting the bank’s money and setting up a possible PR disaster with this action. You’ll only remind people that the one group they like less than politicans is fat cat bankers.

  2. eryno

    So where can a person bank in the cities and not have to deal with this crap? That is: anyone love a bank that isn’t TCF or Wells Fargo?

  3. g rote

    credit unions tend to have less egregious fee systems, but there are barriers to entry.  large banks are, unfortunately in today’s world, an unavoidalbe evil.

  4. _taylor_ Post author

    I use Hiway Federal, and I love them.  I think you have to have been a state employee at one point, though.  Give them a call. 

  5. mnblrmkr

    grote, almost anyone is going to be able to find a credit union to join. There are a number of geographical based credit unions: Live or work in Mpls/Hennepin Co: City-County, etc.
     
    But don’t just assume because it’s a credit union, that it’s goign to be better than a bank. Do your homework. Some of the largest credit unions don’t really behave much better than the big banks.
     
    Also, if you use ATMs a lot, make sure you check out how they charge for use of other banks’ ATMS, because you’re goingto have a much, much smaller ATM network. Even with the ability to use other CU ATMS.  That’s been the biggest hurdle that’s kept me from going CU for my local banking needs.
     

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