Settlement Update: July 20, 2018
On July 20, 2018, TCF Bank, the BCFP and the OCC entered into a settlement agreement that requires TCF Bank to pay $25 million in restitution to a subset of account holders from 2010-2013 where there is the possibility that some customers may not have fully understood their options for participating in the service and paid overdraft fees.
Current and former customers do not need to take any action.
We are working with regulators to fully define how the restitution funds will be distributed and the amounts each eligible current and former account holder will be paid. TCF must submit a plan to the BCFP and OCC for their approval that defines the process for distributing restitution to eligible customers. We expect to have a restitution plan approved in the fall and to begin restitution payments before the end of 2018. Following regulatory approval of the plan, eligible current customers will receive a statement credit and eligible former customers will receive a check sent to the last known address we have on file for them.
Only account holders who are eligible for restitution will receive an account credit or check.
If you have questions about the settlement and distribution of restitution, please view the Frequently Asked Questions .