Report: UMD and UMN Students Paid $620K in TCF Bank Card Fees

Associated Press
Updated: April 15, 2019 05:08 PM

MINNEAPOLIS (AP) - A new report says TCF Bank made more than $620,000 in card fees from University of Minnesota students on the Twin Cities and Duluth campuses last school year.
The U.S. Public Interest Research Group released a study last week that says 44% of the university's students have TCF bank accounts.
Kaitlyn Vitez is the consumer advocacy group's higher education campaign director. Vitez tells Minnesota Daily that University of Minnesota students pay an average of $22 in the bank's fees annually.

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In response to the report, TCF Financial said that all fees for the accounts are clearly disclosed. TCF also said that there are not fees for withdrawals at TCF Bank ATMs.
Vitez says the amount of fees paid by students ranged from just a few dollars to potentially hundreds of dollars.

TCF says that students can opt-in or opt-out of overdraft services, which includes overdraft fees. 

The university entered into a paid marketing agreement with the bank in 2003. TCF Bank paid the school $1.6 million in its latest contract to have its bank cards on campus.


Associated Press

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