Alleging the bank tricked consumers to get them to opt in for expensive overdraft services, the Consumer Financial Protection Bureau (CFPB) recently filed suit against TCF National Bank. The company announced it intends to challenge the allegations.
During a conference call with members of the press, CFPB Director Richard Cordray noted that TCF employees had incentive to persuade customers to opt in for such services in the form of bonuses for hitting certain sales goals, similar to allegations raised against Wells Fargo in 2016. Read on to learn more about what practices the bureau claims were deceptive and harmful to customers.