Debit card issuer sues Fed chairman o...

Debit card issuer sues Fed chairman over fees

There are 64 comments on the TwinCities.com story from Oct 12, 2010, titled Debit card issuer sues Fed chairman over fees. In it, TwinCities.com reports that:

Bank and debit card issuer TCF National Bank has sued Federal Reserve Chairman Ben Bernanke and the Fed's board of governors, saying regulations limiting the fees a bank can charge retailers for debit card transactions are unconstitutional.

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Pedro

Saint Paul, MN

#1 Oct 12, 2010
Right on, TCF. Go get 'em.
ddd

Willmar, MN

#2 Oct 12, 2010
I hope TCF get nowhere with this, they are the worst bank ever...I bank with them and they charge $35 for each overdraft with no merci what so ever.
They have such strick rule and most of the bank managers are jerks....
If they let them raise rates it will go out of control in no time, that is how they operate...
TCF_NO

Saint Paul, MN

#3 Oct 12, 2010
This coming from one of the crookedest banks around. I would tell anyone to take there money out of TCF. They are creeps and always will be. Poor them they can't gouge their customers anymore. TCF Pres should be in jail.
TheKhanvict

Saint Paul, MN

#4 Oct 12, 2010
Guess I'll be sure to bank with TCF. Hope they win, I was just thinking about how many more banking fees I'd like to be charged with.
Pedro

Saint Paul, MN

#5 Oct 12, 2010
ddd wrote:
I hope TCF get nowhere with this, they are the worst bank ever...I bank with them and they charge $35 for each overdraft with no merci what so ever.
They have such strick rule and most of the bank managers are jerks....
If they let them raise rates it will go out of control in no time, that is how they operate...
Maybe with this sort of bone head logic, there should be price controls on your job. You are over paid and don't deserve the salary you receive (that is..i.if you even have a job). I suggest we start by passing a law to cut your salary in half. What do you think of price controls now?
Fred

Minneapolis, MN

#7 Oct 12, 2010
ddd wrote:
I hope TCF get nowhere with this, they are the worst bank ever...I bank with them and they charge $35 for each overdraft with no merci what so ever.
They have such strick rule and most of the bank managers are jerks....
If they let them raise rates it will go out of control in no time, that is how they operate...
We have banked at TCF for 40 years and NEVER had an overdraft charge. You have problems with addition and subtraction or what??

“I am always right.”

Since: Oct 09

Former MN Taxpayer

#9 Oct 12, 2010
Wow. Cooper is on a rampage, isn't he?

He is upset that out Government is trying to protect small businesses and individual citizens from TCF's unfair charges.

This ought to be fun to watch the pompous CEO get slapped big time in court and have the suit tossed.
Rob A

Plymouth, MN

#10 Oct 12, 2010
TCF is the worst bank in Minnesota, their customer service is terrible, and their practice of soliciting mortgage customers as soon as a payoff or subordination is requested is in my opinion criminal.

Just say NO to TCF Bank.
Fred

Minneapolis, MN

#11 Oct 12, 2010
TCF_NO wrote:
This coming from one of the crookedest banks around. I would tell anyone to take there money out of TCF. They are creeps and always will be. Poor them they can't gouge their customers anymore. TCF Pres should be in jail.
Again 40 years of banking at TCF and never had a problem that they didn't quickly address. Beware wherever you bank there are people working ad they make mistakes, it human to make mistakes.
Confused

Minneapolis, MN

#12 Oct 12, 2010
this is why they moved to SD - laws allow unlimited fees and interest charges - some argued it was tax law of MN - dead wrong - same reason every other major merchant bank has operations in SD since Citibank pioneered the route 30+ years ago
Rob A

Plymouth, MN

#13 Oct 12, 2010
Pedro wrote:
<quoted text>
Maybe with this sort of bone head logic, there should be price controls on your job. You are over paid and don't deserve the salary you receive (that is..i.if you even have a job). I suggest we start by passing a law to cut your salary in half. What do you think of price controls now?
I guess you missed the part where Cooper says: "TCF Financial Chairman and CEO William Cooper said the amendment affects 1 percent of the nation's banks, giving thousands of unaffected banks an unfair advantage."

Guess which 1 percent are affected? The 1 percent ripping off their customers!
Constitution

Redondo Beach, CA

#14 Oct 12, 2010
ddd wrote:
I hope TCF get nowhere with this, they are the worst bank ever...I bank with them and they charge $35 for each overdraft with no merci what so ever.
They have such strick rule and most of the bank managers are jerks....
If they let them raise rates it will go out of control in no time, that is how they operate...
Why would you write a check for more than you have in your account?

They are the worst bank ever, yet you bank with them? Did you know that there are other options?
Pedro

Saint Paul, MN

#15 Oct 12, 2010
I'm shocked at how many socialists there are out there who beleive government should control prices! Whats next, His Majesty, Emperor Obummer will decide a Big Mac shall not sell for more than $1? Do you socialists really beleive this? If you don't think it's reasonable, put a price control on it? What about the free market. If you don't like TCF, go to the competitor!
TiVo Grrrl

Minnetonka, MN

#16 Oct 12, 2010
I am all for keeping government out of the day to day operations of businesses, but when the banking industry was de-regulated under the Reagan Administration, all hell broke loose. Suddenly we no longer earned much, if any, interest on our savings accounts (from 5.25% to less than 1%?), and banks could nickel and dime their customers to death.

For example: We had a savings account that had a $200 minimum balance requirement. If the balance dropped below that amount, the bank could legally withdraw $10 a month from that account (keeping the balance below their own min. bal. requirement) until your entire savings account was gone, and it would take less than 2 years to do so. In other words, the bank could legally STEAL your savings account ten dollars at a time. It was certainly incentive enough to close out the account, and keep the money hidden at home. Rather than encouraging people to save (and for many people,$200 is a goodly sum of money to try to save up), they were encouraging them to do the opposite.

Perhaps if banks had not been de-regulated, we would not have had the banking crisis that has plunged us into the second depression we've been suffering through.
Fred

Minneapolis, MN

#17 Oct 12, 2010
Confused wrote:
this is why they moved to SD - laws allow unlimited fees and interest charges - some argued it was tax law of MN - dead wrong - same reason every other major merchant bank has operations in SD since Citibank pioneered the route 30+ years ago
Funny how companies of all shapes and sizes WILL MOVE if they can operate in a more friendly and/or profitable area.

Companies have brains to. Polaris moved to Mexico shortly after a Government trail in Wisconsin was designated as a motor free trail. Mexico has very limited rules on where a ATV can be ridden. In Minnesota you cannot ride one anywhere and even on your own property you cannot ride in water.
DD Austin

Madden, MS

#18 Oct 12, 2010
There's an easy cure for TCF - pull your money and go somewhere where they don't want to put all these ????Fees???? for whatever on you!! That is the only language they will evidently understand. We the people bail out the banks. What do they do?
Take the money & then figure out ways to get ours!!!!!! Enough is enough! Can you say BOYCOTT!! ;(
Affula

Saint Paul, MN

#19 Oct 12, 2010
Even though I haven't had a problem in years, I've always distrusted TCF.
I don't see how anyone can side with them on this. The Federal Reserve put in restrictions to limit the fees they can charge their customers. Somehow this only affects 1% of banks. I'd have to agree with the previous poster: then it must be the 1% of banks who are ripping off their customers.
Besides TCF employees and their families, could someone please explain what would be the advantage of banking with the only company that is fighting an attempt to limit unfair charges to their customers?
Lightman Scotty G

Anoka, MN

#20 Oct 12, 2010
The federal reserve should have been closed down after the financial meltdown in 2008 _ Look at what they done wrong <> 1st they have gotten America off the Gold Standard, 2nd they deregulated the mortgage industry, then regulated back at the worst possible time, making it harder for people to refi their adjustable rate mortgage 3rd they removed the uptick rule in 8/2007 a rule that protected stocks from being shorted, big MISTAKE! Now the stimulus which didn't protect people from losing their homes. Nor did save the unemployment rate, and we still owe the money back! Time for these guys to "hit the road"
Scruffy

Canton, MI

#21 Oct 12, 2010
That's right TCF. You are already known for terrible customer service... Now go public that you are trying to sue the government to get MORE money out of your customers!!!!!
masterh20

Minneapolis, MN

#22 Oct 12, 2010
It is a 3rd world bank.

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