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.
Vitez says the amount of fees paid by students ranged from just a few dollars to potentially hundreds of dollars.
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 push its bank cards on campus.
TCF Bank contacted CBS 3 Duluth regarding agreements and student fees at UMD and UMN, and says at the time of account opening, all fees are clearly disclosed, including fees that are waived for student customers. In addition, TCF bank said it offers an account summary modeled after the Pew Charitable Trust’s simplified form on account terms and fees, widely regarded as the gold standard for such disclosure.
The company also offers the following services:
Students are given the option to opt-in or opt-out of overdraft services, which includes overdraft fees. Again, it is the student’s choice to opt-in or opt-out of overdraft services. If a student opts-in to overdraft services, the fees that may result are clearly disclosed at account opening. Students can change their opt-in election at any time. Overdraft message alerts are available free of charge, and up-to-date account balances are available online, by phone, in branch, at ATMs and through our mobile banking application.
There are no fees for withdrawals at TCF Bank ATMs and we have 20 ATMs on the UMN Twin Cities and Duluth campuses. For student accounts, TCF Bank waives its ATM fees for up to 4 withdrawals per statement cycle at non-TCF Bank ATMs. To learn more about our campus account, visit: https://www.tcfbank.com/personal/umn-student-checking or https://www.tcfbank.com/personal/umd-student-checking
To further educate consumers about personal finance, we offer the free TCF Financial Fitness Program, an online financial education curriculum that offers impartial, non-commercial information on critical personal finance topics. The program includes a course on overdraft fees as well as more than 20 other topics.