TCF Bank
Encyclopedia
TCF Bank is the wholly owned banking subsidiary of TCF Financial Corporation
, a bank holding company
headquartered in Wayzata, Minnesota
. TCF Bank is nationally chartered and operates 440 bank branches.
TCF Bank is the 11th largest VISA
Classic debit card
issuer in the United States
by sales volume.
was formed as a holding company
to take advantage of easing regulations and allow expansion. Several major purchases notwithstanding, TCF Bank has grown primarily through de novo
expansion.
Anti-Durbin-Amendment Action
As reported in the Minneapolis Star Tribune, TCF Financial Corporation filed a lawsuit October 12, 2010, against Federal Reserve chairman Ben Bernanke and the Federal Reserve Bank Board of Governors. TCF's lawsuit seeks a court order declaring the Durbin amendment to the current financial reform bill unconstitutional and seeks an injunction barring its enforcement.
The Durbin amendment allows the Federal Reserve to limit interchange fees to the bank's cost of authorizing, clearing, and settling debit-card transactions. The amendment was instigated by retailers and is supported by consumer groups.
Too bad they take hundreds from you in overdraft fees.
"Right now, consumers are footing the bill," said Doug Kantor of the Merchants Payments Coalition, a large group of retailers and retail trade associations. "To the extent that retailers pay less, consumers will pay less."
stores.
TCF Bank operates campus branches in partnership with the University of Minnesota
(including the Duluth campus), St. Cloud State University
and Minnesota State University, Mankato
.
TCF Bank also operates campus branches in partnership with University of Illinois, Northern Illinois University
and St. Xavier University
.
In 1995, TCF doubled its Michigan presence by acquiring the Great Lakes National Bank. From 1995 through 1998, the TCF Bank branches in Michigan operated under the Great Lakes National Bank name. In 1999, all of the branches were reflagged as TCF.
In 2002, the University of Michigan
announced that TCF Bank had been selected as a preferred provider of banking services to students, faculty, and staff. TCF also offered full service banking at Eastern Michigan University
until Summer 2011.
In 2005, TCF Bank announced the sale of its Michigan headquarters building to Ann Arbor, Michigan
real-estate company McKinley Associates, though part of the ground level remains a TCF Bank branch.
On November 6, 2006, TCF announced the sale of 10 branches in Battle Creek, Bay City, and Saginaw to Independent Bank
. With this sale, TCF's 56 branches became concentrated in Southeast Michigan, primarily in and around metropolitan Detroit.
announced that the bank would contribute $35 million during a 25-year period toward a proposed on-campus outdoor football stadium, in exchange for naming rights. The original agreement was to expire December 31, 2005, but was extended to June 30, 2006. The bill authorizing the stadium was signed into law by the governor on May 24, 2006, and the stadium officially opened its doors for the inaugural Gopher football game of the 2009 season, held on September 12, 2009.
TCF Financial Corporation
TCF Financial Corporation is a bank holding company based in Wayzata, Minnesota, USA, employing more than 7,300 people. The holding company consists of several wholly owned subsidiaries including its principal subsidiary, TCF Bank, a nationally chartered bank. In the third quarter of 2010, the...
, a bank holding company
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
headquartered in Wayzata, Minnesota
Wayzata, Minnesota
Wayzata is a city in Hennepin County, Minnesota, United States, a western suburb of Minneapolis. Wayzata came into existence in the center of Chief Shakopee's Indian village.-Early settlement:...
. TCF Bank is nationally chartered and operates 440 bank branches.
TCF Bank is the 11th largest VISA
VISA (credit card)
Visa Inc. is an American multinational financial services corporation headquartered on 595 Market Street, Financial District in San Francisco, California, United States, although much of the company's staff is based in Foster City, California. It facilitates electronic funds transfers throughout...
Classic debit card
Debit card
A debit card is a plastic card that provides the cardholder electronic access to his or her bank account/s at a financial institution...
issuer in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
by sales volume.
History
TCF Bank, formerly Twin City Federal, has roots that can be traced to 1923. The current name was taken in the mid-1980s at the same time TCF Financial CorporationTCF Financial Corporation
TCF Financial Corporation is a bank holding company based in Wayzata, Minnesota, USA, employing more than 7,300 people. The holding company consists of several wholly owned subsidiaries including its principal subsidiary, TCF Bank, a nationally chartered bank. In the third quarter of 2010, the...
was formed as a holding company
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
to take advantage of easing regulations and allow expansion. Several major purchases notwithstanding, TCF Bank has grown primarily through de novo
De novo
In general usage, de novo is a Latin expression meaning "from the beginning," "afresh," "anew," "beginning again." It is used in:* De novo transcriptome assembly, the method of creating a transcriptome without a reference genome...
expansion.
Anti-Durbin-Amendment Action
As reported in the Minneapolis Star Tribune, TCF Financial Corporation filed a lawsuit October 12, 2010, against Federal Reserve chairman Ben Bernanke and the Federal Reserve Bank Board of Governors. TCF's lawsuit seeks a court order declaring the Durbin amendment to the current financial reform bill unconstitutional and seeks an injunction barring its enforcement.
The Durbin amendment allows the Federal Reserve to limit interchange fees to the bank's cost of authorizing, clearing, and settling debit-card transactions. The amendment was instigated by retailers and is supported by consumer groups.
Too bad they take hundreds from you in overdraft fees.
"Right now, consumers are footing the bill," said Doug Kantor of the Merchants Payments Coalition, a large group of retailers and retail trade associations. "To the extent that retailers pay less, consumers will pay less."
Minnesota
TCF Bank was founded in Minneapolis. With 110 branches in the area, it continues to be a major force in the Twin Cities. In-store branches are located inside of Cub FoodsCub Foods
Cub Foods is a supermarket chain with seventy-three stores in Minnesota, Wisconsin and Illinois. The company is a wholly owned subsidiary of Eden Prairie, Minnesota-based SuperValu...
stores.
TCF Bank operates campus branches in partnership with the University of Minnesota
University of Minnesota
The University of Minnesota, Twin Cities is a public research university located in Minneapolis and St. Paul, Minnesota, United States. It is the oldest and largest part of the University of Minnesota system and has the fourth-largest main campus student body in the United States, with 52,557...
(including the Duluth campus), St. Cloud State University
St. Cloud State University
St. Cloud State University is a four-year public university founded in 1869 on the banks of the Mississippi River in St. Cloud, Minnesota, United States. The university is the largest member of the Minnesota State Colleges and Universities system which is the largest single provider of higher...
and Minnesota State University, Mankato
Minnesota State University, Mankato
Minnesota State University, Mankato is a public four-year university located in Mankato, Minnesota, a community of 53,000 located southwest of Minneapolis-St. Paul. As of Fall 2011, the student body is the third-largest in the state of Minnesota with over 15,000 students...
.
Illinois
TCF Bank operates 200 locations in the Chicago metropolitan area, including branches located inside of Jewel-Osco stores.TCF Bank also operates campus branches in partnership with University of Illinois, Northern Illinois University
Northern Illinois University
Northern Illinois University is a state university and research institution located in DeKalb, Illinois, with satellite centers in Hoffman Estates, Naperville, Rockford, and Oregon. It was originally founded as Northern Illinois State Normal School on May 22, 1895 by Illinois Governor John P...
and St. Xavier University
St. Xavier University
Saint Xavier University is a four-year, coeducational institution of higher learning located in the southwest side of Chicago, Illinois.- History :...
.
Michigan
TCF Bank operates 56 branches throughout Michigan.In 1995, TCF doubled its Michigan presence by acquiring the Great Lakes National Bank. From 1995 through 1998, the TCF Bank branches in Michigan operated under the Great Lakes National Bank name. In 1999, all of the branches were reflagged as TCF.
In 2002, the University of Michigan
University of Michigan
The University of Michigan is a public research university located in Ann Arbor, Michigan in the United States. It is the state's oldest university and the flagship campus of the University of Michigan...
announced that TCF Bank had been selected as a preferred provider of banking services to students, faculty, and staff. TCF also offered full service banking at Eastern Michigan University
Eastern Michigan University
Eastern Michigan University is a comprehensive, co-educational public university located in Ypsilanti, Michigan. Ypsilanti is west of Detroit and eight miles east of Ann Arbor. The university was founded in 1849 as Michigan State Normal School...
until Summer 2011.
In 2005, TCF Bank announced the sale of its Michigan headquarters building to Ann Arbor, Michigan
Ann Arbor, Michigan
Ann Arbor is a city in the U.S. state of Michigan and the county seat of Washtenaw County. The 2010 census places the population at 113,934, making it the sixth largest city in Michigan. The Ann Arbor Metropolitan Statistical Area had a population of 344,791 as of 2010...
real-estate company McKinley Associates, though part of the ground level remains a TCF Bank branch.
On November 6, 2006, TCF announced the sale of 10 branches in Battle Creek, Bay City, and Saginaw to Independent Bank
Independent bank
Independent Bank of Ionia, Michigan was founded in 1864 as First National Bank of Ionia with an original capital of US$50,000. Through the years, the bank opened and acquired new offices across the state of Michigan...
. With this sale, TCF's 56 branches became concentrated in Southeast Michigan, primarily in and around metropolitan Detroit.
Arizona
TCF's first branch office was opened in Mesa, Arizona, on December 13, 2006. TCF now operates seven branches in the Arizona.Fees
Account holders should be aware that although statements do not contain any change-of-address options or text for customers to fill out and return, TCF will charge customers $5 whenever TCF receives a change-of- address notice from the U.S. Postal Service. Customers unaware of the timing of the charges might face the fee. It is important for customers to notify TCF before any change of address in order to avoid the fee. TCF titles this fee a "Returned Mail Fee" or a "Mailing Handling Fee," but in actual practice TCF will charge the fee merely upon receiving a change-of-address notice from the USPS—regardless of whether any mail was ever actually returned.Executive Management
- Chairman & Chief Executive Officer: William A. Cooper
- President & Chief Operating Officer: Neil W. Brown
- Executive Vice President & Chief Financial Officer: Thomas F. Jasper
- Vice Chairman: Barry N. Winslow
- Vice Chairman & Chief Credit Officer: Timothy P. Bailey
- Executive Vice President: Craig R. Dahl
- Executive Vice President & Chief Information Officer: Earl D. Stratton
TCF Bank Stadium
On March 24, 2005, TCF Bank and the University of MinnesotaUniversity of Minnesota
The University of Minnesota, Twin Cities is a public research university located in Minneapolis and St. Paul, Minnesota, United States. It is the oldest and largest part of the University of Minnesota system and has the fourth-largest main campus student body in the United States, with 52,557...
announced that the bank would contribute $35 million during a 25-year period toward a proposed on-campus outdoor football stadium, in exchange for naming rights. The original agreement was to expire December 31, 2005, but was extended to June 30, 2006. The bill authorizing the stadium was signed into law by the governor on May 24, 2006, and the stadium officially opened its doors for the inaugural Gopher football game of the 2009 season, held on September 12, 2009.