TCF is the most complained about large bank and it isn't even close
A new study from the U.S. Public Interest Research Group reveals that TCF is the most complained about large bank in the country by a more than two-to-one margin.
According to the study, customers filed 24.9 complaints with federal regulators for every billion dollars of deposits TCF holds. By comparison, the second most-complained about bank, Sovereign Bank, was hit with only 9.1 complaints per billion in deposits.
The Minneapolis/St. Paul Business Journal shares some of the ugly-for-TCF details, as well as the full top 25 list of the most complained about banks:
[TCF] ranked first for complaints related to checking and savings accounts, and for issues with account management, deposits and withdrawals, low funds, making or receiving payments, and ATMs or debit cards.
TCF Bank offered money to complaining customers more than half the time, the report said, but the bank's customers were most likely to be dissatisfied with the bank's response.
A spokesman for the Wayzata-based bank made a case to the Star Tribune that PIRG's methodology is flawed, as it doesn't account for the number of checking accounts maintained by each bank. TCF officials argue the bank probably has more accounts than any other comparable one, which could reasonably lead to a higher volume of complaints than if its deposits were spread across fewer bankers.
Get the This Week's Top Stories Newsletter
Every week we collect the latest news, music and arts stories — along with film and food reviews and the best things to do this week — so that you’ll never miss City Pages' biggest stories.