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How TCF Bank tried to cheat a kid out of $200

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The bank changed course when this example of their corruption hit the papers. But the story does not report that the bank changed the policy.

The Chicago Tribune has the full story, but the short version is that 18 year old Daniel Ganziano had a balance of $4.85 in his account. The bank assessed a $9.95 monthly maintenance fee putting it into overdraft. They then charged an overdraft fee of $28 per day. Net result the kids account went from $4.85 in credit to $230 in debt overnight.

The Chicago Tribune claims that this is 'Problem Solved'. But all they have done is to solve one instance. The bank has not changed its policy of charging $28 per day for overdrafts of over $5. That is loansharking.[H/T Boing Boing]

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