TCF Bank is number one in a designation the Wayzata-based institution is unlikely to tout: it ranks first in the number of consumer complaints submitted to federal regulators.
The Business Journal reports that the ranking, based on the ratio of consumer complaints to total deposits, comes from the U.S. Public Interest Research Group Education Fund, a consumer advocacy organization that analyzed data from the Consumer Financial Protection Bureau, a federal watchdog group.
The Star Tribune reports that TCF disputes the findings. A spokesman told the newspaper that TCF's unusually large number of checking accounts skewed the results, and called the methodology "significantly flawed." TCF has $14 billion in deposits and 1.2 million in checking accounts.
TCF topped the survey in complaints about checking and savings accounts, and for issues regarding fees, account management, deposits and withdrawals, low funds, making or receiving payments, and ATMs or debit cards. TCF adjusted fees several times in recent years.
TCF offered money to complaining customers more than half the time, the report added.