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||TCF National Bank, the financial institution which has taken theFederal Reserve to court over the debit interchange cap, lostroughly 250,000 checking accounts when it announced it would startcharging a fee for checking accounts with balances of less than$500.00
|According to an article in the March 2011 USBanker, TCFannounced the $9.95 fee in January 2010, in anticipation of therevenue blow it would take from interchange and that it had lost250,000 checking accounts by May. This dropped the bank to thelevel of checking accounts it had held in 2004, the magazinereported.
|The bank has argued in its legal briefs that it isunconstitutional for the government to force a company to provide aproduct or service at price that is less than the product's costsand that it would be unable to recoup the lost debit interchange inother fees.
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