TCF Shutters Accounts for Some Iranian Students

Some Iranian students at the University of Minnesota say their TCF Bank accounts are being closed without explanation.

One student, Amir Shiva, tells the Star Tribune that he and his wife got a notification letter last month on the account they've had for five years. Shiva says he knows of 22 other Iranian students who got the same letter.

Shiva says a bank representative told him the closure was due to new regulations, but couldn't elaborate.

The Star Tribune reports TCF Bank spokesman Jason Korstange says the closures are due to regulations from the Office of Foreign Assets Control.

That's an arm of the U.S. Treasury that administers any economic and trade sanctions against foreign countries.

Korstange says TCF isn't targeting international students. He says students can contest the account closures.

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