Statement: U of M and TCF Bank Relationship
File photo of TCF Bank Stadium on the University of Minnesota.
Photo: KSTP File Photo
The University of Minnesota released the following statement in response to an ABC News request for an interview regarding student ID cards and related banking relationships.
More information about a federal inquiry into the U's relationship with TCF Bank can be found here.
The U's statement:
"The University of Minnesota shares the concern of ABC News and policymakers that there may be existing questionable practices by some financial institutions that adversely affect students. In such cases, the University supports policymakers who want to do what's best for students. We share that goal and our contracts and policies reflect these values.
"While there may be some existing business arrangements across the country that negatively affect students, the U of M's relationship with TCF Bank is not one of them. Our current arrangement allows students to make their own choices about banking, provides students convenience and abides by state and federal laws that protect student consumers."
The agreement ensures:
- Students have the choice of where to bank.
- Students’ best interests are protected.
- Aggressive marketing is prohibited.
- The program reinvests in students.
The U's complete statement can be found here.
TCF Bank Documents: