TCF drops lawsuit over debit fees -- for now
TCF National Bank sued the Federal Reserve over limits on how much banks can charge retailers for debit card transactions.
On Wednesday, an appeals court dismissed TCF's request to block the fee. Then the Federal Reserve set a "swipe fee" cap that was more favorable to banks.
TCF Spokesman Jason Korstange says the bank has asked that the lawsuit against the Fed be dismissed without prejudice, which means TCF could still pursue it at another time.
"it's very possible we'll revisit it. Perhaps the Congress revisits it also. Who knows."
Korstange says TCF has been charging retailers an average of 40-45 cents per debit card swipe. The Fed says banks have to cap the fees between 21-24 cents per transaction. Retailers say that's still too much.
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