Wells Fargo

Bank, whose former CEO named his boat 'Overdraft,' in hot water over fees

Turns out overdraft fees are still big money makers for some banks. So much so that the former CEO of a mid-sized bank named his boat after the fee.

That's only one of the ways that bank employees celebrated the money they made from overdraft charges, according to a lawsuit filed Thursday by the Consumer Financial Protection Bureau against TCF National Bank.

The government's consumer watchdog alleges that lofty sales goals drove the Minnesota-based bank to mislead hundreds of thousands of consumers into signing up for overdraft services. Consumers typically face overdraft charges of about $35 when they use their debit cards to spend more money than they have in their accounts....