TCF closes accounts belonging to Iranian students - KSFY News - Sioux Falls, SD News, Weather, Sports

TCF closes accounts belonging to Iranian students

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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.
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.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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