In a letter bravely signed, "Sincerely, TCF National Bank," the Minnesota-based banking collective has told those associated with the medical marijuana industry to hit the road.
This letter is to notify you that TCF will no longer offer or maintain accounts for Medical Marijuana Dispensaries and other similar lines of business. As a result of this decision, we are exercising our right under our Account Agreement with you to close the above referenced account.
According to its website, TCF has eight offices in Colorado Springs.
Tanya Garduno, of the Colorado Springs Medical Cannabis Council, says the industry was originally courted by TCF three months ago, spurring a mass of MMJ-related referrals, and that the dismissal of roughly 80 accounts came with no discussion or feedback from the bank.