Wednesday, June 11, 2008

TCF Financial Cuts Key Interest Rate

TCF Financial Inc. on Tuesday lowered its prime rate by one half of a percentage point after the Federal Reserve cut its key interest rate. Indianapolis-based TCF said its prime rate is now 6 percent. The Fed cut the federal funds rate, which is what banks charge each other for overnight loans, to 3.0 percent, just over a week after lowering it by three-quarters of a percentage point to 3.5 percent.

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