A US bank with $20.5 billion in assets, loans, and deposits will send at least $5 million to thousands of customers after allegedly harvesting millions of dollars in illegal overdraft fees.
The Consumer Financial Protection Bureau (CFPB) says Atlantic Union Bank enrolled thousands of people in checking account overdraft programs without proper consent.
The agency says the bank’s employees illegally obtained oral confirmation from customers on the phone to enroll in overdraft coverage before providing proper written disclosures.
The CFPB says the bank will pay at least $5 million in illegal overdraft fees to affected customers, as well as a $1.2 million penalty to the CFPB’s victims relief fund.
“Atlantic Union Bank harvested millions of dollars in overdraft fees through a host of illegal practices.
Americans are fed up with junk fee scams and the CFPB will continue its work to ensure families are treated fairly.”
In a press release, Atlantic Union Bank says it does not admit to any wrongdoing in its settlement with the CFPB.
“We respectfully disagree with the CFPB’s conclusions about these historical practices and take very seriously our obligation to comply with applicable law.
We are, and have always been, committed to treating our customers fairly and providing them with the information they need to help them make financial decisions that work for their lives.”
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Source: https://dailyhodl.com/2023/12/15/billion-dollar-bank-sending-5000000-to-customers-after-illegally-harvesting-millions-in-fees-cfpb/