Billion-Dollar Bank Sending $5,000,000 to Customers After Illegally Harvesting Millions in Fees: CFPB
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.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Billion-Dollar Bank Sending $5,000,000 to Customers After Illegally Harvesting Millions in Fees: CFPB appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff
