A US financial institution with $20.5 billion in belongings, loans, and deposits will ship at the least $5 million to 1000’s of consumers after allegedly harvesting tens of millions of {dollars} in unlawful overdraft charges.
The Shopper Monetary Safety Bureau (CFPB) says Atlantic Union Financial institution enrolled 1000’s of individuals in checking account overdraft packages with out correct consent.
The company says the financial institution’s staff illegally obtained oral affirmation from clients on the telephone to enroll in overdraft protection earlier than offering correct written disclosures.
The CFPB says the financial institution pays at the least $5 million in unlawful overdraft charges to affected clients, in addition to a $1.2 million penalty to the CFPB’s victims aid fund.
“Atlantic Union Financial institution harvested tens of millions of {dollars} in overdraft charges via a number of unlawful practices.
Individuals are fed up with junk charge scams and the CFPB will proceed its work to make sure households are handled pretty.”
In a press launch, Atlantic Union Financial institution says it doesn’t admit to any wrongdoing in its settlement with the CFPB.
“We respectfully disagree with the CFPB’s conclusions about these historic practices and take very critically our obligation to adjust to relevant regulation.
We’re, and have at all times been, dedicated to treating our clients pretty and offering them with the data they should assist them make monetary choices that work for his or her lives.”
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